| The following GAIN reports were released on October 28, 2024. _______ FAS/Sofia has revised further downward its estimate for Bulgaria's MY 2024/25 corn crop to 1.7 million metric tons (MMT) based on the latest harvest data and which, if confirmed, will be the smallest crop since 2012. This is due to the severe summer heat and drought. Conversely, based on the latest harvest data the estimate for the barley crop is increased to 1.1 MMT (compared to 797,000 MT last year), the highest since 2004. Wheat production is also adjusted slightly upward to 7 MMT, based on the final harvest data. Abundant winter grains production, a much better quality of the crop, and favorable export demand have all led to a strong start to the export season. At the same time, MY 2024/25 corn exports and domestic use are forecast to decline sharply due to the local deficit and allegedly poor quality of the crop. Wheat and barley feed/industrial uses are expected to increase and compensate for the lower corn consumption. Indonesia's fuel grade ethanol consumption remains small and localized in 2024, a year after the restart of the ethanol program. The formation of a taskforce for sugarcane expansion is meant to advance Indonesia's self-sufficiency goals in sugar and bioethanol. Biodiesel production is projected to rise by 3 percent to 13 billion liters in 2024 on expected higher diesel use combined with the government-mandated 35-percent blending rate. Combined palm oil mill effluent (POME) and palm fatty acid distillate (PFAD) exports remain high on continued demand from overseas markets, lower export levies relative to crude palm oil, and a lack of incentives for local refiners to use biodiesel feedstocks other than crude palm oil. The Parliament of Poland extended until January 1, 2030, exemptions of provisions under the 2006 Feed Act to ban the use of genetically engineered (GE) feed ingredients. Poland is a major import of soybean meal, including GE meal, with imports reaching $1.5 billion each year. Ukraine's wheat, barley, and rye harvest for marketing year (MY) 2024/25 has concluded. MY2024/25 corn production is smaller due to lower yields. Post estimates MY2024/25 beginning stocks for grains at minimal levels, as Ukraine was able to maintain an independent export corridor out of its Odesa region ports for most of MY2023/24. Domestic grain prices are on the rise, prompting farmers to delay their selling decisions. Regarding export market structure, Ukraine cut its exports to transit destinations and started selling directly to immediate consumers, which was the modus operandi before the full-scale Russian invasion. For more information, or for an archive of all FAS GAIN reports, please visit gain.fas.usda.gov/. | 
No comments:
Post a Comment