SERBIA WHEAT ENDING STOCKS REMAIN HIGH
Serbia is beginning the 2024-25 marketing year with over 1 million tonnes of wheat ending stocks due to exceptionally favorable crop yields coupled with low market prices, the second straight year of large stocks, according to a report from FAS. The FAS projected a 14% reduction in wheat planted area for 2024-25 at 625,000 hectares, with an expected production of 3.1 million tonnes. The high ending stocks and good crop quality are expected to contribute to exports of up to 1.5 million tonnes. Serbia’s 2023-24 wheat domestic consumption is estimated at 2.2 millon tonnes. This spring, corn was planted on 900,000 hectares in the first two weeks of April, and production is expected to reach about 6.9 million tonnes. Serbia will have sufficient corn for domestic use at about 4.4 million tonnes and about 2.5 million for exports in 2024-25.
(Link: WorldGrain)
BRAZIL SOY HARVEST HIT BY FLOODS, ARGENTINA CORN FORECAST CUT
Reuters’ Ana Mano and Roberto Samora reported this past Friday that “the outlook for the soybean harvest in Rio Grande do Sul, which was on track to become the second largest producer in Brazil behind Mato Grosso state, is deteriorating swiftly after torrential rains flooded fields, with about a quarter of beans to be reaped.” The impact of the downpours, which left entire cities and farms underwater, could cause a drop in production of up to 15% in the state.
Mano and Samora reported that analysts estimate that “around 5 million tons of soybeans are likely “at risk” due to rains and flooding, but suggested that final losses could be lower at around 1 million to 2 million tons. Argentina’s Buenos Aires grains exchange slashed its estimate for the 2023/2024 corn harvest on Thursday, citing the effects of a damaging leafhopper insect plague and poor weather. The exchange cut its forecast for the corn crop to 46.5 million metric tons, down from the 49.5 million tons previously estimated, which was already down sharply from initial estimates.
(Link: SuccessfulFarming)
