According to Strategie Grains' forecast, the soft wheat production in the EU for the 2024/25 season is expected to reach 124.8 million tons. This is 2.1 million tons less than the December estimate but 1.1 million tons more than the production in 2022/23.
During the period of January 1-15, Russia exported 1.7 million tons of grain, including 1.433 million tons of wheat, 171,300 tons of corn, and 95,000 tons of barley.
According to the forecast of the Association of Soybean and Corn Producers in the Brazilian state of Mato Grosso, the soybean production in the 2023/24 season is expected to reach 35.8 million tons (compared to 45.6 million tons in 2022/23).
Patria Agronegocios is reducing its forecast for the soybean production in Brazil for 2023/24 by 7.5 million tons to 143.2 million tons (down by 11.4% compared to 2022/23).
In 2023, authorities in Indonesia approved the replanting of 53,000 hectares with oil palm plantations owned by small farmers supported by a subsidy program.
From the beginning of the season until January 7, 2024, the EU has exported 16.5 million tons of soft wheat (compared to 17.7 million tons the previous year).
According to data from the Australian Bureau of Meteorology, the abundant rainfall in southeastern parts of Australia in December has improved the prospects for the upcoming sorghum and cotton productions.
In January, soybean exports from Brazil are expected to reach 1.3 million tons (940,000 tons the previous year) according to Anec's forecast. There are possibilities that exports could increase to 2.7 million tons.
