During the week of November 1-7, the export tax on Russian wheat will be 4,923.4 rubles per ton (compared to 5,297.7 a week earlier). Barley will remain duty-free, and the export tax on corn will be 1,618 rubles per ton (2,218.1 previously).

As of October 1, 2023, wheat stocks in Russia's processing and milling facilities have reached 15.58 million tons (compared to 13.2 a year earlier).

The temporary Black Sea corridor in Ukraine has resumed operations. As of October 27, 2023, there are 27 ships at the entrance and 54 at the exit.

From the beginning of the season until October 27, 2023, Ukraine has exported 8.721 million tons of grain (compared to 12.344 a year earlier), including 1.968 million tons of wheat (3.652 in October), 669,000 tons of barley (47,000), and 3.531 million tons of corn (846,000).

As of October 26, 2023, Ukraine has harvested 8.85 million hectares of grain crops (81% of the total area), with a total of 43.37 million tons of grain harvested at an average yield of 4.9 tons per hectare. Corn has been harvested on 48% of the areas, with 13.32 million tons of grain harvested at an average yield of 6.84 tons per hectare. Sunseed has been harvested on 93% of the areas, with 11.074 million tons of seeds harvested at an average yield of 2.36 tons per hectare. Soybeans have been harvested on 96% of the areas, with 4.51 million tons of grain harvested at an average yield of 2.61 tons per hectare.

The European Commission has reduced its wheat export forecast for the 2023/24 crop in the EU to 31 million tons from the previous estimate of 32 million tons. Reserves will reach 19.1 million tons (compared to 17.8 in the previous estimate and 19.3 in 2022/23). The wheat production is projected at 125.5 million tons (+0.2). The barley production will reach a 12-year low of 47.5 million tons (-0.9 from September). Barley exports will be 1.7 million tons (+0.2). The corn production is estimated at 59.9 million tons (compared to 53.1 in 2022/23), rapeseed 19.8 million tons (+0.2 from September), imports 5.6 million tons (-0.2), and the sunseed production 10 million tons (-0.5).

In 2023/24, the grain production in Sweden is expected to reach 4.4 - 4.5 million tons (-1 compared to 2022/23), the lowest level in the last 30 years.

Yesterday, Chicago commodity funds were net sellers of 500 corn contracts, 4,500 soybean contracts, and 4,500 wheat contracts.

According to Refinitiv Commodities Research, soybean production in Brazil for 2023/24 is forecasted at 163.4 million tons (+8.8 compared to 2022/23). The corn production will be 125.2 million tons (131.9).

According to data from the Grain Exchange in Buenos Aires, as of October 25, 2023, 7% of the wheat areas in Argentina have been harvested, with a total of 528,600 tons of grain harvested at an average yield of 1.3 tons per hectare. Corn sowing for the 2023/24 season has reached 22% of the planned areas (+2% for the week and 31% on average for the last five years).

According to CNGOIC data, from October 19 to 25, China processed 2 million tons of soybeans (+29% compared to the previous week and +27% compared to the previous year). Soybean stocks are at 4 million tons (-14% and +21%).

According to GAPKI data, in August, Indonesia's palm oil exports reached 2.07 million tons (-55% compared to the previous year). Unrefined oil production is 3.86 million tons (4.36 in July), and reserves are at 3.24 million tons.