Brazil: Grain and Feed Update

Post forecasts 2021/22 corn harvest at a record 118 million metric tons (MMT), up nearly 40 percent on the disappointing 2020/21 harvest estimated at 85 MMT. Post forecast yield for next season is 5.67 metric tons per hectare (MT/ha) and is based on adequate investment in technology, average weather patterns, and punctual planting of the safrinha corn. Corn exports will also see a recovery next season, after a dismal performance in the current season. Despite surging prices and ample demand, Post does not anticipate significant U.S. corn imports. Post forecasts rice production to level off to 7.8 MMT in 2021/22, a decrease of 200,000 MT from the record production in the current season. Post forecasts wheat production at 7.8 MMT for the 2021/22 season, an increase of over 1.55 MMT from the current season thanks to forecast expansion in the planted area.