Agroconsult has raised its forecast for the second corn production for 2022/23 in Brazil by +5.2 million tons to 102.4 million tons (+16.5 compared to 2021/22).
– SovEcon forecasts a 2023/24 wheat production in Russia of 88 million tons, which is +1.2 million tons more than the previous estimate.
– IKAR has raised its forecast for the Russian wheat production in 2023/24 by +2 million tons to 86 million tons. Wheat exports are projected to reach 44 million tons (42).
– According to the forecast of APC – Inform, in 2022/23, the export of soymeal from Ukraine will reach the highest level for the last three seasons – 520,000 tons. About 49% of exports will be directed to Poland.
– Coveral refuted rumors that Ukraine supplies low quality grain to the EU.
– In Ukraine, 13 million hectares will be sown with spring crops in 2023, including 10 million hectares already sown.
– During the week of May 15 – 21, soybean imports into the EU reached 346,400 tons (342,600 a week earlier). Rapeseed imports for the week were 12,600 tons (129,900). Since the beginning of the season, deliveries of soybeans were 11.36 million tons (-12%), and rapeseed imports were 6.9 million tons (+40%). Deliveries of soybeans from the United States reached 4.8 million tons, and deliveries from Brazil were 4.1 million tons. Rapeseed imports included 3.26 million tons from Australia and 2.9 million tons from Ukraine (42.6%).
– Yesterday, Chicago commodity funds were net buyers of 4,500 contracts of corn and 5,500 contracts of wheat and net sellers of 6,000 contracts of soybeans.
– Agroconsult has raised its forecast for the second corn production for 2022/23 in Brazil by +5.2 million tons to 102.4 million tons (+16.5 compared to 2021/22). It is noted that in the states of Mato Grosso do Sul, Paraná, São Paulo and Minas Gerais there will be crop losses that could reach 20 million tons. The forecast for the export of corn from the country in 2022/23 has been increased to 54 million tons (+7.4).
– During the period May 1-20, palm oil imports into India were 261,000 tons, and another 150,000 tons are expected by the end of the month, which is the lowest level for the last 27 months. During the first 6 months of 2022/23 (November – April), 818,300 tons of palm oil were imported into the country on average per month. For the first time in many years in April, buyers canceled a palm oil purchase of 700,000 tons due to high prices. In May, deliveries of sunseed oil will be 319,000 tons (+28% compared to April), and of soyoil imports will be 305,000 tons (+16%).
– The Government of India has ruled out lifting the ban on wheat exports from the country. For 2023/24, the production is expected to reach a record 112.18 million tons.
– According to a forecast by the Pakistan Bureau of Statistics, wheat imports into the country will reach 2.68 million tons in 2022/23 (2.21 in 2021/22).
– Iran has purchased 260,000 tons of soymeal from Brazil and Argentina for delivery within June-July. At the beginning of March, 61,000 tons of soymeal were also purchased.
