Grain Highlights 23.03.2023

According to a forecast by SAFRAS&Mercado, corn exports from Brazil will be 40 million tons in 2022/23 (46.6 in 2021/22), and the decline is due to the regular extension of the Ukrainian grain corridor.

- Over the period of September - February, soybean exports from Ukraine reached a record 1.9 million tons, including 981,000 tons for the EU.

- Yesterday Chicago commodity funds were net sellers of 1,000 contracts of corn, 11,000 contracts of soybeans and 6,500 contracts of wheat.

- According to the FAS USDA forecast, corn imports into Mexico will reach 17.4 million tons in 2022/23 (18.1 in 2021/22). In 2023/24, imports will reach 17.9 million tons and corn production is projected at 27.4 million tons.

- According to a forecast by SAFRAS&Mercado, corn exports from Brazil will be 40 million tons in 2022/23 (46.6 in 2021/22), and the decline is due to the regular extension of the Ukrainian grain corridor. In the next season, EU corn imports will decrease due to an expected good production. From the beginning of 2022/23 to 16.03.2023, corn improts into the EU were 19.7 million tons, including 7.8 million tons from Brazil.

- Analysts at Abiove have raised their forecast for soybean production in Brazil in 2023 by 1 million tons to 153.6 million tons (+18.2% compared to 2022/23). Exports will reach 92.3 million tons (+0.3 and +17.2%) and soybean processing in the country reached 52.5 million tons (+1.6). The export of soyoil are expected to reach 2.15 million tons (1.75), and soymeal exports are estimated at 20.7 million tons (20).

- The Malaysian government left the country's April palm oil export tax unchanged at 8%.

- Turkey has announced a tender for the purchase of 695,000 tons of red winter milling wheat of any origin and delivery within 18.05 – 10.07.2023.

- Jordan has held a tender for the purchase of 120,000 tons of feed barley of any origin. 110,000 tons of barley were purchased at a price of 267 USD/ton and delivery in August.