Exporters of sunseed oil from the Black Sea region are forced to seek other markets after India increased its purchases of the product from Argentina due to cheaper transportation.
According to data from the Grain Exchange in Rosario, considering the heat and drought over the past two weeks in Argentina, soybean crops have died on approximately 100,000 hectares.
The Russian Ministry of Agriculture has proposed to increase the export quota for Russian grain valid for the period from February 15 to June 30, 2024, by 4 million tons to a total of 28 million tons.
According to the assessment by the Canadian Grain Commission from the beginning of the 2023/24 season until February 4, 2024, Canada has exported 12.5 million tons of wheat, which is 4% less than the previous season.
According to Carganave's forecast, 10 million tons of soybeans are expected to be exported from Brazil in February, which is significantly higher than the volumes exported in January and February 2023.
According to Abiove's forecast for the 2023/24 season, the soybean production in Brazil is expected to be 156.1 million tons, which is a decrease of 4.2% compared to the previous estimate and 154.6 million tons compared to the 2022/23 season.
