Increased corn production in Thailand led to lower prices

Thailand’s corn production forecast for MY 2024/25 is unchanged at 5.4 million tons, up 2% from the previous year, according to USDA. The increase is due to expanded planted area and higher average yields. In MY 2024/25, production increased due to favorable weather conditions and less drought damage than in MY 2023/24. Imports in the first three months of MY 2024/25 are 83% higher than the previous year and 85% higher than the five-year average. At the same time, corn prices have declined. According to USDA, average selling prices in October 2024 were $247 per ton, down 11% from a year earlier. The price decline is attributed to increased local production and increased duty-free imports from neighboring countries, especially Myanmar. The recovery of the pig and poultry industries in Thailand has boosted demand for feed corn in the first half of 2024. In 2024, pig production is expected to recover to 80% of the production capacity that existed before the ASF outbreak in 2022. Most ...