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).
In their March report, IGC analysts forecast a 2023/24 grain production in Russia of 124.3 million tons (138.2 in 2022/23). Grain exports will be 51 million tons (51.8).
The Buenos Aires Grain Exchange lowered its forecast for the 2022/23 soybean production in Argentina to 25 million tons (29 in the previous estimate), which is the lowest level since 1990/21 to date - 20.1 million tons.
Soybean&Corn Advisor Inc lowered its forecast for the 2022/23 soybean production in Argentina by 3 million tons to 28 million tons (-36% compared to the previous season).
In 2023/24, the grain production in Russia will reach 120-125 million tons. There is a cyclicality that shows that every 12 years a very good production is followed by a very poor one.
