In December, India increased palm oil imports by 94% compared to December 2021 to a record level for the month of 1.1 million tons given the fall in the palm oil price.
From 01.01.2023, the Indonesian government is changing the palm oil export regime in order to satisfy the domestic market at lower prices. Until now, the domestic sales/exports rule was 1/8, but in January the ratio will be 1/6.
In its December report, the Ministry of Agriculture of Argentina forecast wheat exports from the country in 2022/23 of 4.8 million tons (14.5 in 2021/22).
In 2022, the wheat production in Russia reaches 105.7 million tons of bunker weight (+26.6 compared to 2021), barley production is 24.6 million tons (19) and corn production reaches 13.9 million tons (16.1).
The export potential of Ukrainian wheat has dropped to 4 million tons. Until now, Turkey was actively buying wheat from Ukraine, but it has started redirecting transactions to Russia.
According to a forecast by Strategie Grains, the soft wheat production in the EU will reach 128.7 million tons in 2023(125.5 in 2021/22). Corn production is projected at 63.7 million tons (50.5) and EU barley production is estimated at 52.5 million tons (51.3).
According to a StoneX forecast, the drought in the Brazilian state of Rio Grande do Sul will reduce the first corn production to 4.51 million tons (5.38 in the preliminary estimate and 2.56 last season).
