Colombia: Grain and Feed Annual
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In marketing year (MY) 2023/24, Colombia's corn and rice production are forecast to marginally increase driven by higher domestic prices and expected normalized weather conditions. However, high production costs continue to be a challenge for Colombian producers. Colombia’s economy is projected to grow at a slower pace in 2023 and 2024, restricting a more substantial growth in demand for grains. Although the United States continues to be the main sourcing option for Colombian importers of corn and rice given trade preferences under the U.S.-Colombia Trade Promotion Agreement and geographical advantages, increasing regional competition, especially from Brazilian corn, is likely to restrict major growth to U.S. exports. In MY 2023/24, wheat imports are forecast to slightly increase to respond to higher consumption.
