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The strengthening of the Thai baht and strong export demand pushed export prices of Thai rice slightly higher.

In Japan Fiscal Year 2022, Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) awarded 677,714 metric tons of rice through the Minimum Access import system.

After a record setting winter crop in marketing year (MY) 2022/23, Australia is expected to produce a more subdued, but still strong grain crop in MY 2023/24.

Export prices of Thai rice dropped 1-2 percent due to the weakening of the Thai baht and limited trading during the Thai New Year’s holiday.

Export and domestic prices of Thai rice increased two percent due to strong export demand for Thai rice and the strengthening of the Thai baht.

FAS Rangoon (Post) forecasts Burma’s rice exports, corn exports, and wheat import smaller in MY 2023/24. Exporters and importers continue to face a lot of uncertainties with the continuing changing policies on export/import procedures and foreign currency controls.

FAS/Seoul forecasts marketing year (MY) 2023/24 corn imports to remain flat, with U.S. market share gradually recovering towards the end of the year. Wheat imports are expected to decline towards the long term average as feed wheat loses a temporary price advantage over corn.

FAS Manila forecasts MY 2023/24 milled rice production will rebound to 12.55 million MT because of increased government funding to the sector, which is expected to increase fertilizer application. FAS Manila forecasts rice imports flat at 3.6 million MT because of increased local production.

Rice export prices remained unchanged as higher domestic rice prices offset the depreciation of the Thai baht.

Growth in Vietnam’s economy, including a rebound in tourism, is expected to fuel protein demands which will increase demand for feed grains in Market Year (MY) 2023/24. Post forecasts feed demand up to 27.7 million metric tons (MMT), a three percent year on year increase.

On March 20, Japan’s Ministry of Health, Labour, and Welfare (MHLW) and Ministry of Agriculture, Forestry, and Fisheries (MAFF) added a waxy corn product to their lists of genome edited products not subject to regulations for genetically engineered food, feed, and biodiversity.

Post forecasts little change in overall feed production in MY2023/24 but corn utilization in feed rations should rise while wheat and rice utilization should decline.