Increased corn production in Thailand has led to lower prices

Published 2024년 12월 10일

Tridge summary

Thailand's corn production forecast for 2024/25 remains unchanged at 5.4 million tonnes, marking a 2% increase from the previous year due to expanded planting areas and higher average yields. This increase is attributed to favorable weather conditions and less drought damage compared to the previous year. However, despite the increase in production, corn imports in the first three months of 2024/25 surged by 83% from the previous year and 85% from the five-year average. This is due to high local demand and duty-free imports from neighboring countries like Myanmar. Despite the increased production, corn prices have fallen by 11% due to increased local production and duty-free imports. The recovery of Thailand's pig and poultry industries has also contributed to increased feed corn demand in the first half of 2024.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Thailand’s corn production forecast for 2024/25 is unchanged at 5.4 million tonnes, up 2% from a year earlier, according to USDA. The increase is due to expanded planting area and higher average yields. In 2024/25, production increased due to favorable weather conditions and less drought damage than in 2023/24. Imports in the first three months of 2024/25 were up 83% from a year earlier and 85% from the five-year average. At the same time, corn prices declined. According to USDA, average farm gate receipts in October 2024 were US$247 per tonne, down 11% from a year earlier. The decline in prices is due to increased local production and increased duty-free imports from neighboring countries, especially Myanmar. The recovery of Thailand’s pig and poultry industries has ...
Source: Zol

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