Vietnam’s feed wheat imports rise due to low prices

In its Grain and Feed report, USDA’s Foreign Agricultural Service reported that Vietnam’s MY 2023/24 feed wheat import volumes rose 94% as wheat prices moved closer to corn prices, reaching USD 0.27/kg compared to the previous period’s USD 0.36/kg. For the first time since MY 2018/19, feed wheat imports exceeded flour wheat imports. In MY 2023/2024, flour-milling wheat imports reached 2.5 million tons, slightly lower than in MY 2022/23, with Australia, the US and Canada supplying 46%, 16% and 14%, respectively.

Meanwhile, USDA revised MY 2023/24 wheat stocks to 448,000 tons, and MY 2024/25 stocks are forecast at 598,000 tons. Rising livestock numbers require increased demand for feed wheat, resulting in lower stocks.

Overall, USDA estimates wheat imports in 2023/24 to reach 5.4 million tons, 32% higher than in MY 2022/23. The main suppliers to Vietnam are Australia, Brazil and Ukraine, accounting for 32%, 21% and 20% respectively. However, wheat imports from Australia decreased by 43%, while wheat imports from Brazil, Ukraine and Russia increased 4-fold, 6-fold and 3.5-fold, respectively, compared to MY 2022/23.

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Tags: corn, prices, Vietnam, wheat