Brazil: Grain and Feed Update

Post’s forecast for MY 2019/20 corn production is 101 MMT, matching the MY 2018/19 volume. Post raises the MY 2018/19 export estimate to a record-breaking 42.5 MMT, while MY 2019/20 exports are expected to fall to 34 million MMT on expections of stronger domestic demand, as well as severely depleted carry over. Milled rice production for MY 2019/20 is forecast at 7.14 MMT, based on yearover-year reduced area but a return to better yields. Post also raises the MY 2019/20 milled rice import forecast to 1.2 MMT, about 40 percent larger year-over-year, based on reports of Brazil’s dwindling domestic stocks and high internal prices. Post lowers the estimate of MY 2019/20 wheat production to 5.15 MMT, after adverse weather hit the major production regions. Post’s forecast for MY 2019/20 wheat imports remains unchanged, at 7.5 MMT, but the expected exports are lowered to 500,000 MT on reports of lower-than-anticipated production volume and quality issues with the Rio Grande do Sul crop.

Brazil: Grain and Feed Update