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World corn projections were lowered by 2.4 million tons compared to the March report. Soybean production, trade, and ending stock projections were cut slightly.

The Belgian federal and regional agriculture ministers invited their European colleagues to Belgium to discuss food, especially proteins, as a strategic sector for the future of Europe.

Global wheat export prices declined while maize export prices edged marginally upwards.

Key points from the Prospective Plantings report released by USDA’s National Agricultural Statistics Service (NASS).

World corn production estimates were lowered by 2.3 million tons compared to the February report. For soybeans, estimates were again cut for Brazil.

International prices of all major cereals declined month on month.

Compared to the January report, world corn production estimated saw no significant changes, while international trade figures forecast lower exports for Brazil and a decrease in imports from the European Union. As for soybeans, the forecast for Brazilian production was cut and export estimates increased, which would counterbalance the lower forecast for U.S. shipments.

The European Commission officially adopted a regulation which grants a partial exemption for European farmers from the conditionality rule on land lying fallow.

While wheat, maize, barley, and sorghum prices fell in January, rice prices increased.

The European Commission proposes to allow EU farmers to avail of derogations for the year 2024 from Common Agricultural Policy rules obliging them to keep certain areas non-productive.

The Commission has proposed to renew the suspension of import duties and quotas on Ukrainian exports to the EU for another year, while reinforcing protection for sensitive EU agricultural products.

If projections are realized, the volume would decrease by 13.5 million tons compared to 2022/23.

While for the year as a whole, the FAO Cereal Price Index was down 15% from the 2022 record annual average, international rice prices were up 21% annually.

Compared to the November report, estimates for world corn production and trade improved slightly, and Brazilian soybean projections were cut.

The pig feed sector was most severely affected in 2023, experiencing a further decline of almost 2.5 million tons.

FAO's annual data compilation offers insights into the current global trends in primary crops.