According to MARS' forecast, the wheat production in Russia in 2023 will be 89.66 million tons (-14% compared to the 2022 record and +8% compared to the five-year average), the barley production is projected at 21.9 million tons (22.85 and 20.22), and the corn production will reach 16.967 million tons (15.134 and 14.003).

In October, Russia's wheat exports are expected to reach 4.5 million tons (5.5 in September and 4.9 in October 2022), according to the forecast by Rusagrotrans.

As of October 3, 2023, Ukraine has sown 1.743 million hectares with wheat, 109,000 hectares with barley, and 1.087 million hectares with winter rapeseed.

According to the latest StoneX forecast, the corn production in the United States in 2023/24 will reach 386.1 million tons (+2.5 compared to the previous estimate and 348.4 in 2022/23). Corn harvesting has been carried out on 23% of the areas (19% the previous year). The soybean production is estimated at 113.6 million tons (+0.8 and 116.2).

Yesterday, Chicago commodity funds were net buyers of 10,500 corn contracts, 10,000 wheat contracts, and 2,000 soybean contracts.

Safras&Mercado has lowered its forecast for the corn production in Brazil for 2023/24 to 135.7 million tons (-1.7 compared to the previous estimate and -3.9 compared to 2022/23). The first corn production will be 26.9 million tons, and the second corn production is projected at 94.8 million tons.

The Argentine government has extended the validity of the "soy dollar" program until October 25, 2023.

According to an FAS USDA report, in 2023/24, Pakistan's wheat production will reach a record 28 million tons, domestic consumption will be a record 29.5 million tons, and ending stocks will decrease to 3.03 million tons, the lowest level in the last four years.