IGC PROJECTS 6% INCREASE IN CORN OUTPUT
Global corn production is forecast to increase by nearly 6% year-on-year by IGC. The IGC increased its forecast for corn output by 7 million tonnes from the previous month, with 2023-24 production now pegged at 1.230 billion tonnes, compared with 1.165 billion last year. Wheat production is projected to decline by 2% (16 million tonnes) year-on-year. Consumption was revised higher by 6 million tonnes to 2.314 billion tonnes, a nearly 2% increase compared with 2022-23. Carryover stocks were revised higher by 5 million tonnes month-on-month, but the overall total grains carryover total for the 2023-24 marketing year is expected to drop for the seventh straight year to 590 million tonnes.
2023-24 global soybean production is forecast 3 million tonnes lower month-on-month, the IGC said. However, at 392 million tonnes, it would be 6% higher than last year’s output. Owing to a scaling back of expectations for leading Asian producers, 2023-24 world rice output is forecast 10 million tonnes lower month-on-month. The IGC Grains and Oilseeds Price Index fell by 6% from the previous month as declines were seen in all grains and oilseed except for rice, which increased by nearly 8%. The index, which now stands at 247, is 19% lower year-on-year, reflecting a significant decline in corn, wheat and soybean prices.
(Link: WorldGrain)
BLACK SEA NATIONS ALLY TO CLEAR MINES
Turkey, Romania and Bulgaria have signed a memorandum of understanding to find and clear drifting sea mines in the Black Sea to facilitate safe transport of Ukrainian grain exports, Bloomberg reported. The memorandum of understanding was signed Jan. 11 in Istanbul, the first major joint action of Black Sea nations since Russian President Vladimir Putin sent forces into Ukraine in February 2022. Ukraine has since transported nearly 15 million tonnes of cargo via its alternative Black Sea corridor that runs along the coastline near Romania and Bulgaria toward Turkey since mid-September. Ukraine officials expect a harvest of 79 million tonnes of grain and oilseeds in 2023-24 with an exportable surplus of 50 million tonnes.
(Link: WorldGrain)
