Corn futures at the Chicago Board of Trade have risen over 12 percent since the start of the year and are at an almost two-year high at $3.95-1/4 per bushel.
Eder Bueno, another farmer from northern Mato Grosso, said he is adopting a similar strategy as Bif.
Brazil’s second corn, which is planted after soybeans, accounts for roughly 70 percent of the country’s entire production and make it the world’s third largest producer after the United States and China.
Agroconsult estimates a 12 percent drop in Brazil’s second corn output this year, to 60.2 million tonnes, a projection that it plans to revise down even further, said André Debastiani, a partner at the consultancy.
Although futures sales are picking up, farmers are sitting on this year’s crop in hope prices will rise further.
As a result, domestic food processors and livestock operations are struggling to find sellers and reasonable prices this season.
Privately owned Cooperativa Aurora Alimentos has complained for weeks of "speculative retention" of corn in southern Brazil.
Tarso Veloso, an analyst with consultancy AgResource, said the dry weather in the south of Brazil is likely to damage more corn this year than in 2016, referring to the worst drought in recent memory.
Agroconsult estimates the corn deficit in the domestic market during the first half of 2018 at around 4 million tonnes.
(Reporting by Ana Mano; Editing by Lisa Shumaker) © Copyright Thomson Reuters 2018.