Grain Highlights 13.09.2023

The French Ministry of Agriculture has forecasted a wheat production in the country for 2023 of 35.14 million tons (compared to 35.59 in August and a +4.3% increase compared to 2022).

- During the first 11 weeks of 2023/24, the EU imported 1.844 million tons of wheat. The main suppliers were Ukraine with 814,000 tons and Canada with 149,000 tons of soft wheat, and Turkey with 209,000 tons and Russia with 129,000 tons of hard wheat.

- The French Ministry of Agriculture has forecasted a wheat production in the country for 2023 of 35.14 million tons (compared to 35.59 in August and a +4.3% increase compared to 2022). The corn production is projected at 11.22 million tons (compared to 10.89 and +5.3%).

- At the beginning of September, grain reserves in Kazakhstan were 8.4 million tons, including 6.525 million tons of wheat and 1.4 million tons of barley.

- Yesterday, Chicago commodity funds were net sellers of 11,500 soybean contracts, 7,500 corn contracts, and net buyers of 3,500 wheat contracts.

- The China National Grain and Oils Information Center forecasts a soybean production in the country for 2023/24 of 21.46 million tons (compared to 20.29 in 2022/23). Imports will be 97.25 million tons (compared to 99.86), while the August estimate was 95.2 million tons (94.22). Soybean consumption in 2023/24 will be 116.92 million tons (compared to 115.07), and in August, it was 114.14 million tons (112.87). The corn production is expected at 284.94 million tons (277.2), corn imports are estimated at 17.5 million tons (18.5), and consumption is forecasted at 295 million tons (290.51). Vegetable oil production will be 30.25 million tons (30.5), imports will be 8.43 million tons (8.63), and consumption will reach 36.61 million tons (36.32).

- From September 5th to 11th, Argentine farmers sold 1 million tons of soybeans according to data from the Grain Exchange in Buenos Aires (compared to 240,000 in August). The reason for the increase is another government initiative - the soy dollar program.

- Algeria is looking to purchase 30,000 tons of barley and 80,000 tons of corn from Argentina with delivery between October 1-15.