STUNT DISEASE PLAGUING ARGENTINE CORN CROP
An outbreak of stunt disease spread by leafhopper insects is expected to significantly reduce corn planted area and production in Argentina in the 2024-25 marketing year, according to a report from FAS. The FAS slashed its 2024-25 corn production forecast by 6% year-on-year, to 48 million tonnes on 6 million hectares, down 800,000 hectares. The agency also cut its corn production forecast for 2023-24 by 10% from its January projection to 51 million tonnes. The forecast for the country’s 2024-25 wheat crop is more positive, with the FAS expecting a 1-million-tonne increase year-on-year to 16.8 million tonnes.
(Link: WorldGrain)
GRAIN MARKET REVIEW: RICE
World rice prices have softened in recent weeks as harvesting progresses in some of the major exporting countries. The Economic Research Service (ERS) said that, over the past month, quotes for trading prices for most grades of regular (neither parboiled nor aromatic) whole grain milled rice from Thailand decreased 6% to 7%, mostly due to the weakening of the Thai baht and the beginning of the dry-season crop entering the export market. For the week ending April 9, Thailand’s 100% Grade B long-grain milled rice for export was quoted at $590 per tonne, down $43 from the week ending March 5. Price quotes for 5% brokens from Vietnam for the week ended April 9 also declined, dropping $10 per tonne from the month ended March 5 to $585 per tonne.
Prices for rice from Pakistan fell, as a bumper crop has more than offset record global demand, the ERS said. With harvests well underway, prices in Argentina, Brazil, Paraguay and Uruguay declined over the previous month. Despite a 1.6% monthly fall in March, Indica quotations remained 22.9% above their level in March 2023, the FAO said. The market undertone remained soft in Asia during March, as although Indonesia remained in the market for supplies, demand proved otherwise insufficient to offset supply-side pressure, the FAO reported. This was most evident in Vietnam, where quotations slipped 5% below February levels as the winter-spring harvest peaked and the dong eased vis-à-vis the US dollar.
(Link: WorldGrain)
