Grain Highlights 14.09.2023

14 Sep, 2023
Grain Highlights 14.09.2023
In their September forecast, analysts from Stratégie Grains have raised their projection for the soft wheat production in the EU by 0.3 million tons to 125 million tons, which is 0.3 million tons below the level from 2022/23.

- According to Stratégie Grains, the barley production in the EU is projected to be 47.4 million tons (+0.2 compared to August), while corn production is estimated at 59.6 million tons (+0.9 and 52.3).

- According to data from FranceAgriMer, the soft wheat production in France for 2023/24 is expected to be 35.1 million tons (+4% compared to 2022/23), with quality below the average of the last five years.

- As of September 10, 2023, 5% of the corn crop areas for the 2023/24 season in the United States have been harvested (5% in 2022/23 and an average of 4% over the last five years). 52% of the crops are in good or excellent condition (-1% for the week). Spring wheat has been harvested on 87% of the acreage, while planting of winter wheat for the new crop has been completed on 7% of the planned area.

- In August, 4.56 million tons of soybeans were processed in the United States (4.71 in July and 4.50 in August 2022).

- According to Oil World's estimate, from January to July, the US exported 354,000 tons of biodiesel (184,000 in 2022), with Canada and South Korea being the main suppliers. Imports into the EU during this period were 1.8 million tons (2.09) with China and Malaysia as the largest suppliers.

- Yesterday, Chicago commodity funds were net buyers of 5,500 wheat contracts, 2,000 corn contracts, and 2,000 soybean contracts.

- From September 1 to 10, Brazil exported 2 million tons of corn and 2.1 million tons of soybeans, according to government data. Anec forecasts corn exports for the month at 10.7 million tons (9.7 in September 2022) and soybean exports at 7.4 million tons (3.6). Since the beginning of the current marketing year, corn exports have reached 18.9 million tons (+12%), and soybean exports totalled 82.8 million tons (+25%).

- According to Abiove's forecast, soybean exports from Brazil in 2023 will be 99 million tons (+0.5 compared to the August estimate and 78.7 in 2022), with a production of 157.3 million tons (+0.3 and 129.9). Soybean processing in Brazil will reach 53.5 million tons (50.9 in 2022).

- The Chinese Ministry of Agriculture estimates corn imports in the country for 2022/23 at 18.5 million tons (+0.5). For 2023/24, the figure is expected to be 17.5 million tons, with a production of 284.04 million tons (+0.6). Soybean imports will reach 99.86 million tons (+4.66) for 2022/23, and for 2023/24 – 97.25 million tons. Soybean consumption in China will be 116.92 million tons for 2022/23 and 115.07 million tons for 2023/24.

- In July, Australia exported 2.68 million tons of wheat (2.55 in June and 2.58 in July 2022).