Browse Data and Analysis

FAS Bangkok forecasts Thailand’s rice and corn production to increase in MY 2024/25 in response to improvement in average yield due to higher water supplies, compared to MY 2023/24.

Market share of U.S. corn in South Korea is expected to remain strong in MY 2024/25 after rebounding to 20 percent in MY 2023/24. Domestic rice production continues its slow decline as the government incentivizes farmers to switch to planting alternate crops.

On October 8, 2024, the Ministry of Agriculture and Rural Affairs (MARA) announced the registration of 30 genetically engineered (GE) corn and soy varieties, including 27 GE corn varieties and three GE soybean varieties.

FAS Manila forecasts Marketing Year (MY) 2024/25 rice imports to reach 4.60 million metric tons (MT), given the implementation of Executive Order No. 62, 2024 that reduced rice tariff rates from 35 to 15 percent.

Feed demand in marketing year (MY) 2024/25 is expected to recover slightly, with a projected total volume of 286.5 million metric tons (MMT). Corn is expected to dominate feed composition due to low prices, replacing wheat and old stock rice.

FAS/Tokyo estimates lower wheat and barley production in Marketing Year (MY)2024/25 from the previous year as unfavorable weather conditions and disease outbreak have reduced yields in main production regions.

FAS Bangkok forecasts Thailand’s rice and corn production to increase in MY 2024/25 due to acreage expansion and average yield improvement, compared to MY 2023/24.

Driven mainly by higher demand from feed mills, higher consumption of flour-based food during the consecutive religious festivities and general election, as well as demand for alternative staples cheaper than rice and trending flour-based foods, Indonesian wheat imports in 2023/24 are estimated to break record levels at 12.6 million metric tons (MMT).

On June 4, 2024, the Indian government released the third advance estimate for Indian crop year (ICY) 2023/2024 (July-June) estimating grain production at 328.85 million metric tons (MMT), marginally below last year level.

Despite record production and ample stocks, the Philippines is forecast to import a record volume of rice. Large imports are spurred in part by high domestic prices and the recent government decision to reduce tariffs from 35 to 15 percent.

Higher feed demand from broiler, aquaculture, and ruminants will push total feed use slightly higher in MY2024/25 with greater corn inclusion into feed rations than previous years. MY2024/25 corn production is forecast larger than MY2023/24 with larger yields.

On April 15, 2024, the Indian Metrological Department (IMD) predicted above normal 2024 monsoon rains. FAS New Delhi (Post) market year (MY) 2024/2025 (April-March) wheat production is forecast at a record 114 million metric tons (MMT), same as the U.S. Department of Agriculture (USDA) official forecast, on higher than initially expected yields in the northern Indian states due to favorable weather through the harvest.