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Rice export prices further declined 1-3 percent due to the weakening of the Thai baht against the U.S. dollar and the downward price pressure from the new MY2023/24 off-season rice supplies.

Post forecasts marketing year (MY) 2024/25 production at 0.91 million 480-lb bales, basically flat compared to MY 2023/24 due to high input costs, drought conditions, power outages, and lack of access to new genetically engineered seed varieties.

Vietnam’s economy is on the path to recovery. Post revises Vietnam’s MY2022/23 soybean meal consumption down to 5.65 MMT due to lower aquaculture feed consumption and forecasts an increase to 5.85 MMT in MY 2023/24.

On December 29, 2023, the People’s Republic of China (PRC) submitted two major reports related to climate change to the United Nations Framework Convention on Climate Change (UNFCCC): the Fourth National Communication on Climate Change (NC4) and the Third Biennial Update Report on Climate Change (BUR3).

In 2023, Mexico imported $51 billion of food ingredient products, of which 63 percent were sourced from the United States. Mexico’s food processing industry is the second largest in Latin America, behind Brazil, making Mexico a top destination for U.S. food ingredients.

Cotton production in Australia is set for a fourth successive year of high production in marketing year (MY) 2024/25, forecast at 5.5 million bales, which would be the third largest crop. The prospect of average rainfalls over the winter/spring period if realized would establish improved irrigation water availability for growers.

On March 12, 2024, the People’s Republic of China (PRC) National Health Commission (NHC) and State Administration for Market Regulation (SAMR) jointly published an Announcement on releasing 47 new or updated National Food Safety Standards (known as Guo Jia Biao Zhun, or GB Standards) and 6 amendments sheets.

China remained the world's largest seafood producer in 2023, with official production estimated at 71 million metric tons (MMT), up 3.5 percent from 2022.

FAS Bangkok forecasts Thailand’s rice and corn production to marginally increase in MY 2024/25 along with expanded acreage in response to current attractive farm-gate prices. In 2025, Thailand will likely export 7.5 million metric tons of rice or well above its 5-year average.

From March 4-6, 2024, 26 representatives from all ten member states of the Association of Southeast Asian Nations (ASEAN) and Timor-Leste participated in a USDA-funded agricultural biotechnology workshop - along with dozens of private sector stakeholders at the ASEAN Secretariat in Jakarta, Indonesia.

FAS Manila forecasts MY 2024/25 milled rice production will increase to 12.125 million MT as the country emerges from the current El Nino and government spending on inputs and machinery contributes to increased yield.

On February 2, 2024, Vietnam's Ministry of Agriculture and Rural Development (MARD) issued Circular 01/2024/TT-BNNPTNT, announcing the List of Harmonized System (HS) codes for Goods under MARD's state management and the List of Imported and Exported Goods subject to Specialized Inspections in the agricultural sector.