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Serbia's Corn Exports to Reach Record High

Serbia's corn production is forecast to remain robust in the 2024/25 marketing year, with exports anticipated to reach record-high levels, according to the latest report from the US Department of Agriculture's Foreign Agricultural Service (FAS).

The report projects corn production to reach approximately 6.9 million metric tons (MMT) with an average yield of 7.7 MT/Ha, assuming favorable weather conditions during the spring and summer growing seasons. This follows a strong performance in the 2023/24 marketing year, where corn production reached 6.8 MMT, a significant increase from the previous year.

"With corn production of 6.9 MMT, Serbia will have sufficient corn for domestic use at about 4.4 MMT and about 2.5 MMT for exports in MY2023/24," the FAS report states.

Corn exports are expected to reach a record high of 2.6 MMT, valued at around $620 million. This is attributed to large supplies, competitive prices compared to neighboring countries and Ukraine, and Serbia's success in diversifying export markets.

"By the end of MY2023/24, Serbia will likely export 2.6 MMT of corn worth over $620 million and regain its position as one of the leading European corn exporters," the report notes.

Serbia has actively pursued diversification of its corn export markets in recent years, with a particular emphasis on Asia, including China and Indonesia. The country's non-GMO corn production holds a significant advantage, making it highly desirable in markets like South Korea, Morocco, Tunisia, Jordan, Pakistan, and India. Efforts to facilitate trade with China have been ongoing since 2019, with negotiations focused on streamlining corn export certification processes.

While current corn prices on the Novi Sad Commodity Exchange are on a decreasing trend, they remain competitive in the global market. However, the report acknowledges the significant competition from Ukrainian and Russian corn exports.