Once again, IKAR has increased its forecast for the 2023/24 wheat production in Russia by 1.5 million tons to 89.5 million tons, and the total grain production by 2 million tons to 139 million tons, including an increase of the barley production estimate of +0.5 million tons.
SovEcon forecasts the wheat production for 2023/24 in Ukraine at 19.2 million tons (+1.3 compared to the previous estimate), the corn production is estimated at 25.9 million tons (+2), and barley production is expected at 4.8 million tons (+0.4).
Stratégie Grains has lowered their forecast for the soft wheat production in the EU for 2023/24 by 1.4 million tons to 124.7 million tons (compared to 125.3 million in 2022/23).
During the period of August 1 – 7, Russia exported 871,000 tons of grain (-43% compared to last year), including 735,000 tons of wheat (-42%), 88,500 tons of barley (-63%), and 16,500 tons of corn (23,200).
IKAR has increased its forecast for the grain production in Russia in 2023/24 by 2.5 million tons, reaching 137 million tons, including 88 million tons of wheat (compared to 86.5 million tons).
According to the forecast by Rusagrotrans, Russia is expected to export 4.7 - 4.9 million tons of wheat in August 2023 (2.23 million tons more than the previous year).
The Ukrainian Grain Association has increased its forecast for the production of grain and oil crops in Ukraine in 2023 by 7.8 million tons to 76.8 million tons.
According to StoneX's forecast, the soybean production in Brazil will reach a record 163.5 million tons in 2023/24 (compared to 157.7 million tons in 2022/23).
