Thailand's Rice Exports Rebound On Strong Supply, Prices

Based on a robust supply and competitive pricing environment, Thailand's rice exports increased in 2022-2023, a report from the US Department of Agriculture's Foreign Agricultural Service (FAS) stated. 8.8 million tons were exported, a 14% increase from 2021-2022. However, because Vietnam and Cambodia are now producing more rice than can be exported, shipments are predicted to fall to 8 million tons in 2023-2024.

Wheat Production Down 5% Due to Weather Woes

The combined effect of dry spells and flood damage is expected to cause production to drop by 5% from 2022-2023 to 19.9 million tonnes in 2023-2024. Although revised upward to 3 million tons, wheat imports for 2023-24 remain 5% below the 2022-2023 projection. The FAS stated that a gradual rebound in the demand for milling wheat will not be countered by the increase in demand for feed wheat imports.

The high price of corn caused feed mills to switch to feeding wheat for pigs and poultry. Imports of milling wheat increased by 29% in the first half of 2023-2024 as the travel and tourism industry continued to bounce back from the pandemic.

Conclusion

In conclusion, Thailand's agricultural outlook for 2023-2024 is mixed. While rice exports are predicted to fall despite a robust year earlier, whole wheat production is confronted with difficulties because of unfavourable weather patterns. The dynamic shifts observed in the feed and milling wheat markets underscore the continuous modifications made by industry participants in response to evolving supply and demand conditions.

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