Brazil: Grain and Feed Annual

Despite initially optimistic projections for the 2023/24 harvest, the El Niño has negatively impacted the corn and wheat crops. As a result, Post estimates corn production in MY 2023/24 will decrease to 122 MMT. However, corn production is forecast to increase to 129 MMT in MY 2024/25, in line with an expected rise in consumption, especially by the feed and ethanol industries. Wheat crops have also suffered severe losses during the 2023/24 harvest, resulting in low-quality grains. This has led to an increase in wheat imports for MY 2023/24 to 5.5 MMT, which should drop to 4.5 MMT in 2024/25 as wheat production improves in the country. Meanwhile, rice producers have seen an increase in planted area and production this season, following two consecutive years of low prices and profitability.