URUGUAY EXPECTS SMALLER WHEAT, CORN CROP
Farmers in Uruguay are expected to plant more in the 2024-25 season, but total production is expected to drop slightly, according to a report from FAS. Production in 2023-24 is estimated at 1.56 million tonnes, one of the top three largest volumes in history because of extraordinary record high yields. Production in 2024-25 is estimated at 1.3 million tonnes. Exports in 2024-25 are estimated to drop to 800,000 tonnes from the decade-high of 1.13 million tonnes in 2023-24. Corn production in 2023-24 surpassed the 1 million-tonne mark for the first time, reaching 1.55 million tonnes. The comeback of the El Niño weather pattern encouraged a record-high area of 205,000 hectares.
Production in 2024-25 is expected to drop 35% to 1 million tonnes as corn prices have dropped 40% to 50% in a year. “A new negative factor on corn production is the appearance of corn stunt disease in the current crop, affecting especially the second/late corn crops in northern-central areas,” the FAS said. Depending on the level of infestation, the disease can cut corn yields between 20% to 70%. Rice production in 2024-25 is forecast to rebound at 1.43 million tonnes, rough base and 1 million tonnes milled base. The planted area is estimated at 163,000 hectares, the highest since 2017-18.
(Link: WorldGrain)
WHEAT PRICES ARE INCREASING DUE TO CONCERNS ABOUT LACKING OF SUPPLY
Wheat prices closed up 3.66%, marking the strongest day of price increase since November 2023. Fears of supply decline in producing countries were the main supporting factor for yesterday’s strong increase. This morning, the US Department of Agriculture released the Crop Progress report showing that the quality of US winter wheat last week decreased sharply. Only 50% of the area was rated good or better, lower than analysts’ expectations of 54%. Countries such as France, Germany, and Poland also experienced light frosts over the weekend which severely affected yield prospects. On the domestic market, recorded at the end of last week (April 22), at Cai Lan port, the asking price of Australian wheat for May delivery fluctuated around 6,350-6,400 VND/kg. Meanwhile, EU and South American wheat futures for delivery in the second quarter of this year are around 6,250-6,300 VND/kg.
(Link: NhanDan.vn)
