Turkey is expected to raise the import tax on sunseed to 27% and to 36% on sunseed oil from 01.06.2023.
– As of 05/14/2023, 65% of the planned areas have been sown with corn in the United States (45% a year earlier and 59% on average for the last five years). 49% of the areas are sown with soybeans (27% and 36%). 41% of winter wheat crops are in bad and very bad condition (44% and 41%).
– According to NOPA data, 4.7 million tons of soybeans were processed in the United States in April (5.1 in March and 4.6 in April 2022). The indicator is the highest level for the month. Soyoil stocks reached 0.9 million tons (0.8), which is the highest level for the last 12 months.
– Chicago commodity funds were net buyers of 8,500 contracts of wheat, 4,500 contracts of corn and 4,500 contracts of soybeans yesterday.
– According to Conab data, as of 13/05/2023, 25% of the planned 2023/24 wheat areas have been sown in Brazil (+8% for the week and 16% a year earlier). The first corn crop has been harvested on 72% of the areas (+4% and 80%). Harvesting of the second corn crop has begun in some places.
– According to the CNGOIC estimate, over the week of 04/30 – 05/06/2023, soybean processing in China was 1.98 million tons (+6% for the week, +44% compared to the first week of April and +16% compared to last year). Soybean stocks in the country gradually decreased to 3.4 million tons (-4% for the week and -26% compared to last year).
– CASDE predicts a 2023 corn production in China of 282.3 million tons (+5.1 million tons compared to 2022). Corn consumption in the country in 2023/24 will be 293 million tons (+2.5), including 189 million tons for fodder (+1). Imports will be 17.5 million tons (-0.5). Soybean production is projected to reach 21.5 million tons (20.3), consumption is expected at 114.1 million tons (112.9), soybean imports are estimated at 94.2 million tons (95.2).
