Grain Highlights 20.07.2023

20 Jul, 2023
Grain Highlights 20.07.2023
According to IKAR's forecast, the total grain production in Russia will be 134.5 million tons in 2023, including wheat production of 86.5 million tons (86 in the previous estimate).

- According to IKAR's forecast, the total grain production in Russia will be 134.5 million tons in 2023, including wheat production 86.5 million tons (86 in the previous estimate). In 2023/24, wheat exports from Russia will be 46 million tons (48.1 in the previous year). The corn production is expected to reach 15.4 million tons with exports of 5.2 million tons (5.5). The total grain exports is estimated at 58.5 million tons.

- The Ministry of Agriculture of Russia reduced their assessment of the areas with 2023 winter wheat crop in the country by 3.9% to 16.044 million hectares, and increased their assessment for the spring wheat areas by 1.8% to 13.01 million hectares.

- In June, 4.5 million tons of soybeans were processed in the United States (-6% compared to June 2022) and is the lowest historical level for the month. At the end of June, soyoil stocks in the US remained unchanged at 0.8 million tons.

- Agroconsult predicts a second 2022/23 corn production in Brazil of 107.2 million tons, which is a record for the country and is 16% more than 2021/2022. Corn exports are projected at 54 million tons (+7.6 million tons, including item 5 for China).

- According to Anec's forecast, 8.8 million tons of soybeans will be exported from Brazil in July (-1.7 compared to the previous estimate and 7 in July 2022). Exports of soymeal are expected at 2.6 million tons (+0.1 compared to the previous estimate, 2.3 compared to May and 2.1 compared to June 2022), and corn exports will reach 6.8 million tons (-0.1, 1.2, 5.6).

- According to an estimate by market operators, the wheat production in India will reach 101-103 million tons in 2023. The official government forecast is for a record 112.74 million tons (107.7 in 2022). The authorities have purchased 26.2 million tons of wheat (34.15 in 2022). India consumes 108 million tons of wheat annually.

- India will reduce sunseed oil imports in the coming months given the rise in its price caused by Russia's exit from the grain deal. Purchases will fall by 30%, and at their expense the import of soy and palm oil will increase.

- Algeria has bought 40,000 - 80,000 tons of corn from Argentina or Brazil at 250 USD/ton C&F and delivery within July-August.