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Brazil is set for another record-breaking grain harvest. Post maintains its corn planted area forecast at 22.5 million hectares for MY 2022/2023 and corn production is forecast at 125.5 MMT for MY 2022/2023, up 8 percent from the estimated 116 MMT for MY 2021/2022.

During Covid-19, the French government designated the retail sector as essential. Retail companies were authorized to continue operations. The nationwide lockdown and the closing of restaurants gave a significant boost to the retail sector.

With 91 million visitors in 2019, France is one of the world’s leading tourist destinations. Tourism accounted for 7.5 percent of GDP, providing employment to 1.5 million people. In 2020, the COVID-19 pandemic reduced the flow of visitors by almost 55 percent, triggering a loss of nearly 160,000 jobs. The Hotel, Restaurant, and Institutional (HRI) sector saw a decrease in total sales revenue to $64 billion, a 30 percent decline from the previous year.

Post increased the 2022/23 forecast for soybean planted area expansion to 43.3 million hectares (ha) and soybean production to 153 million metric tons (MMT). This season sowing began optimistically, with most soybeans planted on time compared to last year. However, in the southern part of the country including Rio Grande do Sul and Parana, rains will be needed in January because if continues to be dry, the crop will be negatively impacted.

As a member of the European Union, France implements EU regulations for the import of animal and plant products. The US export certification requirements for most products are harmonized at the EU level; however, a few products, which are not yet harmonized across the EU, are still subject to French national regulations.

After being adversely affected by the coronavirus pandemic, Brazil’s gross domestic product (GDP) registered two years of consecutive growth, 4.6 percent in 2021 and an estimated 3 percent by the end of 2022.

Post forecasts 2022/23 planted cotton area at 1.66 million hectares (ha), with production at 13.3 million bales (2.89 million metric tons, MMT), about a 13 percent increase from the 2021/22 estimated production of 11.52 million bales (2.5 MMT). Cotton area is forecast to rise because of favorable weather leading to timely first-season soybean planting and improved yields, as well as a favorable outlook for prices and profitability.