LatinNews Daily - 12 November 2021

In brief: Brazil predicts record grain harvest for 2022

* Brazil’s national statistics institute (Ibge) has published its first forecast for the 2022 grain harvest, predicting that a record 270.7m tonnes (t) of grains, cereals and pulses will be produced. According to Ibge, this would be the highest level of production since records began in 1975, representing an increase of 7.8%, or 19.5m t, compared to the predicted harvest for 2021. The production boom is expected to be driven by two strong maize harvests, with Ibge forecasting that the first of these will exceed 2021 levels by 11.1% (2.8m t), and the second by 26.8% (16.2m t). Maize production fell sharply this year due to a major drought. Carlos Barradas, an agricultural analyst at Ibge, said that two key factors will drive the expected growth – comparatively stable climatic forecasts for 2022, and the high price of the US dollar, which he said would incentivise increased commodity exports.

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