A favorable exchange rate and firmer prices at this point in the 2019/2020 season are driving the faster sales, INTL FCStone said. At this time last year, forward corn sales were below 20% of the estimated crop, analyst Gabriela Fontanari said.
Brazil's second-corn crop accounts for about 74% of the country's output and makes it the world's second largest exporter of the cereal after the US.
With exports set to be a record 35 million tonnes in 2019, the expectation is that Brazilian farmers will expand the planting area and output of second corn, said Fontanari during an industry event in São Paulo.
According to government data, Brazilian farmers collected 73.8 million tonnes of second corn this year and planted an area of 12.605 million hectares.
FCStone has not yet made an estimate for the second crop of 2019/2020 corn, planting of which usually begins in January or February.
In Mato Grosso, Brazil's largest grain producer, new crop forward sales have already exceeded 35% of the expected output, a record for the period, according farmer-backed research institute Imea.