Browse Data and Analysis

Brazil’s sugarcane fields performed exceptionally well in the marketing year (MY) April 2023 to March 2024, producing a record of 705 million metric tons (MMT).

Colombia is the largest South American market for U.S. agricultural products and the seventh-largest market for U.S. food and beverage exports globally. Since the U.S. – Colombia Trade Promotion Agreement (CTPA) was implemented in 2012, U.S. agricultural exports have grown by more than 235 percent to a record $3.7 billion in 2023.

Due to a slight increase in cane area and production, sugar production in 2024/25 is forecast to reach 6.8 million tons, 3 percent higher than 2023/24. In line with population growth and demand from the food processing sector, continued moderate growth in sugar consumption is forecast.

The Brazilian Food Processors' Association reported 2023 Brazilian food processing sector revenues at US$231 billion, a growth of 7.2 percent compared to the previous year.

Brazil, a BRICS emerging economy, is the world’s sixth-largest greenhouse gas (GHG) emitter. Change in land use and forests (including deforestation and wildfires) is the main source of GHGs in Brazil, followed closely by agricultural production.

Despite initially optimistic projections for the 2023/24 harvest, the El Niño has negatively impacted the corn and wheat crops. As a result, Post estimates corn production in MY 2023/24 will decrease to 122 MMT.

Given record area and prospects for good yields, wheat production in 2024/25 is forecast to be a record 28.8 million tons. Due to an anticipated increase in area, 2024/25 rice production is also forecast to set a record.

While there is still considerable uncertainty regarding implementation, in January 2024 the government approved a system allowing for the resumption of genetically engineered commodity imports.

For MY 2024/25, Post forecasts cotton area to grow 13 percent compared to the current season, to 1.87 million hectares. Post also forecasts cotton production at a record 15.4 million bales (3.3 million metric tons (MMT)) on the back of significant area increase.