StoneX has raised its forecast for the second 2022/23 corn production in Brazil by 2.1 million tons to 102.9 million tons (+17 compared to 2021/22).
– In June, the export of wheat from Russia will reach a record 2.8-3 million tons, according to Rusagrotrans’ forecast. In May, exports were 4.16 million tons (1.35 in May 2022).
– SovEcon has raised its forecast for wheat exports from Russia in 2023/24 by 2.7 million tons to 45.7 million tons, which will be a record level. Barley exports are exepcted at 5.2 million tons, corn exports are estimated at 4.3 million tons and total grain exports are projected at 57.2 million tons.
– In May, 1.89 million tons of grain were exported from the Russian port of Novorossiysk (754,800 in May 2022), including 1.84 million tons of wheat (580,500) and 50,000 tons of barley. The largest recipients of grain were Turkey with 442,900 tons, Egypt with 300,000 tons, Saudi Arabia with 204,300 tons and Yemen with 156,400 tons.
– From the beginning of the season to June 5, 45.64 million tons of grain were exported from Ukraine (47.177 a year earlier), including 237,000 tons in June (148,000). 15.561 million tons of wheat (52,000), barley 2.65 million tons (3,000) and 27.097 million tons of corn (182,000) were exported.
– The UN reports that the inspections of ships along Ukraine’s grain corridor have been renewed since Sunday.
– Refinitiv Commodities Research has raised its forecast for the 2023/24 corn production in the United States by 1 million tons to 382 million tons (348.8 vs. 2022/23).
– On Friday, Chicago commodity funds were net buyers of 6,500 contracts of corn, 6,500 contracts of soybeans and 3,000 contracts of wheat.
– StoneX has raised its forecast for the second 2022/23 corn production in Brazil by 2.1 million tons to 102.9 million tons (+17 compared to 2021/22). The total corn production is projected at 133.8 million tons (+1.2 over the previous estimate and 113.1 in 2021/22). AgResource predicts a corn production of 127.5 million tons (+1.4), and Conab expects it at 125.5 million tons, including second corn production of 96.1 million tons.
– The Government of India has lowered the base price of imported unrefined palm oil to 898 USD/ton (previously 988), and 984 USD/ton for refined (1,020), 976 USD/ton for soyoil (983).
– On 06/02/2023, Saudi Arabia bought 624,000 tons of wheat with 12.5% protein with delivery within September – October and at a price of 261.76 USD/ton C&F.
– Turkey has raised the Bosphorus and Dardanelles cargo freight by 8.3% from 4.08 USD/ton to 4.42 USD/ton.
