Last week, corn prices in Brazil retreated from record highs due to the fact that the market began to enter a new crop, according to Grain Online with reference to DTN.

Now the price of a bag of corn (60 kg) in the center of the "corn state" Mato Grosso is 34 real, which is 7 reais less than a month ago. However, the prices still far exceed last year's level. A year ago, a bag of corn cost 13 reais.

The second corn crop, harvesting of which began in may, will be much lower than last year. According to forecasts of the company INTL FCStone, it will amount to 49.4 million tons (54.59 million tons in 2015).

Yield reduction of maize will lead to a reduction in exports. As predicted, the Brazilian Association of grain exporters (Anec), this year, corn exports will decline to 23 million tons In 2015. it reached a record 30.75 million t