Brazil: Grain and Feed Update
Link to report:
Post forecasts 2022/2023 corn production at a record 126 million metric tons (MMT) based on the growing demand and price for corn both in domestic and international market. This is up 8.6 percent on the 2021/2022 production estimated at 116 MMT. Post increases the forecast for corn exports for MY 2022/2023 to 47 MMT, up 2.5 MMT on the current season. Post reduces the forecast for rice planted area in MY 2022/2023 to a historical low of 1.58 million hectares (ha), as rice loses space to more profitable crops that require less maintenance, such as soybean or corn. Post forecasts a record wheat production for MY 2022/2023 with production at 9.4 MMT, up 21 percent on the 2021/2022 harvest. This forecast is based on continued interest by Brazilian growers in the strong demand for wheat and rising global commodity prices.