In their March report, IGC analysts forecast a 2023/24 grain production in Russia of 124.3 million tons (138.2 in 2022/23). Grain exports will be 51 million tons (51.8).
The Buenos Aires Grain Exchange lowered its forecast for the 2022/23 soybean production in Argentina to 25 million tons (29 in the previous estimate), which is the lowest level since 1990/21 to date - 20.1 million tons.
Soybean&Corn Advisor Inc lowered its forecast for the 2022/23 soybean production in Argentina by 3 million tons to 28 million tons (-36% compared to the previous season).
In 2023/24, the grain production in Russia will reach 120-125 million tons. There is a cyclicality that shows that every 12 years a very good production is followed by a very poor one.
According to a forecast of the Rosario Grain Exchange, the soybean production in Argentina is projected to reach 27 million tons in 2022/23 (-7.5 compared to the previous estimate), which is 45% below initial expectations and the lowest level for the last 15 years.
