IKAR has increased its forecast for the grain production in Russia in 2023/24 by 2.5 million tons, reaching 137 million tons, including 88 million tons of wheat (compared to 86.5 million tons).
According to the forecast by Rusagrotrans, Russia is expected to export 4.7 - 4.9 million tons of wheat in August 2023 (2.23 million tons more than the previous year).
The Ukrainian Grain Association has increased its forecast for the production of grain and oil crops in Ukraine in 2023 by 7.8 million tons to 76.8 million tons.
According to StoneX's forecast, the soybean production in Brazil will reach a record 163.5 million tons in 2023/24 (compared to 157.7 million tons in 2022/23).
According to the latest Safras&Mercado forecast, soybean exports from Brazil will reach a record 99 million tons in 2024, compared to 95 million tons in 2023 and 78.7 million tons in 2022.
The European Commission has lowered its forecast for wheat production in the EU in 2023 by 2.5 million tons to 126.4 million tons. The corn production is expected to reach 63 million tons (63.7 million tons previously forecasted), and barley production is estimated at 48.7 million tons (previously 49.7 million tons).
The European Commission has stated that the EU will provide assistance for the export of the entire possible quantity of Ukrainian grain during 2023/24. A monthly export of 4 million tons of grain is required.
Authorities in India have imposed a ban on the export of white rice starting from July 20, 2023. Since India holds 40% of the world's rice exports, any policy change there leads to price fluctuations.
