Corn stocks are likely to rise 51% to 2.4 million tonnes, with high reserves putting pressure on domestic grain prices in the medium term, APK-Inform said in a report.
The grain stocks will also include 1.5 million tonnes of wheat and 1 million tonnes of barley.
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.
Asking prices have risen by $23-$26 per tonne so far in January, reaching a record $256-$264 per tonne FOB Black Sea.
APK-Inform said earlier on Saturday that Ukrainian milling wheat export prices added $3 per tonne on Friday amid rising global prices after Russia said it would hike export taxes.