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- (-) September 2024
- (-) Thailand
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The following is part of a series of reports prepared by the Agricultural Trade Offices (ATOs) in Monterrey and Mexico City, to provide background on local and regional markets of interest for current and prospective exporters of U.S. agriculture, food and beverage products.
Rice export prices further dropped 2-6 percent from the previous week despite a strengthening of the Thai baht to a 19-month high.
The outlook for Mexican grain production in marketing year (MY) 2024/2025 is higher year-on-year for corn, rice, and sorghum based on higher-than-average precipitation and a gradual recovery from exceptional drought conditions.
Rice export prices further dropped one percent from the previous week.
Rice export prices dropped 1-3 percent from the previous week despite the strengthening of the Thai baht.
Rice export prices increased 1-6 percent from the previous week despite the weakening of the Thai baht against the U.S. dollar.
In 2025, high domestic meat demand and lower prices of animal feed for both cattle and swine are expected to drive up overall cattle, beef, pig crop, and pork production. Despite relatively high inflation levels for food products, beef consumption is expected to grow as consumers shift purchases to more affordable meat cuts.
Post forecasts production for marketing year (MY) 2024/25 at 0.85 million 480-lb bales, a similar level as in MY 2023/24. The planting area is expected to decrease due to farmers switching to more profitable crops. Constraints on planted area and yield include limited seed technology, high input costs, extreme temperatures, and drought.
Mexico is the sixth largest poultry producer and fifth largest consumer globally. In 2025 production is forecast to grow as higher private investments in poultry sector and improved feed prices are expected to boost industry-wide productivity.
FAS Bangkok (Post) expects chicken meat production to increase slightly in 2024 due to limited supplies of day-old chicks and the slow recovery in domestic consumption amid strong export demand.