Turkiye: Grain and Feed Update

Owing to improved weather conditions, Turkey’s grain production in marketing year (MY) 2023/24 is forecast to reach a record 36.0 million metric tons (MMT). Grain silos are reportedly at or near capacity because of this year’s record production and last year’s large carryover stocks. With an apparent grain surplus, the government has temporarily authorized exports of domestic durum wheat and corn. Amid bearish market conditions, private sector buyers are reluctant to buy local grain, fearing that prices could fall lower. In what is considered the largest ever purchasing campaign of domestic grain, the Turkish Grain Board (TMO) has purchased more than 11.0 MMT of wheat and barley so far in MY 2023/24. This figure is expected to climb even higher when TMO starts purchasing corn. Amid Turkey’s economic woes, TMO has ended its past practice of selling grain to end users below cost.