In their June report, Conab analysts raised their forecast for Brazil’s 2022/23 soybean production by 0.9 million tons to 155.7 million tons.
– As of June 1, 2023, wheat stocks in Kazakhstan reached 6.64 million tons (3.44 a year earlier and -2.2 compared to May 2023). Barley stocks were 1.01 million tons.
– Yesterday Chicago commodity funds were net buyers of 1,000 contracts of corn, 12,000 contracts of soybeans and 2,000 contracts of wheat.
– In their June report, Conab analysts raised their forecast for the 2022/23 soybean production in Brazil by 0.9 million tons to 155.7 million tons. Domestic consumption forecast remained unchanged at 56.2 million tons, exports at 95.6 million tons (+0.6), and ending soybean stocks at 7.5 million tons. The corn production is expected to reach 125.7 million tons (+0.2), including first corn production of 27.1 million tons and second corn production of 96.3 million tons. Domestic corn consumption remained unchanged at 79.4 million tons, the forecast for corn exports also remained unchanged at 48 million tons, and ending stocks are projected at 8.4 million tons (+0.2). The 2023/24 wheat production will be 9.8 million tons (+0.2 and 10.6), domestic consumption estimate is unchanged at 12.4 million tons, wheat imports are expected at 5.6 million tons (+0.6), wheat exports are projected at 2.6 million tons (-0.2) and ending wheat stocks are estimated at 1.4 million tons (+0.3).
– According to Conab data, as of 10/06/2023, the second corn production in Brazil has been carried out on 1.7% of the areas (+1% for the week and 4.9% a year earlier). Sowing campaign of the 2023/24 wheat crop was carried out on 47% of the planned areas (+6% for the week).
– Iran has announced a tender to buy 120,000 tons of corn and 120,000 tons of soymeal from Brazil or Argentina with July-August delivery.
– Egypt has purchased 18,000 tons of vegetable oils with delivery within 20.07 – 05.08.2023. 12,000 tons of soyoil were purchased at a price of 1,048 USD/ton C&F and 6,000 tons of sunseed oil at a price of 926 USD/ton C&F.
– Algeria has purchased corn of any origin at 260 USD/ton C&F and delivery in June-August.
