Farming News - USDA Overseas Agricultural Service Grain Reports from June 24
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USDA Overseas Agricultural Service Grain Reports from June 24
Australia: Retail Foods
Health, wellness, and the environment continue to be key purchasing factors for Australian consumers. Portion sizes are increasingly important as consumers want quality over quantity, and they expect packaging to be informative and environmentally responsible. The value of Australian consumer oriented and fish, and seafood imports totaled US$13.6 billion in 2021. The U.S. accounted for US$1.3 billion or 10 percent of Australia's total food related imports. Despite the effects of COVID-19, Australia's economy has been recovering relatively quickly, and GDP growth had already returned to pre-COVID levels. The market remains an excellent opportunity for U.S. exporters.
Mexico: Grain and Feed Update
Wheat production for marketing year (MY) 2022/23 is forecast slightly lower than the USDA official forecast based on updated industry and Mexican government data that reflect adverse weather conditions. Total MY 2021/22 corn production is revised upward from the USDA official figure to 27.8 million metric tons (MMT) due to more complete official data indicating a higher yield estimate. The sorghum production estimate for MY 2021/22 is revised downward from the USDA estimate to 4.6 MMT, driven by lower than expected harvested area and inadequate precipitation. The rice production forecast for MY 2022/23 is adjusted upward from the USDA forecast because of higher than previously projected harvested area.
New Zealand: Retail Foods
U.S. food and agricultural products have continued to prove popular in the New Zealand market, and in 2021 the value of these products was a record US$ 625 million, US$ 425 million of which were consumer-oriented products. The New Zealand grocery and food retail sector has seen resiliency during COVID-19 and continued strong demand. New Zealand imports from the United States include packaged food, pet food, grapes, pork, cheese, animal feed, beer, and wine. FAS/Wellington expects demand to remain strong for consumer food products both manufactured in-country and imported.
Nigeria: Oilseeds and Products Annual
Nigeria continues to strive for self-sufficiency in oil palm production. Currently, production remains stable. Meanwhile, demand for palm oil outweighs supply. Nigeria meets the supply gap in oil palm through imports from Malaysia, China, and Côte d'Ivoire. In MY 2022/23 FAS Lagos forecast that Nigeria will require 450,000 MT to fill the consumption gap. On the soybean front, non-GE soybean is being planted to meet a niche demand in global markets. This is affecting domestic supply. As a result, the poultry sector is facing high feed costs.
Spain: Spanish Grain Supply Chain Shows Resilience in Challenging Times
For MY2022/23, initially good crop prospects after the abundant rains in April were negated by above average temperatures registered in May and June. In-country grain demand remains relatively stable, driven by the recovery of the tourism sector, despite the somewhat lower livestock products exports and the grain prices hike. This season, access to Brazilian safrinha corn will be particularly critical to make up for the shorter domestic crop and the grain supply disruption created by Russia's invasion of Ukraine.
Thailand: Rice Price - Weekly
Rice export prices decreased 3-5 percent due to the weakening of the Thai baht.