During the period of July to August, Russia's wheat exports (outside the Eurasian Economic Union) reached a historical record of 9.6 million tons, surpassing the previous best performance achieved in 2018 at 8.9 million tons and the 6 million tons exported in 2022.
According to Conab's forecast, in 2022/23, grain and oilseed production in Brazil will be 322.7 million tons (+0.8% compared to the previous estimate and 272.6 million tons in 2021/22).
StoneX forecasts a record soybean production of 163.63 million tons in Brazil for 2023/24 (+156,000 tons from the August forecast and +3.8% compared to 2022/23).
In August, Russia exported 7.7 million tons of grain (+32% compared to August 2022), including 6.5 million tons of wheat (+36.6% and a current record from August 2021 of 6.6 million tons), 997,000 tons of barley (+7%), and 212,000 tons of corn (+190%).
According to Refinitiv Commodities Research's forecast for 2023/24, the soft wheat production in the EU will reach 127.7 million tons (-0.3 compared to the previous estimate and 125.7 in 2022/23).
IKAR once again raises its forecast for the wheat production in Russia in 2023/24 to 91 million tons (up from 89.5 in the previous estimate) as well as the forecast for the total grain production to 140 million tons (139).
According to StatsCan, the wheat production in 2023/24 in Canada is forecasted to reach 29.5 million tons (down by 14% compared to 2022/23), marking the second weakest performance in the last 8 years.
