Grain Highlights 21.06.2023

21 Jun, 2023
Grain Highlights 21.06.2023
SovEcon lowered its forecast for the 2023/24 grain production in Russia by 2.3 million tons to 134 million tons, including wheat production of 86.8 million tons (88), barley production of 19.9 million tons (20.8) and corn production of 14.6 million tons (14.8).

- According to the forecast of the Oil Union in Russia, the export of vegetable oils from the country will reach 6.2 million tonsin 2022/23 (+37% compared to 2021/22), including sunseed oil exports of 4 million tons (+0.9), soyoil exports of 0.7 million tons (0.562) and rapeseed oil exports of 1.5 million tons (0.9).

- In May, 1.3 million tons of production were exported from the grain corridor of Ukraine, with a peak of 4.2 million tons achieved in October.

- The Association of Farmer Cooperatives in Germany has lowered its forecast for the 2023 wheat production in the country to 21.87 million tons (22.31 in the May forecast and -2.9% compared to last year) and winter rapeseed production is estimated at 4.14 million tons (4.28 and -3.1% ).

- As of 06/18/2023, 12% of corn crops in the United States are in poor and very poor condition (8% a week earlier and 6% a year earlier), as well as 12% of soybean crops (9% and 6%). Only 55% of the corn crops are in good or excellent condition, the lowest level since 1992. 15% of the winter wheat areas have been harvested, and the production will reach 45.3 million tons, which is one of the lowest levels for the last 50 years.

- Chicago commodity funds were net sellers of 1,000 corn contracts and net buyers of 1,000 soybeans and 1,500 wheat contracts yesterday.

- Under ideal weather conditions, the average yield of wheat and barley in the Canadian province of Alberta will reach 60-70% of the average level of recent years. After the prolonged drought, the height of the plants is only 15-17 centimeters.

- Grain storage warehouses in Brazil reach a capacity of 192.2 million tons, including silos for 99.2 million tons, flat warehouses for 70.3 million tons, temporary structures and inflatable equipment for 22.6 million tons. Rio Grande do Sul has the largest number of warehouses – 2,178, and the capacity in Mato Grosso is the largest at 47.5 million tons. Now corn stocks in the country are 18.1 million tons, soybean stocks are 8.1 million tons, wheat stocks are 7.4 million tons and rice stocks are 2.2 million tons.

- Authorities in India have allowed exports of the 2023/24 wheat and rice crops to Nepal, Indonesia, Senegal and Gambia. The wheat export ban remains in effect and the specified destinations are an exception.