According to the Oil World forecast for 2023/24, Russia’s export of vegetable oils is expected to reach a record 6.38 million tons.
According to the Oil World forecast for 2023/24, Russia’s export of vegetable oils is expected to reach a record 6.38 million tons. Sunseed oil will experience a record export of 4.37 million tons (+0.25 compared to 2022/23 and +1.2 compared to 2021/22), while rapeseed oil will see an export of 1.32 million tons (1.3 and 0.9).
As of July 30, 2023, according to USDA data, 2% of the areas sown with spring wheat have been harvested in the United States (0% one week earlier and -3% compared to the five-year average). 80% of the winter wheat areas have been harvested (-1% and -3%). 55% of the corn crops are in good and excellent condition (compared to 57% one week earlier and 61% the previous year), as well as 52% of the soybean crops (compared to 54% and 60%).
Yesterday, commodity funds in Chicago were net sellers of 25,500 soybean contracts, 15,000 corn contracts, and 16,500 wheat contracts.
Dockworkers in Argentina are on strike demanding higher wages, leading to disruptions in the operation of the Rosario port.
Algeria has announced a tender for the purchase of at least 50,000 tons of hard wheat of any origin with delivery scheduled within September-October. Algeria has already purchased 590,000 tons of soft wheat of any origin at a price of 276 USD/ton C&F with delivery scheduled for October.
