Refinitiv Commodities Research has lowered its forecast for the 2023/24 EU soft wheat production by 1 million tons to 131.2 million tons (126 in 2022/23).
According to a Rusagrotrans forecast, the wheat production in Russia will reach 83.5 million tons in 2023/24 (+1 compared to the previous estimate). At the end of March, the forecast was increased by 1.5 million tons.
Weather conditions in Ukraine create serious problems for the sowing of spring crops. Rainfall is not much in volumes, but at the same time there are no sunny days to allow the soil to dry out for the sowing process to begin.
Agritel forecast a 2023/24 Russian wheat production of 83.2 million tons. The Ministry of Agriculture of Russia predicts a wheat production of 78 million tons (104.2 in 2022/23).
The Ministry of Agriculture of Russia forecasts a 2023/24 grain production in the country of 123 million tons, including wheat production of 78 million tons.
The European Commission has offered compensation to farmers from Eastern Europe in connection with the supply of Ukrainian grain in the amount of 100 million euros.
According to USDA data as of 04/16/2023, the state of winter wheat crops in the United States remains unchanged and is the worst in the history of statistics.
Hungary, Slovakia and Poland have introduced a temporary ban on the import of Ukrainian grain until 30.06.2023. Transit of Ukrainian production through both countries is permitted. Bulgaria is considering a temporary ban on Ukrainian production.
The Rosario Grain Exchange lowered its forecast for the 2022/23 corn production in Argentina by 3 million tons to 32 million tons (51.1 in 2021/22), which would be the lowest result for the last 15 years.
According to SovEcon's forecast, wheat exports from Russia will reach 4.2-4.5 million tons in April. In April 2020 alone, exports were over 5 million tons.
