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Reference Date: 24-November-2014

FOOD SECURITY SNAPSHOT

  1. 2014 maize production to reach new record, wheat harvest to recover from last year’s lows

  2. Maize exports in 2014/15 marketing year (March/February) to remain high

  3. Wheat flour prices remained stable in October, yellow maize prices increased seasonally

2014 maize production to reach a record, wheat output to recover from last year’s lows

Harvesting of the 2014 maize crop is concluded. Early estimates put this year’s production at 30 million tonnes, marginally above the 2013 harvest and record reflecting high yields as a result of favourable weather during the season. Production of wheat, currently being harvested, is forecast to reach 11.5 million tonnes, 25 percent above the reduced level of last year, on account of a strong recovery in the area planted due to high domestic prices. However, some uncertainty remains because of below-average rainfall in most of September and high precipitations in the last dekad of October in main producing areas, in particular the Buenos Aires department, which may have reduced crop yield potential. Cereal production in 2014 is expected at a record level of almost 51 million tonnes.

Planting of the 2015 maize crop is almost concluded. Early estimates point to a sharp decline in sowings, 10 percent below last year’s level, mainly due to low prices in the international market.

Maize exports in 2014/15 marketing year (March/February) to remain high

Maize exports in the 2014/15 marketing year (March/February) are forecast to reach 18 million tonnes. This mainly reflects this year’s high production level. Exports, however, are expected to remain slightly below last year’s level due to strong competition from Brazil and the United States of America.

Wheat flour prices remained stable in October, yellow maize prices increased seasonally

Wheat flour prices remained unchanged in October, after the sharp declines in previous months and were significantly below their year-earlier levels, reflecting good prospects for this year’s harvest.

By contrast, yellow maize prices increased in October, underpinned by strong export demand and strong depreciation of the local currency. However, prices remain well below their levels at the same time last year.









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