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).
According to the latest Safras&Mercado forecast, soybean exports from Brazil will reach a record 99 million tons in 2024, compared to 95 million tons in 2023 and 78.7 million tons in 2022.
The European Commission has lowered its forecast for wheat production in the EU in 2023 by 2.5 million tons to 126.4 million tons. The corn production is expected to reach 63 million tons (63.7 million tons previously forecasted), and barley production is estimated at 48.7 million tons (previously 49.7 million tons).
The European Commission has stated that the EU will provide assistance for the export of the entire possible quantity of Ukrainian grain during 2023/24. A monthly export of 4 million tons of grain is required.
Authorities in India have imposed a ban on the export of white rice starting from July 20, 2023. Since India holds 40% of the world's rice exports, any policy change there leads to price fluctuations.
Rusagrotrans forecasts a record wheat export from Russia in July, ranging from 4.1 to 4.2 million tons (the previous best result was 4 million tons in 2018).
According to IKAR's forecast, the total grain production in Russia will be 134.5 million tons in 2023, including wheat production of 86.5 million tons (86 in the previous estimate).
