Since the beginning of the year, Canada is experiencing the second worst drought in 45 years.
– According to data from the Russian Grain Union, 5.2 million tons of wheat were exported from Russia in March, which is 2.7 times more than in March 2022. In total, grain exports from the country reached 6.2 million tons, including corn exports of 775,000 tons (+150%) and barley exports of 254,000 tons (+100%).
– As of March 1, 2023, grain stocks in agricultural organizations of Russia were 25,526 million tons (+53% compared to last year), including wheat stocks of 17,359 million tons (10,953) and corn stocks 3,273 million tons (2,729).
– In the eight months since the Ukrainian grain corridor has been operating, 26.3 million tons of grain have been exported along it, including 12.9 million tons of corn and 7.3 million tons of wheat.
– As of March 1, 2023, wheat stocks in the US were 25.7 million tons (-8% compared to last year), corn stocks were 188 million tons (-5%), soybean stocks were 45.9 million tons (-13%) and sorghum stocks reached 2.8 million tons (-47%).
– According to the USDA’s first forecast, corn areas in the USA will reach 37.23 million hectares in 2023/24 (+1.4 compared to the previous year), wheat areas will be 20.18 million hectares (+1.7), soybean areas are projected at 35.41 million hectares (no change) and sorghum areas are expected to reach 2.4 million hectares (+0.2).
– According to USDA data, as of 04/02/2023, 2% of the planned corn areas have been sown in the United States, which is at the level of last year and the average five-year indicator. 28% of winter wheat crops are in good and excellent condition (30% a year earlier).
– Chicago commodity funds were net buyers of 2,000 contracts of corn, 7,000 contracts of soybeans and 2,500 contracts of wheat yesterday.
– Since the beginning of the year, Canada is experiencing the second worst drought in the last 45 years. Precipitation in Alberta, Manitoba and Saskatchewan is more than 50% below normal. The groundwater level has dropped to a very low level in 2022.
– StoneX forecasts a 2022/23 soybean production in Brazil of 157.7 million tons (+3 compared to the previous estimate and +32.1 compared to 2021/22). Exports during the season will be 96 million tons (+17.3), and ending soybean stocks will be 9 million tons (+5.8).
– The authorities in Argentina are once again planning an opportunity to buy soybeans from local farmers at a preferential rate of the peso. The duration of the campaign will probably be over the period of 15.04 – 31.05.2023. Now the peso/dollar rate is 210, but it is expected to be set at 270-300 for the campaign.
– The authorities in India lower the requirements when buying wheat from local farmers. Wheat with 10% protein is already being bought, and the moisture index is expected to be increased. The purchase of 34.15 million tons of wheat is planned.
