In its first assessment, the European Commission forecasts a 2023/24 EU soft wheat production of 130.9 million tons (126 in 2022/23), domestic consumption of 99.1 million tons (98.8), soft wheat exports of 32 million tons (32) and ending stocks of 21.9 million tons (18.1).
Brazil could supply up to 50% of Argentina's soybean consumption needs after the country's worst drought in 100 years. Argentina's total soybean imports are estimated at 10 million tons.
Refinitiv Commodities Research has lowered its forecast for the production of soft wheat in the EU in 2023/24 by 1.7 million tons compared to the previous estimate to 132.2 million tons (126.7 in 2022/23).
The Union of Grain Exporters of Russia set a minimum export price for wheat with 12.5% protein of 275 USD/ton FOB, below which it is not appropriate to export.
According to a forecast of the Russian Grain Union, grain exports from Russia will reach 62 million tons in 2022/23, and 46 million tons have been exported so far.
The Ministry of Agriculture of Russia may recommend that Russian farmers stop exporting wheat and sunseed oil given the low world prices. This news on Friday have led to the sharp increases on the grain markets around the world and a development on this is now expected.
According to a forecast by SAFRAS&Mercado, corn exports from Brazil will be 40 million tons in 2022/23 (46.6 in 2021/22), and the decline is due to the regular extension of the Ukrainian grain corridor.
Agroconsult raised its forecast for the 2022/23 soybean production in Brazil by 2 million tons to 155 million tons (+29.5 vs. 2021/22) despite the drought in Rio Grande do Sul, exports are projected at 96 million tons (78.7) and processing in the country is estimated at 53.9 million tons (+4.5).
