Grain Highlights 28.06.2023

28 Jun, 2023
Grain Highlights 28.06.2023
Recent rains in India have reduced the soil moisture deficit and allowed sowing of the summer maize crop to start about a week earlier than usual.

- From the beginning of the season to 28.06.2023, grain exports from Ukraine reached 48,765 million tons (48,355 a year earlier), including 3,428 million tons in June (1,256). The export of wheat was 16,721 million tons (1,223), barley exports reached 2,684 million tons (37,000 tons) abd corn exports were 29,033 million tons (2,162).

- In 2023/24, the soybean production in the EU will be 2.8 million tons (+16% compared to 2022/23), which is the highest indicator for the last 6 years.

- Chicago commodity funds were net sellers of 15,000 contracts of corn, 14,500 contracts of soybeans and 14,500 contracts of wheat yesterday.

- According to StatsCan data, canola processing in Canada reached 769,900 tons in May (-116,500 from April). During the month, canola oil production was 323,200 tons (-48,500) and canola meal production reached 450,500 tons (-72,600).

- According to Abiove's forecast, soybean exports from Brazil will reach 97 million tons in 2023, which is a new record for the country (95.7 in the May estimate and 78.7 in 2022). The 2022/23 production will reach 156 million tons (+1 million tons and +20%). Soybean processing in Brazil will be 53.2 million tons (+0.2), which is also a record indicator. In the period January - April, processing was 16.6 million tons (16.1). Ending stocks will be 7.6 million tons (8.1 and 3.9). Production of soymeal will reach 40.7 million tons (40.6 and 39.2), and soymeal export are expected at 21.9 million tons (21.4 in the previous estimate). Soyoil production was unchanged at 10.7 million tons, and soyoil export are projected at 2.3 million tons (2.1).

- Authorities in Indonesia have raised the reference price of palm oil to 747.23 USD/ton (723.45 so far) for the period 1-15 July. The export tax will reach 18 USD/ton, and the total export sum will be 75 USD/ton.

- Recent rains in India have reduced the soil moisture deficit and allowed sowing of the summer corn crop to start about a week earlier than usual. Rainfall is now 23% below average (-30% a week earlier). With the new rainfall, the deficit is expected to drop to 20%.