As of April 1, 2023, wheat stocks in Russia reached 27.6 million tons (+79% compared to the average level for the last five years), which is a record for this time of the season.
– According to data from the Russian Grain Union, 5.03 million tons of wheat were exported from Russia in April, which is the highest level for the last six years. The total grain exports were 6.04 million tons, (3.1 a year earlier), including corn exports of 627,000 tons (+38%) and barley exports of 387,000 tons (+340%). The largest customer of Russian wheat in April was Turkey with 1.266 million tons (+26%), Egypt with 666,000 tons (+50%) and Algeria with 410,000 tons (59,000). During the month, corn supplies to Turkey were 377,000 tons (+36%).
– Chicago commodity funds were net sellers of 3,000 contracts of corn, 5,000 contracts of soybeans and 3,500 contracts of wheat yesterday.
– According to StoneX experts, corn exports from Brazil will reach 48 million tons in 2022/23 (+1.4 compared to the previous estimate and +1.4 compared to 2021/22). The total production is projected at 131.6 million tons (113.1), including first corn production of 28.6 million tons (25) and second corn production of 100.8 million tons (85.9). Soybean production is expected at 157.7 million tons (125.6), domestic soybean consumption is estimated at 55 million tons (+1 and +2), exports are projected at 96 million tons (+17.3) and ending soybean stocks will be 8 million tons (3.1).
– According to Oil World data, biodiesel production in Brazil reached 475,000 tons in March (+9% compared to last year) with a fuel mandate of 10%. As of April, the mandate is 12% and production is expected to grow by 0.5-0.6 million tons annually to 6-6.1 million tons.
– In April, India’s palm oil imports reached 508,000 tons (-30% from March), which is the lowest level for the last 14 months. Deliveries of sunseed oil were 250,000 tons (+69%), and soyoil imports reached 258,900 tons (+2.3%).
– Jordan has purchased 60,000 tons of wheat at a price of 288.5 USD/ton C&F and delivery within 1 – 15 October.
