Grain Highlights 10.10.2023

According to Russagrotrans' forecast, corn production in Russia in 2023/24 will reach 16 million tons (an increase of 0.6 million compared to the previous estimate). Wheat production is projected at 92.55 million tons (a decrease of 0.3 million), and barley production is estimated at 20.94 million tons (a decrease of 0.2 million).

According to IKAR's forecast, in 2023/24, Russia will harvest a record 16 million tons of corn (compared to the previous estimate of 15.3 million and the current record of 15.8 million set in 2022/23). The total grain production will reach 141.2 million tons (compared to 140 million), with exports totaling 64.5 million tons (compared to 64 million).

According to Russagrotrans' forecast, the corn production in Russia in 2023/24 will reach 16 million tons (an increase of 0.6 million compared to the previous estimate). Wheat production is projected at 92.55 million tons (a decrease of 0.3 million), and barley production is estimated at 20.94 million tons (a decrease of 0.2 million). The total grain production is expected to reach 143.3 million tons (compared to 143.2 million).

As of October 10, 2023, in Ukraine, 3.7 million hectares have been sown with winter crops. Among them, 2.583 million hectares are dedicated to grain crops, including 2.352 million hectares of wheat, 171,000 hectares of barley, and others.

According to the latest forecast by MARS, the wheat production in Kazakhstan for 2023/24 will reach 12.3 million tons (a 25% decrease compared to 2022/23 and an 8% decrease compared to the five-year average) with an average yield of 1 ton per hectare.

The French Ministry of Agriculture has raised its forecast for corn production in the country for the second consecutive month to 11.78 million tons (compared to 11.2 million in September, a 10.6% increase compared to 2022, and a 9.4% increase compared to the five-year average). The sunseed production is expected at 2.17 million tons (compared to 2.08 million in September, a 38.5% increase compared to the five-year average). The barley production will reach 12.25 million  tons (a 7.3% increase compared to 2022), and the rapeseed production will be 4.27 million tons (compared to 4.3 million in September, a 5.8% decrease compared to 2022).

According to AgRural data as of October 5, 2023, in Brazil, 10.1% of the planned soybean areas for 2023/24 have been planted, which is a 4.8% increase for the week.

According to Oil World, in August, 359,000 tons of canola were exported from Australia (compared to 424,000 the previous week and 152,000 in August 2022). The largest buyers were Japan with 130,000 tons, the EU with 124,000 tons, Mexico, and the UAE. Total exports for the entire 2022/23 reached 5.36 million tons, including 2.77 million to the EU, 0.77 million to Japan, and 0.2 million to Mexico.

According to estimates by MPOB in September, palm oil reserves in Malaysia reached a maximum for the last 11 months at 2.31 million tons. By the end of 2023, reserves are expected to reach 2.5 million tons. Production for the month was 1.83 million tons (a 4.33% increase), and exports were 1.2 million tons.

Algeria has announced a tender to purchase 120,000 tons of animal feed corn from Argentina and Brazil with delivery scheduled for November 1-15.