Venezuela's corn harvest forecast lower

The US Department of Agriculture's Foreign Agricultural Service (FAS) forecasts a decrease in Venezuela's corn acreage and yields for marketing year 2024-25 due to economic instability and increased input costs. The country's corn production is expected to drop slightly to 1.36 million tonnes from 1.4 million tonnes, with total consumption anticipated to fall to 2.3 million tonnes from 2.5 million tonnes. Inflation and a scarcity of dollars have led to higher costs for fertilizers and pesticides, resulting in lower volumes being purchased and decreased yields. Despite these challenges, rice production is expected to rise due to a 16% increase in planted area and improved yields. Wheat, a staple food in Venezuela's diet, is completely imported, with Turkey, Canada, and Russia being the primary suppliers.

Economic uncertainty and higher input costs likely will hamper increased corn acreage and limit yields for Venezuela in marketing year 2024-25, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. The FAS sees corn production at 1.36 million tonnes on planted area of 350,000 hectares, down slightly from 1.4 million tonnes estimated for 2023-24 on 329,000 hectares. Production will feature 975,000 tonnes of white corn and 325,000 tonnes of yellow corn. Inflation of the Bolivar and a scarcity of US dollars have increased agricultural input costs, including fertilizers and pesticides, leading to yield decreases as producers purchase lower volumes of agrochemicals, according to the report. “Although corn production has grown steadily since 2020, the lack of consistent financing remains the primary constraint on Venezuelan farmers’ ability to increase planting area,” the FAS said. Total corn consumption is likewise seen dropping to 2.3 ...