From the beginning of the season until October 29, 2023, the EU has received 3.56 million tons of soy (3.6 years earlier). The main suppliers have been Brazil with 1.66 million tons, the United State with 1.54 million tons, Ukraine with 196,000 tons, Uruguay with 59,000 tons, and Canada with 33,000 tons. The import of rapeseed is 1.49 million tons (-37%), including 883,000 tons from Ukraine, 283,000 tons from Australia, 193,000 tons from Moldova, 74,000 tons from Serbia, and 42,000 tons from Canada.

StoneX predicts a soybean production of 165 million tons in Brazil for 2023/24 (-0.9 compared to the previous estimate and +10.4 compared to 2022/23), and a corn production of 128 million tons (-10.1 and -3.9). The second corn production will be 99 million tons.

In its November report, StoneX forecasts a corn production in the United States of 388.7 million tons (388.2 in the previous estimate) with an average yield of 175.7 bushels/acre (175.5). The soybean production will be 113.62 million tons (113.6) with a slightly reduced average yield of 0.3 bushels/acre.

According to Anec data, in October, Brazil exported 8.32 million tons of corn (-1 compared to September and 6.2 in October 2022) and 5.96 million tons of soy (5.53 and 3.58). The export of soymeal was 1.69 million tons (1.92 and 1.78).

In October, India received 715,000 tons of palm oil (-14% compared to September, the lowest level in the last 4 months), 134,000 tons of soybean oil (-63%, the minimum since January 2021), and 158,000 tons of sunseed oil (-47%, the minimum for the last 7 months). Total vegetable oil deliveries to India for 2022/23 were 16.5 million tons (+17%), including 9.8 million tons of palm oil, 3 million tons of sunseed oil, and 3.67 million tons of soyoil.

The Egyptian state company GASC is looking to purchase 30,000 tons of soyoil and 10,000 tons of sunseed oil. Prices offered at the tender for soyoil are in the range of 1,065 – 1,075 USD/ton, and for sunseedoil, they range from 965 – 1,000 USD/ton.

In 2023/24, the wheat production in Saudi Arabia will be at the high level of 2022/23, reaching 1.18 million tons. Authorities are buying wheat from farmers at a fixed price of 466 USD/ton, which stimulates production.

Jordan has announced a tender to purchase 120,000 tons of milling wheat of unspecified origin, with delivery scheduled for January - February.