Brazil: Grain and Feed Update

Brazil is set for another record-breaking grain harvest. Post maintains its corn planted area forecast at 22.5 million hectares for MY 2022/2023 and corn production is forecast at 125.5 MMT for MY 2022/2023, up 8 percent from the estimated 116 MMT for MY 2021/2022. Post maintains its forecast for corn exports for MY 2022/2023 at 47 MMT, based on the continued interest in international markets. Post reduces the forecast for rice planted area for MY 2022/2023 to 1.53 million hectares, based on continued loss of profitability of rice crops in Brazil and high maintenance costs. For MY 2022/2023, milled rice production is forecast at 7.2 MMT of milled rice equivalent (MRE), a 1.4 percent drop from 2021/2022. Brazil is expected to reach record wheat production. Post forecasts wheat production for MY 2022/2023 at 9.6 MMT and raises its forecast for wheat export in MY 2022/2023 to 3.5 MMT on a wheat grain equivalent basis (WGE), up 6 percent from its previous estimate.