The Ministry of Agriculture of Australia predicts that in 2023/24 the production of winter crops in the country will be 44.9 million tons (-34% compared to the coming season and 3% below the average level for the last 10 years).
– The Ministry of Agriculture of Russia recommends traders not to sell wheat at a price below 240 USD/ton on foreign markets. That was exactly the mass price for Russian wheat at the tender in Egypt from today.
– According to a forecast by Stratégie Grains, the rapeseed production in the EU will be 20.4 million tons in 2023/34 (+0.4 compared to the previous estimate and +1 compared to 2022/23). The sunseed production will reach 11.3 million tons (+0.1 and +2.1), and soybean production is projected at 3 million tons (-0.2 and 2.5).
– Yesterday Chicago commodity funds were net sellers of 7,500 contracts of corn and 1,000 contracts of soybeans and net buyers of 1,500 contracts of wheat.
– China’s winter wheat production has been completed on 6.8 million hectares and another 15 million hectares are yet to be harvested.
– The Ministry of Agriculture of Australia predicts that in 2023/24 the production of winter crops in the country will be 44.9 million tons (-34% compared to the coming season and 3% below the average level for the last 10 years). Wheat production will reach 26.2 million tons (-34% compared to the coming season), barley production is estimated at 9.9 million tons (-30%), and both indicators will be below the average levels for the last 10 years. The canola production is estimated at 4.9 million tons (-41% and +15% compared to the average level).
– Under normal conditions, the 2023/24 wheat production in Australia will reach 29.9 million tonnes (-24% from last year), barley production is expected at 10.8 million hectares (-24%) and canola production is projected at 5.4 million hectares (-35%) according to the latest estimate of Rabobank. The export of wheat will be 15.7 million tons, barley exports will reach 3.3 million tons and rapeseed exports are expected to reach 3.4 million tons.
– According to market operators, 441,000 tons of palm oil were delivered to India in May (-14% compared to April), which is the lowest level for the last 27 months. Purchases of soyoil were 290,000 tons (+10%) and sunseed oil purchases reached 319,000 tons (+28%).
– Iran has announced a tender for the purchase of 120,000 tons of soymeal from Brazil with delivery within July-August.
