Colombia: Grain and Feed Update
Link to report:
Colombia’s economy is projected to grow at a slower pace in 2023, restricting a more substantial growth in demand for grains in marketing year (MY) 2022/23. Although the United States continues to be the main sourcing option for Colombian importers of corn given trade preferences under the U.S.-Colombia Trade Promotion Agreement and geographical advantages, increasing competition from Brazilian and Argentinian corn is expected. Corn imports are forecast to increase to 6.4 million MT in MY 2022/23 to meet growing demand in the poultry and pork industries. While fertilizer shortages due to Russia’s invasion of Ukraine have not materialized and higher rice prices are motivating producers, high production costs and adverse weather conditions are restricting growth in rice production, which is still forecast at 1.9 million MT for MY 2022/23. Colombia is also expected to increase exports of rice and wheat to Venezuela due to the opening of the border.