The Rosaro Grain Exchange lowered its forecast for the 2022/23 soybean production in Argentina by 1 million tons to 20.5 million tons. The harvesting campaign is coming to an end.
– The Foreign Minister of Russia has stated that if the grain deal does not work by 17.07.2023, it will not be continued.
– Stratégie Grains has lowered its forecast for the EU soft wheat production in 2023/24 by 1.3 million tons to 128.7 million tons (+3.6 for the year). Corn production is estimated at 61.2 million tons (-0.9 and +9) and barley production is expected at 47.9 million tons (-2 and -3.3).
– Yesterday Chicago commodity funds were net sellers of 1,000 contracts of corn and 4,000 contracts of wheat and neutral on soybeans.
– Anec raises its forecast for soybean exports from Brazil in June by 1.7 million tons to 14.76 million tons (14.49 in May and 9.95 in June 2022). Exports of soymeal are projected to reach 2.45 million tons (+0.2, 2.27 in May and 2.16 in June 2022).
– In April, 3 million tons of soft and durum wheat were exported from Australia, which is 20% less than in March. The biggest customer was China followed by South Korea and Vietnam.
– At the end of May, palm oil stocks in Malaysia rose for the first time in four months after output reached its highest level since the start of the year. Stocks were 1.69 million tons (+12.6%), production during the month was 1.52 million tons (+26.8%).
– The Government of India has lowered the import tax on soyoil and sunseed oil from 17.5% to 12.5% for the first time in the last six months.
