Grain Highlights 16.03.2023

16 Mar, 2023
Grain Highlights 16.03.2023
According to AgRural data, as of 03/09/2023 in Brazil, 53% of soybean areas have been harvested (+10% for the week and 64% a year earlier).

- According to SovEcon, the wheat production in Russia will be 85.3 million tons in 2023/24 (104.2 in 2022/23), which will be due to the low financial capabilities of farmers.

- In February, 198,000 tons of sunseed oil were exported from Russia (-42% compared to January), including 87,000 tons for China. Since the beginning of the season, sunseed oil export totalled 1.341 million tons, including 373,000 for China.

- Stratégie Grains forecast a soft wheat production in the EU in 2023/24 of 129.5 million tons (-0.2 compared to the previous estimate and 125.1 in 2022/23). The corn production is expected to reach 63.4 million tons (51.1).

- According to DRV's forecast, the grain production in Germany is projected at 42.7 million tons in 2023 (-2% compared to the previous year).

- According to FranceAgriMer's forecast, wheat exports from France to EU countries will be 6.5 million tons in 2022/23 (-19% compared to last year), and exports to non-EU countries are expected at 10.5 million tons (+19%). Barley exports will reach 3 million tons (+0.2).

- According to an estimate by Refinitiv Commodities Research, as of 03/08/2023, 69 million tons of corn from the 2022/23 crop were used in the USA for ethanol production (-4% compared to the previous year). For the entire season, consumption is estimated at 134.1 million tons (135.3).

- Yesterday Chicago commodity funds were net buyers of 2,000 contracts of corn and 2,000 contracts of wheat and net sellers of 3,000 contracts of soybeans.

- According to AgRural data, as of 03/09/2023 in Brazil, 53% of soybean areas have been harvested (+10% for the week and 64% a year earlier). The first corn crop was harvested on 45% of the areas (+9% and 52%), and second corn crop has been sown on 81% of the planned areas (+11% and 94%). Sowing has been completed entirely in Mato Grosso. Crops in the country are generally in good condition.

- According to SEA data, 586,010 tons of palm oil were shipped to India in February (833,670 in January). Imports of soyoil were 355,840 tons (366,630) and sunseed oil imports reached 156,630 tons (461,460).

- Turkey has purchased 18,000 tons of sunseed oil at a price of 1,025 – 1,043 USD/ton C&F and delivery within the period 22.03 – 28.04.2023.