IGC FORECASTS RECORD MAIZE OUTPUT
IGC in its monthly Grain Market Report issued another upward revision for global maize production in the 2023-24 marketing year, including increases for industrial and feed use. The report increased projected maize production by 4 million tonnes to a record 1.234 billion tonnes, which would be a 6.1% increase over 2022-23 output. Maize consumption was also revised upward by the IGC to a record 1.222 billion tonnes, up 47 million tonnes from the previous year. Carryover stocks are seen rising to 288 million tonnes, a nearly 5% increase from 2022-23.
Meanwhile, global wheat output for 2023-24 is seen at 788 million tonnes. The IGC’s wheat consumption projection was virtually unchanged from the previous month at 803 million tonnes. Wheat carryover stocks for this year were revised lower to 265 million tonnes. Led by a rebound in production in Argentina, 2023-24 global soybean output is pegged at a record 391 million tonnes by the IGC. The price index for maize is 38% lower than in February 2023, while soybeans and wheat are down 29% and 26%, respectively, year on year. The outlier in the price index is rice, which is up 32% from the previous year and virtually unchanged from the January report.
(Link: WorldGrain)
DROUGHT RAISES MEXICO’S CORN IMPORT OUTLOOK
Drought conditions will lead Mexico to import between 14 million and 16 million tonnes of yellow corn in 2024, Reuters reported, citing Agriculture Minister Victor Villalobos. As of mid-January, US government data showed that Mexico had scheduled a record 15.3 million tonnes in corn imports for the 2023-24 season. Accounting for nearly half of US corn sales, Mexico remains the top buyer despite a proposal to curb genetically modified corn imports. If strongly enforced, this could dent US exports. With corn yields lower than initially expected due to the dry weather, the Foreign Agricultural Service of the US Department of Agriculture in January reduced its forecast of Mexico’s production in 2023-24 to 25.5 million tonnes, down from 28.1 million tonnes in 2022-23.
(Link: WorldGrain)
