According to the forecast of the Association of Soybean and Corn Producers in the Brazilian state of Mato Grosso, the soybean production in the 2023/24 season is expected to reach 35.8 million tons (compared to 45.6 million tons in 2022/23).
Patria Agronegocios is reducing its forecast for the soybean production in Brazil for 2023/24 by 7.5 million tons to 143.2 million tons (down by 11.4% compared to 2022/23).
In 2023, authorities in Indonesia approved the replanting of 53,000 hectares with oil palm plantations owned by small farmers supported by a subsidy program.
From the beginning of the season until January 7, 2024, the EU has exported 16.5 million tons of soft wheat (compared to 17.7 million tons the previous year).
According to data from the Australian Bureau of Meteorology, the abundant rainfall in southeastern parts of Australia in December has improved the prospects for the upcoming sorghum and cotton productions.
In January, soybean exports from Brazil are expected to reach 1.3 million tons (940,000 tons the previous year) according to Anec's forecast. There are possibilities that exports could increase to 2.7 million tons.
According to data from Oil World, in the fourth quarter of 2023, rapeseed processing in the EU reached 6.38 million tons (6.41 million tons the previous year).
Refinitiv Commodities Research has increased its forecast for corn production in Argentina for the 2023/24 season by 2% to 55.4 million tons, covering an area of 8.2 million hectares.
