IGC LOWERS GRAINS PRODUCTION FORECAST
With anticipated cuts in corn production in Argentina and sub-Saharan Africa and smaller wheat crops expected in Russia, Ukraine and the United States, IGC revised its monthly projection for total grains output lower by 10 million tonnes for the 2024-25 marketing year. In its latest Grain Market Report, released on May 23, the IGC forecast total grains production at 2.312 billion tonnes, which is still 1% higher than this year’s projected total. IGC said, noting a slight decline in corn output to 1.22 billion tonnes, consumption growth “is expected to be fairly tepid,” rising by 9 million tonnes year-on-year to 2.32 billion tonnes.
Closing stocks are expected to continue to slide, reaching a 10-year low of 580 million tonnes, led by declines for wheat and corn, with exporter inventories at 142 million tonnes, a 3% decline year-on-year. With large outturns expected in the United States, Brazil and Argentina, global soybean production is seen increasing by 6% to a record 414 million tonnes in 2024-25, the report noted. However, soybean consumption also is forecast to increase by 6% to a record 404 million tonnes. Record rice production is projected for the coming marketing year, with an expected global output of 523 million tonnes. Wheat consumption (801 million tonnes) is expected to outpace production (795 million) for the second straight year, with carryover stocks falling to 260 million tonnes, the lowest level since 2018-19. The IGC Grains and Oilseeds Price Index increased by 9% month-on-month mainly due to soaring wheat, soybeans and barley prices. The May price index of 245 is still 5% lower than the same month in 2023.
(Link: WorldGrain)
BONE MEAL IS SUSPECTED OF BEING ILLEGALLY TRANSPORTED INTO VIETNAM
On May 23, Deputy Minister of Agriculture and Rural Development (MARD) Phung Duc Tien signed a series of official dispatches to Southern border provinces such as Tay Ninh, Long An, Kien Giang, Dong Thap, Binh Phuoc, and An Giang to focus on directing and organizing to prevent the illegal transportation of animal products of unknown origin across borders. Through feedback from businesses, some organizations and individuals have been transporting ruminant products containing bone meal from Europe, where there is a mad cow epidemic, through the Cambodian border gate into Vietnam.
(Link: VietnamAgriculture)
