IGC REVISES WHEAT, CORN PRODUCTION HIGHER
The IGC sees 2024-25 total grains production, which includes wheat and coarse grains, 8 million tonnes higher than the June forecast at a record 2.321 billion tonnes, a 1% increase from the previous year. It said the outlook for wheat production in North America, Pakistan and Kazakhstan was improved, as was the anticipated output for corn in the United States. However, with feed, food and industrial consumption expected to increase further, to record highs, a 1% retreat in stocks is envisaged at the end of 2024-25, to a 10-year low of 586 million tonnes.
With wheat and corn trade expected to decline, global grains trade is projected to recede by 7% year-on-year, to 418 million tonnes, the report said. A 6% increase year-on-year in soybean production is forecast by the IGC, reaching a peak of 415 million tonnes in 2024-25. Consumption is also raised to a record 404 million tonnes, resulting in a record carryover of 79 million tonnes. “(Soybean) trade is projected to expand by 3% year-on-year on large shipments, with an uptick in demand from China, Europe and Africa anticipated,” the IGC said. A record rice crop is also anticipated in 2024-25, reaching 528 million tonnes, up 2% from the prior year.
(Link: WorldGrain)
INDIA PLANS TO EASE RICE EXPORT CURBS AS STOCKS SURGE TO RECORD, SOURCES SAY
India is likely to cut the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty on overseas shipments, government sources said, as rice inventories in the country jumped a record high. New Delhi is expected to lower the basmati rice’s minimum export price (MEP) to $800-$850 a metric ton, down from $950 a ton, to boost shipments. The government was examining possibilities of easing rice export curb, including resuming white rice exports. The country’s rice stocks at state warehouses have jumped to 48.51 million metric tons as of July 1, the highest ever for the month and nearly 19% more than last year, according to the Food Corporation of India. New Delhi would also review the export ban on non-basmati white rice after assessing the progress of rice planting, the sources said.
(Link: Reuters)
