Authorities in India have imposed a ban on the export of white rice starting from July 20, 2023. Since India holds 40% of the world’s rice exports, any policy change there leads to price fluctuations.
During the period of July 1 to July 20, 2023, Russia exported 4.12 million tons of grain, including 3.258 million tons of wheat. The largest customers for the wheat were Saudi Arabia, Egypt, and Israel.
In August, the export tax on Russian sunseed oil will remain at 0 due to its low price in Russia.
According to the latest government forecast, Ukraine’s grain production in 2023 will reach 46 million tons (compared to 53.1 million tons in 2022).
The latest forecast by MARS for 2023/24 predicts that the average sunseed yield in the EU will be 2.12 tons per hectare (compared to 2.21 tons, the average for the past five years). For spring barley, it will be 3.62 tons per hectare (a decrease of 14%), for soft wheat, it will be 5.8 tons per hectare (no change). For corn, the average yield will be 7.53 tons per hectare (an increase of 1%), and for rapeseed, it will be 3.2 tons per hectare (an increase of 3%).
By the end of the previous week, 68% of the winter wheat areas in the United States have been harvested (compared to 76% in 2022 and an average of 77% for the past five years). 49% of the spring wheat crops are in good to excellent condition (compared to 51% a week earlier and 68% last year), as well as 54% of the soybean crops compared to 55% and 59% respectively). 57% of the corn crops are in good to excellent condition, showing a 4% decrease compared to last year.
Abiove has once again increased its forecast for the 2022/23 soybean production in Brazil by 0.5 million tons, reaching 156 million tons (compared to 129.9 million tons in 2022/23). The soybean exports are also increasing to 97.5 million tons (from 78.7 million tons), while processing in the country will be 53.5 million tons (compared to 50.9 million tons), and consumption of soymeal will be 18.1 million tons (compared to 18.7 million tons). Soyoil consumption is expected at 8.7 million tons (compared to 7.3 million tons). Ending soybean stocks in Brazil are expected to be 7.3 million tons (an increase of 0.3 million tons compared to the previous year, and 3.9 million tons in total).
Authorities in India have imposed a ban on the export of white rice starting from July 20, 2023. Since India holds 40% of the world’s rice exports, any policy change there leads to price fluctuations. Given the current situation, rice reserves in other countries are very low. The rice market will likely influence the wheat market in the coming months.
According to the IGC forecast, Turkey’s flour exports in 2023/24 are expected to reach a record 5.4 million tons (an increase of 0.6 million tons compared to 2022/23).
