According to Safras&Mercado's forecast, Brazil's soybean production in 2023/24 will reach 94 million tons (95 a month earlier and 101.86 in 2022/23). Processing in the country is estimated at 54.3 million tons (53.5 in the previous estimate), imports will be 110,000 tons (181,000), total supply is estimated at 154.492 million tons (-6%), demand is expected at 151.3 million tons (-5%), and ending soybean stocks are projected at 3.192 million tons (-40%).
According to Rusagrotrans, the grain production in Russia for 2024 is forecasted to be 140 million tons (optimistic estimate: 144 million tons), including wheat production of 92 million tons (96.3 million tons).
According to the latest forecast by SovEcon, the wheat production in Russia is expected to reach 93.6 million tons in 2024/25 (compared to 92.8 million in 2023).
Exporters of sunseed oil from the Black Sea region are forced to seek other markets after India increased its purchases of the product from Argentina due to cheaper transportation.
According to data from the Grain Exchange in Rosario, considering the heat and drought over the past two weeks in Argentina, soybean crops have died on approximately 100,000 hectares.
The Russian Ministry of Agriculture has proposed to increase the export quota for Russian grain valid for the period from February 15 to June 30, 2024, by 4 million tons to a total of 28 million tons.
According to the assessment by the Canadian Grain Commission from the beginning of the 2023/24 season until February 4, 2024, Canada has exported 12.5 million tons of wheat, which is 4% less than the previous season.
According to Carganave's forecast, 10 million tons of soybeans are expected to be exported from Brazil in February, which is significantly higher than the volumes exported in January and February 2023.
According to Abiove's forecast for the 2023/24 season, the soybean production in Brazil is expected to be 156.1 million tons, which is a decrease of 4.2% compared to the previous estimate and 154.6 million tons compared to the 2022/23 season.
