According to USDA data, as of 04/09/2023, 27% of the winter wheat crops in the US are in good to excellent condition (28% a week earlier and 32% a year earlier), which is the lowest level since 1996.
Import demand for soybeans in China may remain weak until the end of April. In April, imports will reach 8 million tons (-20% compared to previous expectations) and 9 million tons are expected to be imported in May (-10%).
Sagras&Mercado have lowered their forecast for the 2022/23 soybean production in Argentina to 24.8 million tons (-6.6 compared to the previous estimate and 43 in 2021/22).
In its first assessment, the European Commission forecasts a 2023/24 EU soft wheat production of 130.9 million tons (126 in 2022/23), domestic consumption of 99.1 million tons (98.8), soft wheat exports of 32 million tons (32) and ending stocks of 21.9 million tons (18.1).
Brazil could supply up to 50% of Argentina's soybean consumption needs after the country's worst drought in 100 years. Argentina's total soybean imports are estimated at 10 million tons.
