Venezuela: Grain and Feed Annual
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In Marketing Year (MY) 2023/24, Post forecasts increases in corn and rice production due to improved access to high-quality agricultural inputs and seeds in Venezuela. However, access to financing continues to be the primary constraint to a significant expansion of harvested area. Post forecasts slight increases in consumption of corn, rice, and wheat in MY 2023/24. Higher growth in consumption in grains in Venezuela is constrained by the economic slowdown. Since the last quarter of 2022, inflation has accelerated resulting in a decline in consumption, which is expected to recover in the second half of 2023. While the United States maintains its position as the largest exporter of corn to Venezuela, Argentina and Brazil have gained market share. In MY 2022/23, the United States lost the paddy rice market due to less competitive prices. Post forecasts a four percent growth in Venezuelan wheat imports to 1.35 million MT in MY 2023/24, which are likely to favor imports of wheat grains over finished products.
