Source: APKinform (Ukraine)
The USDA FAS estimates that Indonesia will import a record 12.6 million tons of wheat in the 2023/24 marketing year, an increase of 33% compared to the 2022/23 marketing year. This is due to higher consumption by feed and grain mills and growing demand for alternative grains, reports World Grain.
In particular, the experts expect wheat consumption in the food and feed industry to increase to 11.3 million tons in the 2023/24 marketing year and to 11.7 million tons in the 2024/25 marketing year.
However, the recent elections in the country and the weakening of the exchange rate, together with the resumption of local maize production and lower maize prices, will lead to lower demand for wheat, reducing the pace of imports in the new season. In the 2024/25 marketing year, Indonesia could import 12 million tons, while corn consumption for animal feed will increase to 9 million tons.