Grain Highlights 29.05.2023

29 May, 2023
Grain Highlights 29.05.2023
According to Rusagrotrans data, 4.3 million tons of wheat were exported from Russia in May (1.35 in May 2022). In June, wheat exports will be 2.6 – 2.8 million tons (compared to the record 2.77 million tons in June 2018).

- The Government of Russia has approved new prices for determining export taxes on cereals. From 01.06.2023, the prices of wheat, barley and corn are increased by 2,000 rubles/ton, which will enable farmers to sell at higher prices.

- During the week of May 22-28, 463,200 tons of wheat were exported from the Russian port of Novorossiysk (490,800 a week earlier), including 116,900 tons for Turkey, 47,100 tons for Tanzania and 36,700 tons for Oman.

- According to the forecast of APC - Inform, the sunseed production in Ukraine will reach 12.8 million tons in 2023/24 (+12% compared to 2022/23), and sunseed processing is expected at 11.3 million tons (+2%). Soybean processing will reach 1.5 million tons (+4%), and rapeseed processing is estimated at 0.2 million tons (+18%).

- According to Turkstat's forecast, the grain production in Turkey will reach 39.5 million tons in 2023/24 (+2% compared to 2022/23), including wheat production of 20.5 million tons (+4%) and barley production of 8.6 million tons (+1%). The sunseed production is expected to reach 2.6 million tons (no change), and soybean production is estimated at 150,000 tons (-3%).

- In 2023/24, the wheat production in Germany is projected at 22.31 million tons (-0.9% compared to 2022/23), winter rapeseed production is estimated at 4.28 million tons (no change), winter barley production is expected at 9.15 million tons (-0.8%), spring barley production is predicted at 1.74 million tons (-11.6%) and corn production will reach 3.95 million tons (+3%).

- As of 25/05/2023 in the Brazilian state of Rio Grande do Sul, 97% of the soybean areas have been harvested (+5% for the week, 94% a year earlier and 98% on average for the last five years). The production is 12.5 million tons (9.1 in 2021/22). First corn crop has been harvested on 89% of the areas (+2%), and the production will reach 3.6 million tons (2.9).

- According to CNGOIC data, in the week of May 13-19, soybean processing in China reached 1.9 million tons (-2% compared to last year).

- India has allowed the export of 300,000 tons of wheat to Nepal. In total, 1.05 million tons of wheat were allowed to be exported to Nepal, Indonesia, Senegal and Gambia.

- Millers from Pakistan call on the government to urgently allow the import of 1 million tons of grain in order to meet the demand in the country.

- Egypt's vegetable oil stocks are sufficient for domestic consumption in the next 5.9 months.