Grain Highlights 26.05.2023

27 May, 2023
Grain Highlights 26.05.2023
Refinitiv Commodities Research forecasts a 2023/24 wheat production in the United States of 46.3 million tons (-1.5 compared to the previous estimate and 44.9 in 2022/23), including winter wheat production of 32.6 million tons (-1.3 and +2.6), spring wheat production of 13.7 million tons (-0.2 and -1.2).

- During the week of 31.05 – 06.06.2023, the export tax on Russian wheat will be 4,525.4 rubles/ton (4,644.4 a week earlier). The export tax on barley will be 1,224.7 rubles/ton (2,117.8) and the export tax on corn will be 2,753.6 rubles/ton (2,565.8).

- As of May 25, 2023, 5.278 million hectares (585,200 for the last week) were sown with spring cereals in Ukraine, including 261,900 hectares with spring wheat, 763,300 hectares with spring barley, 3.682 million hectares with corn. 4,616 million hectares were sown with sunseed, and 1,634 million hectares with soybeans.

- As of May 26, 2023, 44,796 million tons of grain were exported from Ukraine, including 2.91 million tons in May. Wheat exports reached 15,341 million tons (943,000), barley exports were 2,625 million tons (160,000) and corn exports were 26,499 million tons (1,801).

- According to data from FranceAgriMer, as of 22/05/2023, 93% of soft wheat crops in France are in good and satisfactory condition (69% a year earlier), as well as 86% of durum wheat crops (67%), 90% of winter barley crops (66% ), 95% of spring barley crops (61%). The sowing campaign of corn has been carried out on 95% of the planned areas, and 94% of the crops (90%) are in good and satisfactory condition.

- On Thursday, Chicago commodity funds were net sellers of 2,000 contracts of corn and 3,000 contracts of soybeans and neutral on wheat.

- According to the forecast of the Ministry of Agriculture of India in 2023, the wheat production in India will reach a record 112.7 million tons (112.2 in the previous estimate, 107.74 in 2022 and 109.59 in 2021). Government purchases are expected to be 20% lower than originally forecast.

- Egypt's state-owned company GASC is delaying the opening of letters of credit for payment of delivered grain for several months given the country's poor financial situation.

- According to Turkstat's forecast, the grain production in Turkey will reach 39.5 million tons in 2023/24 (+2% compared to 2022/23), including wheat production of 20.5 million tons (+4%), barley production 8.6 million tons (+1) and corn production of 2.6 million tons (-3%).