Grain Highlights 24.10.2023

During the period from October 1 to October 20, Russia exported 3.48 million tons of wheat, which is a 12.2% decrease compared to the previous year.

During the period from October 1 to October 20, 3.48 million tons of wheat were exported from Russia (-12.2% compared to the previous year). Grain exports amounted to 3.84 million tons (-12.6%).

In the first 16 weeks of the current season, the EU imported 5.067 million tons of corn, which is 40% less than the previous season. The largest supplier is Brazil with 2.248 million tons, followed by Ukraine with 2.211 million tons and Canada with 0.22 million tons. The top corn recipients are Spain with 2.104 million tons, the Netherlands with 0.675 million tons, and Italy with 0.617 million tons.

As of October 22, 2023, 59% of the corn areas have been harvested in the United States (compared to 59% from the previous year and the five-year average of 54%), as well as 76% of the soybean areas (compared to 78% from the previous year and a five-year average of 67%). For winter wheat, 77% of the planned areas have been sown (compared to 78% from the previous year and the five-year average of 78%), and 53% of the crops have emerged (compared to 47% from the previous year and 53% for the five-year average).

According to data from StoneX, Brazilian farmers have sold 25% of the expected 2023/24 soybean production, which is projected to reach 164 million tons (16.9% more than the previous year). According to Safras&Mercado's estimation as of October 6, 2023, sales have reached 35 million tons.

As of October 19, 2023, 30% of the planned areas for the new soybean crop in Brazil have been sown (+13% for the week and 34% compared to the previous year). The first corn has been sown on 46% of the planned areas (+5% for the week and 51% compared to the previous year).