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LatinNews Daily - 07 October 2022

In brief: Forecast for Brazil’s grain harvest raised slightly

*Brazil’s national statistics institute (Ibge) has slightly increased its forecast for the 2022 harvest of grains, cereals, legumes, and oilseeds in the country, predicting a harvest of 261.9m tonnes (t) – up 0.1% on Ibge’s last forecast in August. This number represents a 3.4% year-on-year increase and is an annual record for Brazil’s grain harvest. Soy, corn, and rice together represent 91.5% of Brazil’s grain harvest and 87.1% of the country’s cultivated area. This year’s soy harvest is estimated at 119.5mt which represents a reduction of 11.4% in the comparison with 2021. Ibge attributed this fall to the exceptionally dry weather in some producing regions. The 2022 record grain harvest is driven by the production of corn, which is projected to expand 24.8% this year.

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