CropGPT - Maize - Week 44

CropGPT - Podcast for Soft Commodities

Weekly Global Maize Market Summary – November 3, 2024

• Azerbaijan: Maize imports from January to September 2024 totaled 63,946.49 tons, marking a 2.1% decrease from the previous year. However, the monetary value of these imports increased by 2.8%, reaching approximately 19.76 million dollars. While maize imports remain a small fraction of Azerbaijan’s overall import expenses, these trends highlight the ongoing importance of maize for the country's agriculture and food sectors.
• Argentina: Sowing of maize for the 2024/25 season in Argentina has faced significant delays, with only 28.9% of the planned acreage completed by late October 2024. This marks a 20.3% decrease from the previous season, largely due to pest damage from the corn leafhopper. Despite this, favorable climatic conditions and improved pest control have fostered optimism for crop emergence and future growth, although planting delays remain a concern.
• Brazil (Mato Grosso): Corn prices in Mato Grosso have surged to their highest levels in 18 months, closing at 52.41 reals per bag by late October 2024. This 4.63% price increase from the previous week represents a 49.69% rise from the same period in 2023. The price surge is driven by increased local demand and a significant reduction in corn production, following a 5.33 million ton deficit from the last harvest. This price escalation is expected to persist due to strong demand and potential export growth.
• Brazil (National Outlook): Planting of the 2024/25 summer maize crop is underway across Brazil, with 36.8% of the area planted by late October. Regions like Paraná, Santa Catarina, and Rio Grande do Sul have benefited from favorable weather conditions, contributing to stable crop development. While most crops are still in the vegetative phase, the overall outlook remains positive, suggesting a promising season for maize production across the country.
• Brazil (Paraná): In Paraná, nearly all maize for the 2024/25 season has been planted, with 97% of the area showing vegetation growth and a high percentage of crops rated in good health. Effective pest management, particularly against thrips and stink bugs, has been crucial in maintaining healthy crop conditions. Despite minor pest challenges, Paraná's maize production is well-positioned for high-quality yields, reinforcing its importance in both local and international maize markets.
• Brazil (Southern Regions): Maize markets in southern Brazil, including Rio Grande do Sul and Santa Catarina, have seen limited trading activity and minimal price fluctuations. In contrast, Mato Grosso do Sul has experienced price surges due to reduced production, further highlighting the regional disparities in the maize market. Overall, southern Brazil’s maize market is stable, with occasional price fluctuations driven by supply limitations.

For more in-depth reporting and analysis on the global maize market, including crop health reports, weather data, and pricing trends, visit the CropGPT website. This podcast highlights the key developments for the week.

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