Brazil: Grain and Feed Update

With Brazil continuing to produce record corn crops, Post forecasts corn production for MY 2023/24 at 131 MMT, up 1.6 percent from the current season. However, falling profit margins and ongoing infrastructure and logistics hurdles may impact the next harvest’s outcome. Post increases its forecast for wheat planted area for MY 2023/24 (October 2023 – September 2024) to 3.4 million hectares, with production expected to reach 11 MMT, as the Brazilian government sees this grain as the next big commodity for Brazil to target in its path to self-sufficiency. Meanwhile, rice production is forecast to continue its downward trend, with Post forecasting a decrease in area and production for MY 2023/24 (April 2024 – March 2025), following the MY 2022/23 (April 2023 – March 2024) estimate for milled rice production of 7 MMT of milled rice equivalent (MRE) (an equivalent of 10.29 MMT of paddy rice).