Standard Bank_ Agribusiness Biweekly Insights: Field Crops Report (01 December 2023)

Field Crops

 

The Crop Estimates Committee released the final summer crop and fourth winter crop production estimates for the 2023/24 marketing year (MY). Maize production remained unchanged at 16.395 million tons. Soya bean production also remained unchanged at its record 2.755 million tons (up by nearly 24% y/y). Sunflower seed production was revised downwards by about 0.7% to 724 110 tons (down by 14% y/y). Groundnuts were revised upwards by 1.4% to 52 660 tons (up by 9% y/y). Sorghum remained unchanged at 94 360 tons (down by 9% y/y). Wheat production is estimated at 2.15 million tons, down by 0.7% from the previous estimate, but up by 2% y/y. Apart from wheat, the production of barley, canola, and oat was also revised downwards slightly compared to last month. However, the production of all these winter crops is projected to be larger on an annual basis. The 2023/24 summer crop MY is looking very good but there are renewed concerns about El Niño weather for the new production season. As such, farmers are now closely monitoring the impact that El Niño could have on the 2023/24 summer crop production season (2024/25 MY).

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