LatinNews Daily - 16 May 2023

In brief: Brazil’s agricultural production value forecast to rise

* Brazil’s agriculture ministry has released its latest forecast regarding the sector’s gross production value (known as VBP), which it expects will reach R$1.22trn (US$250bn) in 2023, up 4.7% on the R$1.16trn registered in 2022. The value for crops is forecast at R$868.96bn, up 8% on last year, while the value for livestock production is forecast at R$347.9bn, down 2.6% in annual terms. The strong crop yield is expected to be driven mainly by maize, soy, and sugar cane, which together represent 72.8% of the total forecast value of crops. For livestock, the values of pork, eggs, and milk are expected to be higher than last year, due to an increase in prices, but lower values of beef and chicken are the main drivers of the yearly drop.

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