According to Safras&Mercado’s forecast for 2023/24, the corn areas in Brazil will be 22 million hectares (22.2 in 2022/23), including a first corn crop areas of 4.1 million hectares (4.2) and a second corn crop areas of 15.4 million hectares (15.5).
Without exports from seaports, Ukraine’s monthly export of products will be at a maximum of 3.7-3.8 million tons, which is a low level.
As of July 16, 2023, 55% of soybean crops are in good and excellent condition in the United States (+4% for the week), as well as 51% of spring wheat crops (+5%), and 55% of corn crops (+4%). Winter wheat has been harvested on 56% of the areas (compared to 69% the previous year), marking the lowest pace of the campaign from 1981 until now.
According to AgRural’s estimate as of July 13, 2023, 36% of the areas with the second corn crop in Brazil have been harvested (+9% for the week and 53% higher than the previous year).
According to Safras&Mercado’s forecast for 2023/24, the corn areas in Brazil will be 22 million hectares (22.2 in 2022/23), including a first corn crop areas of 4.1 million hectares (4.2) and a second corn crop areas of 15.4 million hectares (15.5). The total corn production is projected to reach 137.4 million tons (-2 compared to the forecast for 2022/23). Soybean areas will reach a record 45.6 million hectares (44.5), with a production of 163.2 million tons (156.1).
According to data from CNGOIC, soybean processing in China was 1.8 million tons during the period of July 1-7 (-5% compared to the previous week), and stocks have increased to 5.9 million tons (+15% and +20% compared to the previous year).
The export tax on palm oil from Malaysia will remain unchanged at 8% in August compared to July. Export volumes are gradually increasing but remain below levels from the previous year.
In the week of July 7-13, Egyptian ports released 120,000 tons of soybeans and corn for import. The released quantities during the period of October 16, 2022, to July 13, 2023, are 6.5 million tons, including 4.5 million tons of corn and 2 million tons of soybeans.
Algeria has announced a tender to purchase 240,000 tons of animal feed corn with delivery within July-August.
