Grain Highlights 29.03.2023

29 Mar, 2023
Grain Highlights 29.03.2023
Refinitiv Commodities Research has lowered its forecast for the production of soft wheat in the EU in 2023/24 by 1.7 million tons compared to the previous estimate to 132.2 million tons (126.7 in 2022/23).

- Refinitiv Commodities Research has lowered its forecast for the production of soft wheat in the EU in 2023/24 by 1.7 million tons compared to the previous estimate to 132.2 million tons (126.7 in 2022/23). The total production of oil crops is expected at 20.4 million tons (-0.2 and +0.9).

- Over the period of 01.07.2022 - 26.03.2023, 22.66 million tons of soft wheat were exported from the EU, which is 8% more than the previous year. The largest exporters were France with 8.70 million tons, Romania with 2.90 million tons, Germany with 2.70 million tons and Lithuania with 1.97 million tons. The biggest customers were Morocco with 3,567 million tons, Algeria with 3,284 million tons, Nigeria with 1,922 million tons, Egypt with 1,628 million tons and Saudi Arabia with 1,114 million tons. During the period, the export of barley reached 4.43 million tons (6.29).

- The American company Cargil is ending its operations in Russia in 2023/24. Until then, export commitments will be fulfilled.

- Chicago commodity funds were net buyers of 500 contracts of corn, 12,000 contracts of soybeans and 2,000 contracts of wheat yesterday.

- According to AgRural data, as of 06/23/2023 in Brazil, 96% of the planned second corn crop areas have been sown (100% a year earlier). First corn crop has been harvested on 58% of the areas (54%). 70% of the planned areas for soybeans have also now been sown (75%).

- According to FCI data, on 20.03.2023, the buying campaign of wheat from the 2023 crop for the state reserve of India was launched in the Indian state of Madhya Pradesh. As of 27.03.2023, 10.73 million tons of wheat were purchased against the planned 8 million tons for this state. The production is projected to reach 112 million tons, and FCI will purchase 34.15 million tons of wheat.

- Turkey has purchased 535,000 tons of milling wheat against a planned 695,000 tons with delivery within 18.05 – 16.06.2023 and prices of 292.80 – 306.90 USD/ton C&F and delivery within 12.06 – 10.07.2023 at prices of 290.40 – 294.90 USD/ton C&F.

- Jordan has bought 60,000 tons of mill wheat of any origin at a price of  308.50 USD/ton and delivery in September.