PAKISTAN EXPECTING RECORD WHEAT, RICE OUTPUT
According to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture’s Foreign Agricultural Service (FAS), Pakistan is projected to harvest a record 28 million tonnes of wheat in the 2023-24 marketing year, while consumption is also expected to reach an all-time high of 29.5 million tonnes. The FAS forecasts wheat ending stocks in 2023-24 to decline to 3.03 million tonnes, the lowest level since 2019-20.
Pakistan is projected to see a 63% increase in rice production from 2022-23 to 9 million tonnes, which would be the second-largest crop on record. Pakistan is forecast to set an export record of 5 million tonnes in 2023-24, a 40% increase over the previous year. “The positive crop prospects, good price competitiveness in the world market, and India rice export ban have led to outstanding potential for rice exports.” The FAS also noted: “Mexico and Russia have renewed market access for Pakistani rice after many years,” Pakistani rice exports to Indonesia have also increased this year.”
(Link: WorldGrain)
USDA CROP PROGRESS REPORT: CORN AND SOYBEAN HARVESTS 23% COMPLETE
As of Oct. 1, 82% of corn has matured, up from 70% the previous week. Corn is now 23% harvested, up from 15% the week prior and ahead of the five-year average of 21%. 18% of corn is in poor/very poor condition, 29% of corn is in fair condition, and corn is rated good/excellent at 53%.
USDA says 86% of soybeans are dropping leaves, up from 73% the previous week. The soybean harvest is 23% complete, up from 12% the week before and just ahead of the five-year average of 22%. 17% of soybeans are in poor/very poor condition, 31% of soybeans are in fair condition, and 52% of the crop is good/excellent.
(Link: Successful Farming)
