PHILIPPINES EXCEEDS RICE PURCHASING TARGET IN THE FIRST HALF OF 2024
The Philippine National Food Authority (NFA) announced that the country exceeded its rice purchasing target in the first half of 2024, acquiring 3.37 million 50 kg bags (equivalent to 168,262 tons). According to the Philippine Department of Crop Production, as of June 6, 2024, the country’s rice imports reached more than 2.17 million tons. Vietnam continues to be the largest supplier, providing 1.59 million tons. Following Vietnam are Thailand with 339,670 tons, Pakistan with 148,618 tons, and India with 21,345 tons. The Food and Agriculture Organization of the United Nations (FAO) reported that global rice production for the 2024-2025 crop year is forecast to increase by 0.9% over the previous year, reaching a record level of 534.9 million tons.
According to the World Food Outlook, Asia is expected to account for most of this increase, with the region’s total harvest rising by 0.6% to 478.9 million tons. Regionally, Bangladesh, India, and the Philippines achieved record yields due to improved growing conditions and strong government support. Additionally, the expansion of rice-growing areas in response to high global rice prices is expected to boost production in Cambodia, Nepal, and Pakistan. China’s rice-growing area is forecast to expand after three years of reductions. Rice production is also expected to recover in Iraq, Iran, and Turkey.
(Link: VietnamAgriculture)
USDA INCREASES CORN ACRE ESTIMATE MORE THAN EXPECTED
Altogether USDA is estimating a total of 224.8 million corn, soybean, and wheat acres for 2024. This is down from 2023 but higher than what the agency forecast earlier this year in the March Prospective Plantings report. The report pegged 2024 corn acres at 91.5 million. This is down 3% from 2023 but an increase from USDA’s March estimate. USDA’s report pegged 2024 soybean acres at 86.1 million. This is up 3% from 2023 but below USDA’s March estimate. The report pegged 2024 wheat acres at 47.2 million. This is down 5% from 2023 and below USDA’s March estimate.
(Link: SuccessfulFarming)
