The Ukrainian Grain Association has increased its forecast for the production of grain and oil crops in Ukraine in 2023 by 7.8 million tons to 76.8 million tons.
The Ukrainian Grain Association has increased its forecast for the production of grain and oil crops in Ukraine in 2023 by 7.8 million tons to 76.8 million tons. In 2022, the production was 73.8 million tons. The export is expected to reach 48 million tons (58). The wheat production is expected to reach 20.2 million tons (17.9), with an export of 15 million tons and initial stocks of 4.3 million tons. The barley production will reach 5.2 million tons (4.4), with an export of 2.6 million tons. The corn production is projected at 26.9 million tons (24.2) with an export of 22 million tons. The sunseed production will be 13.9 million tons (12.7), with an export of 1.1 million tons and 12.5 million tons for processing. The rapeseed production will reach 3.9 million tons, with an export of 3.7 million tons. The soybean production is estimated at 4.8 million tons (4.4) with an export of 3.3 million tons.
In July, Ukraine exported 500,000 tons of sunseed oil according to the country’s statistics. The export in June was 476,000 tons, and in May, it was 453,000 tons. Since the beginning of the season, the export has been 5.2 million tons (4.1).
Yesterday, Chicago commodity funds were net sellers of 11,000 soy contracts, 7,500 wheat contracts, and 7,000 corn contracts.
According to Oil World’s estimate at the end of June, soyoil stocks in the United States were 1 million tons, the lowest level in the last 7 months (1.08 million tons a month earlier and 1.05 million tons in June 2022). The decline in stocks is due to less processed soybeans during the month in the US – 4.75 million tons (-0.4 compared to May). From October to June, soyoil consumption in the United States was 9 million tons (8.3).
StoneX forecasts the soybean production in 2023/24 in Brazil at 163.5 million tons, with an increase in cultivated areas by 3.7%. The domestic consumption of soybeans will be 57.5 million tons, and the export will be 104.8 million tons. The corn production is projected at 139.2 million tons (+3.2 compared to the previous estimate), including a second corn production of 108 million tons.
India is considering the possibility of importing 9 million tons of Russian wheat to cool down the domestic market. If the news develops, the quantity is significant and may reduce Russia’s export potential to other countries.
Algeria has announced a tender to purchase 120,000 tons of feed corn from Argentina or Brazil with delivery in August. A tender for the purchase of at least 50,000 tons of hard wheat from any origin has been canceled due to high prices.
