VIETNAM’S FEED CONSUMPTION ON RISE
The country’s feed consumption is forecasted to reach 26.6 million tonnes in marketing year 2022-23, matching 2021-22 levels, according to a Global Agricultural Information Network (GAIN). Vietnam’s Ministry of Agriculture and Rural Development (MARD) reported that the total swine population during the first eight months of 2023 increased by 3.3% and the total poultry population rose by 2.3%. FAS Post Hanois forecasts feed demand to increase to 27.7 million tonnes in 2023-24.
“Post projects that the pace of animal reproduction in Vietnam will increase in late 2023 due to lower feed costs, increasing animal sales prices and rising demand during the Tet New Year holiday season,” FAS said. Soybean meal consumption for feed use is forecast at 6 million tonnes in 2022-23 and 6.2 million in 2023-24 in line with estimated feed demand. Soybean meal imports were revised downward to 4.9 million tonnes in 2022-23 due to lower aquafeed demand. Imports are estimated to decrease to 4.8 million tonnes in 2023-24 with a projected increase in local production as new crush facilities come online.
(Link: WorldGrain)
WHEAT BOOST DRIVES FAO’S GLOBAL CEREAL PRODUCTION FORECAST
Better wheat production prospects boosted the United Nations’ Food and Agricultural Organization’s latest forecast for global cereal production to 2.819 billion tonnes. Wheat production was revised upward by 3.7 million tonnes in September to 785 million tonnes. The increase was almost entirely based on more positive yield results from Russia and Ukraine compared to earlier expectations, offsets a steep cut to Canada’s wheat, Argentina’s wheat, and wheat production forecasts for Kazakhstan were scaled back as prolonged dry and hot weather.
World rice production is estimated at 523.1 million tonnes, essentially unchanged from the September forecast. World cereal utilization is forecast at 2.804 billion tonnes, still 0.8% higher than in 2022-23. World cereal stocks are expected to reach a record high of 884 million tonnes at the close of the 2024 season. World cereal trade was unchanged at 466 million tonnes from the previous month and pointing to a contraction of 1.7% from 2022-23.
(Link: WorldGrain)
