Global cereal production in 2024 will decline by about 0.6% from the previous year to 2,841 million tons, a downward revision since October, but still the second largest production on record, according to the monthly review of the UN Food and Agriculture Organization (FAO).
According to the report, world wheat production in 2024 will be at the level of 2023 and will amount to 789 million tons, while corn production will decline by 1.9% from the previous year to 1,271 million tons due to lower than expected yields in the European Union and the United States.
FAO’s forecast for global rice production in 2024-2025 increased by 0.8% to a record high of 538.8 million tons.
Softer wheat prices in 2025 may prevent the expansion of the area under winter wheat during the sowing campaign, which is being conducted in the Northern hemisphere. Below-normal precipitation in key wheat-growing regions in Russia resulted in low soil moisture levels, which affected planting. In contrast, favorable soil moisture and government support policies, as well as favorable prices, should encourage planting expansion in China and India.
Early signs point to a reduction in corn plantings in Argentina due to dry conditions and the risk of dwarfing disease transmitted by cicadas. In Brazil, the area under corn in 2025 will remain at last year’s level. In South Africa, white corn acreage is expected to increase. This is due to record prices and will compensate for the reduction in the area under yellow corn.
Global grain consumption is projected to increase by 0.6% to 2,859 million tons in the 2024/25 marketing year (MY, July-2024-June-2025), driven by projected growth in rice and wheat consumption as food.
According to FAO’s November forecast, global grain stocks will decrease by 0.7% from their initial level, resulting in a global grain stocks-to-consumption ratio of 30.1% in 2024/25 MY, which is lower than 30.8% in the previous year, but still indicates a “comfortable supply level” on a global scale.
International grain trade for 2024/25 MY is forecast at 484 mln tonnes, which is 4.6% less than in the previous year.
“Global wheat and corn trade volumes are expected to decline, while rice trade is expected to increase,” the report says.
In November, the National Bank of Ukraine (NBU) fined state-owned PrivatBank, Alliance Bank and Asvobank (all based in Kyiv) for violating the anti-money laundering laws for a total of UAH 27.5 million, according to a press release from the regulator. According to the release, Privat was fined UAH 10 million, Alliance – UAH 15.1 million, and Asvibank – UAH 2.5 million.
As reported with reference to market participants, Ukrainian banks are planning to sign a joint memorandum next week, which provides for the introduction of unified market practices and approaches to customer due diligence and monitoring of financial transactions on customer accounts.
According to them, the memorandum is expected to provide for a gradual reduction of the monthly transaction limit, after which, in the absence of verified income, enhanced financial monitoring will be carried out.
Some Ukrainian refugees will receive less support from Slovakia from March 2025, after lawmakers approved minor amendments to immigration legislation – the Law on Residence of Foreigners and the Law on Asylum – in late November, Slovak Spectator reported.
“As of March 1, 2025, those granted Ukrainian refugee status after February 28, 2025, will be allowed to stay in asylums for no more than 60 days, up from the current 120 days. Similarly, the residence allowance will be limited to the first 60 days, rather than 120 days, as it has been since July this year,” the statement said.
The changes will not affect vulnerable groups: pensioners over 65, children under five, or single carers of these children.
The government says the measures will save the Interior Ministry EUR2 million, a necessary step given the current pressure on public spending.
Slovakia’s Deputy Interior Minister Peter Krauspe defended the changes, noting that Ukrainian refugees usually secure jobs and housing within two months of arriving in Slovakia. “We need to save money wherever possible,” he said.
But opposition lawmakers said the cuts were excessive, pointing out that neighboring countries provide support for up to 90 days. They also criticized the lack of transparency and consultation in making these last-minute changes.
Forecast of unemployment rate in Ukraine according to methodology of international labor organization until 2025
Open4Business.com.ua
On December 6, Odesa Customs announced a tender for compulsory motor third party liability insurance for owners of land vehicles.
According to the electronic public procurement system Prozorro, the expected cost of insurance services is UAH 60 thousand.
The deadline for submitting bids is December 14.
The auction commission of the State Property Fund (SPF) has set the starting price and conditions for the privatization of 100% of shares in Ukrbud Construction Company, the SPF press service reports.
It is reported that the auction commission chaired by Deputy Head of the SPFU Igor Tymoshenko, taking into account the legal requirements, set the starting price of the sale at UAH 262.646 million.
The conditions for privatization of the state-owned stake in Ukrbud construction company were also developed. In particular, the new owner must maintain the company’s core business, pay off wage and budget debts within 6 months, pay off overdue debts (except for sanctioned creditors), and transfer dividends to the state budget for 2024-2025. For employees, the new owner must provide social guarantees, prevent dismissals within six months, and conclude a new collective bargaining agreement after the current one expires.
In the near future, the Fund will submit the terms of privatization and the starting price of the stake in Ukrbud Construction Company to the government for approval.
Ukrbud Construction Company is engaged in the design of industrial and civil facilities, construction and installation works, training and retraining of workers for the needs of the construction industry.
It includes 10 subsidiaries, including design institutes and training centers.
According to the company’s annual reports, revenue for 2023 amounted to UAH 105.2 million, which is 2.5 times higher than the results for 2022, while the net loss for 2023 amounted to UAH 3 million 53 thousand against a net loss of UAH 3 million 215 thousand in 2022.
