Refinitiv Commodities Research lowered its forecast for the 2023/24 corn production in the United States by 11 million tons to 364 million tons (348.8 in 2022/23).
– During the week of July 5-11, the export tax on Russian wheat will be 2,609.6 rubles/ton (2,473.3). There will be no export tax on barley and the export tax on corn will be 832.7 rubles/ton (937.8). The government plans to re-introduce export quotas to apply to 2023/24.
– From the beginning of the season to 30.06.2023, 48,996 million tons of grain were exported from Ukraine (48,355 a year earlier), including 3.658 million tons in June. 16.836 million tons of wheat (18.72 in 2021/22), 2.704 million tons of barley (5.747) and 29.128 million tons of corn (23.409) were exported.
– In 2022/23, EU imports of soybeans were 12.84 million tons (14.47 in 2021/22), rapeseed imports were 7.33 million tons (5.46), soymeal imports reached 15.62 million tons (16.22) and palm oil imports were 3.94 million tons (4.88).
– Refinitiv Commodities Research lowered its forecast for the 2023/24 corn production in the United States by 11 million tons to 364 million tons (348.8 in 2022/23). The soybean production is projected to reach 115 million tons (-4 and 116.4).
– According to Oil World’s forecast, soybean exports from Brazil will reach 34 million tons in the second half of 2023 (+8 compared to last year). For the whole of 2023, the export will be 96.3 million tons (+17+18).
– According to the forecast of the Ministry of Agriculture of Argentina, the wheat production in Argentina will reach 18-19 million tons in 2023/24 (12.6 in 2022/23). As of June 28, 2023, sowing has been completed on 71.9% of the planned areas (+13.8% for the week). 28% of crops were in good and excellent condition (-2% for the week), 65% in satisfactory condition (-1%), and 7% in poor condition (+3%).
– According to CNGOIC data, during the week of June 17-23, 2.08 million tons of soybeans were processed in China (-6% compared to the previous week and +15% compared to last year).
– In 2023/24 (June – May) the import of wheat in Morocco will be 7.5 million tons (+1 compared to 2022/23) and barley imports are estimated at 0.7 million tons (0.45), according to the FAS USDA forecast. According to official data, soft wheat production in the country is 2.98 million tons in 2023/24, durum wheat production reaches 1.18 million tons and barley production is 1.35 million tons. In 2021/22, the import of wheat into the country was 4.1 million tons, including 1.6 million tons from the EU, 0.9 million tons from Argentina, 0.6 million tons from Ukraine, 0.5 million tons from Canada, 0.4 million tons from Brazil. Barley imports were 976,400 tons, including 786,200 tons from the EU, followed by Argentina, Ukraine, Russia.
– In their June report, IGC analysts forecast a 2023/24 world corn production of 1.211 million tons (-6 from May), corn exports are expected at 169 million tons (-4), consumption 1.205 million tons (1.211) and ending corn stocks will reach 276 million tons (+4). Wheat production in Russia will be 83.6 million tons (no change), wheat exports are estimated at 44.7 million tons (+1) and total grain exports from Russia are projected at 54.6 million tons (53.6). The export of wheat from the EU will reach 36.2 million tons (36.3) and EU wheat production is expected at 125.5 million tons (no change). The total grain export from the EU will be 50.4 million tons (50.6). The world grain production will reach 2,291.9 million tons (2,293.7), including world wheat production of 786.7 million tons (782.7).
