Brazil corn crop seen worsening market glut

Sao Paulo

DON'T be fooled by the name. Brazil's so-called little crop is going to be bigger than ever, flooding an already oversupplied global corn market and further pressuring prices.

Forecasters increased output estimates this week to 81 million tonnes for the summer and winter growing seasons, as heavy rains prompted a cornfield growth spurt. The Porto Alegre-based research company Safras & Mercado is even more optimistic, expecting a record 83 million tonnes.