According to the latest Safras&Mercado forecast, soybean exports from Brazil will reach a record 99 million tons in 2024, compared to 95 million tons in 2023 and 78.7 million tons in 2022.
According to preliminary estimates, Russia exported 4.54 million tons of wheat in July (+150% compared to July 2022). The total grain export reached 5.807 million tons, including 822,000 tons of barley (313,000), and 319,400 tons of corn (227,000). The main buyers for wheat were Saudi Arabia with 578,000 tons, Turkey with 518,000 tons, Egypt with 467,000 tons, and Israel with 345,000 tons.
SovEcon has raised its forecast for Russia’s wheat production in 2023/24 to 87.1 million tons from the previous estimate of 86.8 million tons.
During the week of July 24th to 30th, 515,900 tons of grain were shipped from the Russian port of Novorossiysk, including 466,800 tons of wheat and 49,100 tons of barley. Egypt was the recipient of 183,800 tons of wheat, followed by Oman, Ghana, and Turkey.
Strategie Grains has lowered its forecast for oilseed production in the EU by over 1 million tons. The rapeseed production is expected to be 19.3 million tons (compared to 19.8 in July and 19.4 in 2022/23), and sunseed production is forecasted to reach 10.5 million tons (compared to 10.9 and -13%). Soybean production is projected to reach 2.9 million tons (-0.1 and 2.5).
According to the latest Safras&Mercado forecast, soybean exports from Brazil will reach a record 99 million tons in 2024, compared to 95 million tons in 2023 and 78.7 million tons in 2022. Soybean processing is expected to reach 55 million tons (compared to 53.4 and 50.9), soybean production is expected at 171.5 million tons (compared to 163.2 and 136), and ending soybean stocks at 13.8 million tons (compared to 8.1 and 3.7).
During the week of July 17 to July 23, Brazil exported 1.5 million tons of corn (0.66 weeks earlier) and 1.7 million tons of soybeans (compared to 2.6). In the current year, corn exports reached 5.9 million tons (+2% compared to the previous year), and soybean exports reached 70.2 million tons (+23%).
Between July and September, China’s soyoil imports are expected to increase to 320,000 – 330,000 tons (103,000 more than the previous year), the highest level for this period in the last two years. This growth is due to low initial stocks for the period and weak soybean processing in the country.
FAS USDA forecasts a corn production of 17 million tons in South Africa for 2022/23. The soybean production in Argentina is expected to reach 21.25 million tons, which is 3.75 million tons below the USDA estimate.
According to government data, Iraq’s domestic wheat production in 2023 is sufficient to meet the country’s consumption until July 2024. The production is 5.2 million tons, and consumption is 4.6 million tons.
According to FAS USDA’s forecast, wheat imports in Turkey in 2023/24 will reach 8.25 million tons (compared to 12 million tons in 2022/23). In the past season, 8.3 million tons of wheat were supplied from Russia, and 3.2 million tons from Ukraine. Barley imports are expected to be 900,000 tons (compared to 2.14 million tons), and corn imports are projected at 1.8 million tons (compared to 2.2 million tons).
Algeria has announced a tender for the purchase of at least 50,000 tons of soft wheat with unspecified origin and delivery in October.
