As the soybean season draws to a close, Brazilian farmers were able to finish planting their second corn crop, as much of it is grown in the same areas as the oilseeds, AgRural said.
Ukraine exported 6 million tonnes of corn to China between October 2020 and March 2021, 5.0 million tonnes to the European Union, 1.7 million tonnes to Egypt and 3.2 million tonnes to other destinations.
Ukraine harvested around 30 million tonnes of corn in 2020 and the economy ministry said the export would not exceed 24 million tonnes in 2020/21.
Good soil moisture that is boosting crop prospects in key growing areas pressures wheat futures.
On a continuous basis, the most-active CBOT soft red winter wheat contract hit a three-month low overnight and was on track for a weekly drop of 2.6%, which would be its biggest since early February.
Wheat heads lower on improving crop weather in the US Plains winter wheat belt and a lack of supportive news.
CBOT May soft red winter wheat last traded down 3-3/4 cents at $6.36-1/4 per bushel. K.C. May hard red winter wheat was last down 6 cents at $5.95 a bushel and MGEX May spring wheat was down 2-3/4 cents at $6.30-1/2.
Speaking at an online event organized by a bank, Dias reiterated the government's plan to increase Brazil's overall food production in a bid to boost internal supplies and rein in food price inflation.
"It is my perception that perhaps agriculture commodities prices will take another leap," she said.
Total corn production in the 2020/2021 cycle is estimated at 113.5 million tonnes, up 6% from the previous year, with second corn production to reach a projected 84 million tonnes, Safras data showed.
"If Brazil has a longer winter with lower temperatures, we'll only have large volumes of second corn in August and September," he said.
Benchmark CBOT May soft red winter wheat hit technical resistance overnight at its five-day moving average. Support was noted at its 20-day moving average.
Corn seen lower in profit-taking setback after rising 1.3% on Tuesday.
Brazil, the world's largest soy producer and exporter, had harvested 9.1% of the soy area since this year's harvest began around January, less than half of the 21.4% harvested at the same point in 2020 and compared to a historical average of 19.7%, Datagro said.
The situation may force farmers to plant their second corn crop, which is sown after soybeans are reaped, outside the ideal window this season, analysts said.