The Ministry of Agriculture of Canada predicts a 2023/24 wheat production in the country of 35.8 million tons (+1.5 compared to the previous estimate and +2 compared to 2022/23).
– According to data from the Ministry of Agriculture of Russia, in June the export tax on sunseed oil from the country will stay at 0%.
– US consumers bought 210,000 tons of wheat from Poland and Germany with delivery within May-August.
– Yesterday, Chicago commodity funds were net sellers of 6,500 wheat and 1,500 soybean contracts and net buyers of 3,500 corn contracts.
– The Ministry of Agriculture of Canada predicts a 2023/24 wheat production in the country of 35.8 million tons (+1.5 compared to the previous estimate and +2 compared to 2022/23). Wheat exports are projected to reach 24.8 million tons (+0.8 and +0.3), domestic consumption is expected at 9.3 million tons (+0.2 and +0.1), and ending wheat stocks are estimated at 5.8 million tons (0 and +1.4).
– Heavy rainfall in Argentina has improved the outlook for the 2023/24 production. In the northern and central regions, an average of about 75 l/sq m of precipitation has fallen and another 10-25 l/sq m is expected. As of 23.05.2023, 78.2% of the soybean areas in the country have been harvested (+9% for the week), with 16.5 million tons of soybeans harvested, and the total soybean production is expected to reach 21 million tons.
– The Government of India is not considering the possibility of increasing the import tax on vegetable oils. Now the duty on unrefined soyoil and sunseed oil is 5.5%, and the import tax on refined is at 13.75%.
– According to data from the government of Egypt, the country has enough stocks to meet domestic consumption for the next 5.9 months. The authorities have already purchased 2.7 million tons of wheat from local farmers, and the amount is expected to reach 4 million tons.
