According to Safras&Mercado's forecast for 2023/24, the corn areas in Brazil will be 22 million hectares (22.2 in 2022/23), including a first corn crop areas of 4.1 million hectares (4.2) and a second corn crop areas of 15.4 million hectares (15.5).
During the period from September to December 2023, soybean imports to China from Brazil may increase due to high prices of soyoil in the US, and consequently, the prices of soybeans.
In their July report, Conab analysts lowered their forecast for Brazil's 2023/24 soybean production by 1.2 million tons to 154.6 million tons (125.5 in 2022/23).
The Russian Grain Union predicts a 2023/24 grain production in Russia of 130-140 million tons with exports of 55 million tons. A decrease in the average yield of wheat by about 0.1 ton/hectare is noted.
Refinitiv Commodities Research lowered its forecast for the 2023/24 corn production in the United States by 11 million tons to 364 million tons (348.8 in 2022/23).
According to the forecast of the Ministry of Agriculture of Bulgaria, the wheat production in the country is expected to reach 6 million tons in 2023/24 with areas of 1,194 million hectares.
MARS forecasts that the wheat production in Russia for 2023 will reach 86.7 million tons (compared to 103.9 million tons in 2022). Barley production is projected at 20.4 million tons (22.9), and corn production is estimated at 15.2 million tons (15.1).
