Grain Highlights 17.05.2023

17 May, 2023
Grain Highlights 17.05.2023
Turkish President Erdogan has confirmed the extension of Ukraine's grain deal for another 2 months.

- In the last week, the export of wheat from Russia was 0.68 million tons (1.06 a week earlier), according to data from SovEcon. In May, exports will reach 3.8 million tons (4.3 in April and 1.5 in May 2022). For 2022/23, exports are estimated at 44.4 million tons.

- In March, 50,000 tons of barley were exported from Kazakhstan to China (+69% compared to February). In the first 7 months of 2022/23, exports were 235,540 tonnes.

- The Ministry of Agriculture of France forecast areas with 2023/24 corn crop in France of 1.33 million hectares, which is the lowest level for the last 30 years. Sunseed areas are expected to reach 868,000 hectares (+1% compared to 2022/23 and +24.2% compared to the average of the last five years). Areas with soft wheat will be 4.77 million tons (+1.6% compared to 2022/23).

- According to data from the European Commission, 27.17 million tons of common wheat (+12% compared to 2021/22) were exported from the EU over the period of 01.07.2022 – 14.05.2023. France exported 9.59 million tons of wheat to third countries, Romania exported 3.86 million tons, Germany exported 3.29 million tons, Poland exported 2.68 million tons and Lithuania exported 2.5 million tons. The biggest customers were Algeria with 3.83 million tons, Nigeria with 2.32 million tons, Egypt with 1.67 million tons and Saudi Arabia with 1.44 million tons.

- Wheat yields in Kansas will be the lowest in the last 20 years - 2 tons/hectare (2.7 in 2022 and 3.1 average for the last five years).

- Chicago commodity funds were net sellers of 8,000 contracts of corn, 15,000 contracts of soybeans and 3,000 contracts of wheat yesterday.

- According to a forecast of the Buenos Aires Grain Exchange, the wheat production in Argentina will reach 18 million tons in 2023/24 (+45% compared to 2022/23 and 22.4 in 2021/22). Wheat areas are projected to reach 6.3 million tons (6.7 in the previous forecast).

- The Iraqi state company has purchased over 1 million tons of wheat from local farmers. During the season, wheat production will be 4.2 million tons (+0.4 compared to the average five-year level). According to the USDA, the import of barley in the country will be 3 million tons (-0.5).