Venezuela: Grain and Feed Update

Venezuela's economic recovery continues, strengthening Venezuelans' purchasing power and consumption. As a result, in marketing year (MY) 2022/23 wheat consumption is revised up 4 percent compared to USDA's official forecast, while imports will increase to 1.3 million MT. The United States remains the largest supplier of hard red winter wheat to Venezuela. Venezuela continues to strengthen its domestic milling capacity, which has led to an increase in the share of wheat grain imports and a decrease in the share of flour and wheat product imports. Post forecasts increases in corn and rice production and yields due to improved access to high-quality agricultural inputs and seeds and better access to financing via private entities willing to give credit to producers.