FAS PROJECTS A 15% DROP IN TURKISH CORN OUTPUT
While Turkey’s wheat and barley production in marketing year 2024-25 is forecast to remain unchanged, the country’s corn output is expected to drop by 1.2 million tonnes year-on-year as farmers switch to growing more profitable crops. FAS projected a 15% decline in corn production to 7.2 million tonnes. With corn production declining, the agency sees corn exports plummeting from 2.4 million tonnes this year to 850,000 tonnes in 2024-25. FAS projected Turkish wheat production unchanged from 2023-24 at 19.8 million tonnes as lower yields offset gains in harvested area.
Imports are seen decreasing by 10% year-on-year to 9 million tonnes as domestic consumption is projected to fall by 300,000 tonnes. “Because of the trade prohibitive tariff of 130% on imported wheat, which has been in place since last May, wheat imports this year are only being used by the pasta and flour re-export business,” the FAS said. Barely production and consumption are forecast to remain the same year-on-year at 8 million and 8.5 million tonnes, respectively. However, imports of barley in 2024-25 are expected to soar five times higher than this year’s total to 750,000 tonnes, the FAS said.
(Link: WorldGrain)
INDIAN RICE PRICES DECLINE TO THE LOWEST LEVEL IN 2 MONTHS
India’s 5% broken parboiled rice was quoted at 540 – 548 USD/ton this week, down from 550 – 558 USD last week. The price of this type of rice hit a record high of $560 per ton last month after customs officials changed the method of calculating the 20% export tax, resulting in higher taxes. Thailand’s 5% broken rice price this week is quoted at 570 USD/ton, down from 585 – 590 USD/ton last week. Vietnam’s 5% broken rice was offered at 580 USD/ton on April 4, down from 590 – 595 USD/ton a week ago. According to traders, the ongoing biggest Winter-Spring harvest of the year will end in more than a week. It is expected that when the harvest is about to end, prices will soon increase again.
(Link: Vina.Net)
