Refinitiv Commodities Research has raised its forecast for the 2023/24 corn production in the United States by 2 million tons to 377 million tons (+28.2 million tons compared to 2022/23).
As of April 1, 2023, wheat stocks in Russia reached 27.6 million tons (+79% compared to the average level for the last five years), which is a record for this time of the season.
The European Commission has agreed on the cancellation of national restrictions on the import of wheat, corn, rapeseed and sunseed with Poland, Hungary, Slovakia, Romania and Bulgaria. Farmers in these countires will be provided a second aid in the amount of 100 million euros.
According to the forecast of APC - Inform, the sunseed production in Ukraine will reach 12.78 million tons in 2023 (+15% compared to 2022). Sunseed exports are projected to reach 1.4 million tons (-39%).
Refinitiv Commodities Research has lowered its forecast for the 2023/24 EU soft wheat production by 1 million tons to 131.2 million tons (126 in 2022/23).
According to a Rusagrotrans forecast, the wheat production in Russia will reach 83.5 million tons in 2023/24 (+1 compared to the previous estimate). At the end of March, the forecast was increased by 1.5 million tons.
Weather conditions in Ukraine create serious problems for the sowing of spring crops. Rainfall is not much in volumes, but at the same time there are no sunny days to allow the soil to dry out for the sowing process to begin.
