DROUGHT DECIMATES ZIMBABWE’S CORN CROP
Corn production in Zimbabwe in the 2024-25 marketing year is forecast to fall by 60% due to extreme drought conditions associated with the El Niño weather phenomenon, according to a report from FAS. This year’s output is projected at 635,000 tonnes, compared with 1.5 million in 2023-24. Domestic consumption is forecast at 1.9 million tonnes. Consequently, the FAS said Zimbabwe will have to import more than 1 million tonnes of corn to meet local demand. The Zimbabwean government said it plans to obtain corn, with the support of private millers, from Brazil, Argentina, Russia and the United States. Although Zimbabwe’s Grain Marketing Board is mandated to maintain a minimum strategic reserve of 500,000 tonnes of grain, which is mostly comprised of corn, the FAS foresees carry-over stocks declining to 150,000 tonnes in 2024-25.
(Link: WorldGrain)
SOYBEAN IMPORTS IN THE FIRST 5 MONTHS OF 2024 INCREASE IN VOLUME, DECREASE IN TURNOVER
According to preliminary statistics of the General Department of Customs, soybean imports in the first 5 months of 2024 reached 988,564 tons, nearly worth 522.1 million USD, average price of 528.1 USD/ton, an increase of 12.6% in terms of quantity, but a decrease of 11.2% in turnover and a decrease of 21.2% in price compared to the first 5 months of 2023. Of which, in May 2024 alone, it reached 225,917 tons, equivalent to 114.34 million USD, an average price of 506 1 USD/ton, up 1.4% in volume, up 2.7% in turnovers compared to April 2024.
Brazil is the largest market supplying soybeans to Vietnam in the first 5 months of 2024, accounting for nearly 57.8% of the total volume and 55.6% of the country’s total soybean import turnover, reaching 571,686 tons, equivalent to nearly 290.27 million USD, price 507.8 USD/ton. The second largest market is the US, in the first 5 months of 2024 reaching 332,464 tons, equivalent to 182.7 million USD, price 549.5 USD/ton. Next, the Canadian market in the first 5 months of 2024 reached 47,731 tons, equivalent to 29.28 million USD, priced at 613.5 USD/ton, accounting for 4.8% of the total volume and 5.1% of the total import turnover.
(Link: Vina.Net)
