Venezuela: Grain and Feed Annual
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As Venezuela’s economy continues to recover into MY 2022/23, Venezuela is expected to increase its consumption of wheat by 5.2 percent. With rising global prices of wheat, Venezuela may shift to more price competitive sources like Brazil and away from the United States for wheat grains. Venezuela is continuing to strengthen its domestic milling capacity, which has led to an increase in the share of imports of wheat grain and a decrease in the share of imports of wheat flour and products. Producers in Venezuela are viewing global rises in commodity prices as an opportunity to encourage domestic production of corn, which is expected to increase by 10 percent in MY 2022/23. The same increase in production is forecasted for rice in MY 2022/23 due to greater access to financing to support inputs and the introduction of stronger rice varieties for planting.
