In August, Russia exported 301,500 tons of sunseed oil (25,300 in August 2022). The largest buyers for the month were India with 149,000 tons, China with 49,000 tons, and Turkey with 39,000 tons.

For the week of September 27 to October 3, 2023, the export tax on Russian wheat will be 4,527.5 rubles per ton (4,528.7 the previous week). The export tax on barley will be 791.2 rubles per ton (789.5), and the export tax on corn will be 3,201.6 rubles per ton (2,616.4).

As of September 21, 2023, Ukraine has harvested 22.19 million tons of wheat, 5.862 million tons of barley, 182,500 tons of corn, 4.003 million tons of rapeseed, 2.375 million tons of sunseed, and 1.271 million tons of soybeans.

By September 22, 2023, Ukraine had exported 6.038 million tons of grain (7.235 million tons the previous year), including 1.451 million tons in September (2.938 million tons the previous year). The exports consisted of 2.916 million tons of wheat (891,000 in September), 596,000 tons of barley (891,000), and 2.506 million tons of corn (452,000).

According to Conab data as of September 17, 2023, the harvesting of the second corn production of 2022/23 in Brazil has been completed on 96% of the areas (+3% for the week and 100% from the previous year). Planting of the first corn crop for 2023/24 has been completed on 15% of the planned areas (13% the previous year), while soybeans are at 0.2%.

Due to drought in Argentina, wheat areas are 5.6 million hectares (-0.2 compared to the previous estimate and -0.3 compared to 2022/23). As of September 20, 2023, 78% of the crops are in good or excellent condition (58% the previous year). Barley areas will be 1.8 million hectares (1.6 in 2022/23), corn areas are estimated at 10.5 million hectares (5% already planted), soybean areas are expected to reach 16 million hectares, and sunseed areas will be 2.4 million hectares.

In August, China imported 9.36 million tons of soybeans, including 9.09 million tons from Brazil. Since the beginning of 2023, Chinese imports of Brazilian soybeans have reached 47.99 million tons (+17.3%). In August, soybean deliveries from the United States were 120,000 tons, and from the beginning of the year, they totaled 19.95 million tons (+14%).

According to the China National Grain and Oil Information Centre, soybean processing in China for the week of September 9-15, 2023, amounted to 2 million tons (-5% compared to the previous year), and soybean stocks reached 4.9 million tons. Soymeal stocks were 770,000 tons (no change), and soyoil stocks were 890,000 tons (+1%).

According to StoneX's forecast, the wheat production in Australia for 2023/24 is expected to reach only 24 million tons (-1 compared to the previous estimate and -36% compared to 2022/23). If dry conditions persist, the production could drop to 22-23 million tons.

In October, Malaysia's palm oil export tax will remain unchanged at 8%, while the base price will be lowered to 791 USD/ton ($801).

Algeria has purchased 600,000 tons of wheat at a price of 274 - 275 USD/ton C&F with delivery within November-December. They have also purchased 120,000 tons of barley from Russia with delivery in November-December.

Egypt's state company, GASC, has purchased 63,000 tons of sunseed oil at a price of 880 USD/ton C&F with immediate payment and delivery at the end of December.