The government of Turkey is banning wheat imports into the country from June 21 to October 15, 2024. This measure is due to the significant domestic reserves, which have reached 9 million tons.
StoneX has lowered its forecast for the 2023/24 corn production in Brazil to 121.75 million tons (from 125.6 in the previous estimate), with the reduction attributed to the second corn production.
According to Abares, the wheat production in Australia will reach 29.1 million tons in 2024/25 (+12% compared to 2023/24), barley production is expected at 11.5 million tons (+7%), and canola production is estimated at 5.4 million tons (-5%).
The Russian Grain Union has lowered its forecast for the 2024/25 grain production in Russia to 130.9 million tons (down from 134.2 million tons in the previous estimate).
The planting of wheat for the 2024/25 season in Argentina started two weeks late. As of May 30, 2024, 601,400 hectares have been sown (9.7% of the plan and 20.2% of the average for the last five years).
Safras&Mercado has lowered its forecast for the corn production in Brazil for 2023/24 to 123.31 million tons (126.13 million in April and 140.06 million in 2022/23).
The Ukrainian Grain Association has lowered its forecast for the grain and oilseeds production in Ukraine for 2024/25 by 1.5 million tons to 74.6 million tons (down from 82.8 million tons in 2023/24).
