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With Brazil continuing to produce record corn crops, Post forecasts corn production for MY 2023/24 at 131 MMT, up 1.6 percent from the current season. However, falling profit margins and ongoing infrastructure and logistics hurdles may impact the next harvest’s outcome.

South African production of oranges and lemons is projected to decrease in MY 2022/23 due to stagnated production area and a return to normal yield.

The Brazilian economy grew by 2.9 percent, largely supported by household consumption, which advanced 4.3 percent in the year despite inflation challenges. The labor market recovery continued as unemployment dropped to 7.9 percent by December 2022.

Post forecasts the Brazilian coffee production for Marketing Year 2023/24 (July-June) at 66.4 million 60-kg bags, an increase of 3.8 million bags compared to the previous crop. Post forecasts arabica production at 44.7 million bags, an increase of 12 percent from the previous season due to favorable weather conditions in growing regions.