02/25/26 Afternoon CommStock Report – Brazil’s Corn Crop Off to a Good Start

Despite abundant rainfall, Brazil’s 2026 soybean harvest maintains at a fluid pace above their historical average.  Brazil was over one-third finished heading into last weekend and will be close to 40% complete by this Saturday.  I am less concerned about the soybean crop at this point and more interested in the second crop corn that follows.  The majority of the 2026 has enough rainfall to get it to the finish line.  Later planted beans will still need another rain, but the forecast shows adequate rainfall through March in most of the Northern growing regions which represent 70% of Brazil’s production output.  Southern Brazil is still the big question mark where states like RGDS continue to face a drying trend in the next 30 days.   Second crop corn is going in right on the heels of the combines, usually following less than half a day’s work behind the harvest.   Mato Grosso represents almost half of Brazil’s second crop corn output, and they are nearly 70% planted going into last weekend, slightly behind their 5-year average but in lockstep with last year’s pace.   The farms in central Mato Grosso we visited are already done, having started as early as Christmas.  Roughly…