EN 
PT_BR 
Even with a record Brazilian corn supply in 2025, corn prices recovered for much of the year, trading above 2024 levels.
Considering the aggregate of the three 2024/25 harvests, Brazilian production reached 141 million tons, 22% above the previous harvest, driven mainly by the significant increase in the second harvest, reflecting the increase in productivity.
In the international arena, the global supply of corn remained virtually stable between 2023/24 and 2024/25. Production reductions observed in countries such as Russia, the USA, and Ukraine were offset by increases in others, especially in Brazil, China, and India.
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At the beginning of 2025, although forecasts already indicated higher national production, the domestic market was heavily influenced by the historically low carryover stock, estimated at only 1.8 million tons in January 2025.
Added to this factor were strong domestic demand, high prices requested by sellers, and logistical difficulties, which resulted in higher prices in the first quarter of the year. In the following months, prices were pressured by the greater availability of the grain due to the progress of the summer harvest.
Furthermore, the good development of the second crop, favored by the weather, reinforced expectations of a large harvest in 2024/25, intensifying the pressure on domestic prices.
At the beginning of the second half of the year, prices continued to fall, influenced by the contraction in demand, as many consumers anticipated further price decreases for the grain, based on the progress of the second harvest and estimates indicating record production in the country.
Furthermore, with slower exports and the second harvest underway, sellers began to show greater flexibility in negotiations. In the final stretch of the year, starting in October, producers began to restrict supply in the spot market, a movement that again supported prices until mid-December, with agents reporting difficulties in replenishing stocks.
