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Brazil`s economy is still recovering from the negative impacts of the pandemic on its GDP growth, employment, and most sectors of the economy. For 2023, the Brazilian Central Bank (BCB) forecasts GDP to grow 0.76 percent and 1.5 percent in 2024.

Due to the recent ban on genetically engineered (GE) commodity imports, the 2022/23 soybean import forecast is reduced from 2.5 to 1.2 million tons. With the lower expected soybean imports, 2022/23 crush and soybean meal output is reduced accordingly.

The 2022/23 cotton import forecast is reduced from 5 to 4.5 million bales due to the problems importers are facing in financing imports. Since December 2022, Pakistan’s shortage of dollars has hindered cotton importers’ ability to fulfill payment...