According to the forecast by Refinitiv Commodities Research, the wheat production in 2023/24 in Australia is expected to reach 24.8 million tons, which is a decrease of 2.2 million tons compared to the previous estimate and a 15 million ton decrease compared to 2022/23.
In 2023/24, grain production in India is expected to reach 332 million tons, which is an increase of 1.5% compared to the previous year (2022/23), including a winter production of 161.2 million tons.
According to government data for the week of September 18 - 24, Brazil exported 2.4 million tons of corn, which is 4% more than the previous week, and 1.3 million tons of soybeans (-7%).
In 2022/23, China imported 5.1 million tons of canola. The high figure is due to the large canola production in Australia in 2022 and renewed imports from Canada.
According to StoneX's forecast, the wheat production in Australia for 2023/24 is expected to reach only 24 million tons (-1 compared to the previous estimate and -36% compared to 2022/23).
In almost the entire Brazil, very high temperatures exceeding 40 degrees Celsius are being reported, which will hinder the planting of soybeans for the 2023/24 crop. In the states of Mato Grosso, Mato Grosso do Sul, and Goiás, temperatures are reaching 45-46 degrees Celsius.
During the period from September 1 to September 18, Russia exported 3.3 million tons of wheat (+27% compared to the previous year), a total of 3.7 million tons of grain (+20.5%), 374,000 tons of barley (-17%), and 24,300 tons of corn.
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.
