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

Since December 2022, rainfall across most of Iraq has been positive, expected to result in favorable yields and increased production for winter crops wheat and barley, with rice expected to rebound this summer for marketing year (MY) 2023/24.

Export and domestic prices of Thai rice increased one percent due to the strengthening of the Thai baht

Milled rice production for MY 2023/24 is projected at 1.2 million metric tons (MMT) an 11 percent increase from MY 2021/22. Post projects milled rice production for MY 2022/23 at 1.1 MMT, a 3 percent increase from MY 2021/22.

FAS New Delhi's (Post) market year (MY) 2023/2024 wheat production forecast is raised to a record 110 million metric tons (MMT) on reported higher-than-earlier expected yields despite some weather incidences.

Export prices of Thai rice increased 1-2 percent due to the strengthening of the Thai baht and the upward pressure on domestic rice prices.

The 2022 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world during the 2022 calendar year.

Despite a slight reduction in planted area, 2023/2024 wheat production is forecast to reach 27.0 million tons, two percent higher than last year. With consumption growth expected to outstrip the increase in production, 2023/24 wheat imports are forecast to reach 2.6 million tons.

Recent available data indicates that Saudi Arabia imported approximately 2.7 million metric tons (MMT) of barley in the first six months of MY 2022/23 (July – December 2022), an increase of approximately 11% compared to the same period last year (2.46 MMT).

Rice export prices increased 2-3 percent, reflecting new inquiries that offset the depreciation of the Thai baht.

For marketing year (MY) 2023/24, Post forecasts rice harvested area and production at 11.9 million hectares and 37.1 million metric tons (MT), respectively. Post forecasts MY 2023/24 wheat imports at 6.0 million MT, with corn imports at 2.4 million MT.

High commodity prices in the international market during the last term of 2022 are expected to impede the growth of 2022/23 Indonesian wheat imports and curb the use of wheat in feed formulation.