Brazil expecting record 2022-23 corn crop
– Brazil’s corn production in marketing year 2022-23 is forecast to reach a record 126 million tonnes based on the growing demand and price for corn in both the domestic and international market, according to a Global Agricultural Information Network report from the US Department of Agriculture’s Foreign Agricultural Service (FAS).
Global grain trade review
The grains market has moved this year from handling an unprecedented worldwide pandemic to dealing with a war involving two of the planet’s biggest exporting nations. At the same time, as always, the fundamentals of supply and demand continue to exert their influence.
China’s soybean imports hit the lowest level since 2014
China’s soybean imports hit their lowest level for any month since 2014 this October, according to customs data, Reuters reported.
Russia suspends participation in grain deal
Despite Russia proclaiming that it has suspended its participation in the United Nations-brokered grain export deal with Ukraine, grain ships continued to exit Ukraine’s Black Sea ports on Oct. 31, according to various media reports
Argentine wheat crop projections continue to fall.
Drought-stricken Argentina’s 2022-23 wheat crop projections continue to trend downward as the country’s two major grain exchanges cut their forecasts on Oct. 13, according to Reuters.
Ukraine shipments near 5 million tonnes
Nearly 5 million tonnes of agricultural products have been shipped from Ukraine’s Black Sea ports since the United Nations and Turkey brokered a deal on July 22, allowing grain shipments to restart following a five-month Russian blockade, Reuters reported.
Record wheat crop forecast for Brazil
The latest wheat forecast for Brazil, a record 10.935 million tonnes, has the nation poised to reverse its status as a net importer of the crop in the coming years, Reuters reported, citing an estimate by agribusiness consultancy Safras & Mercado.
War has taken toll on Ukraine’s grain storage facilities
One out of every six, or about 15%, of Ukrainian crop storage facilities, have been destroyed, damaged or controlled by Russia and its aligned forces since it invaded Ukraine on Feb. 24, according to the Conflict Observatory, an American non-governmental organization.
India denies reports that it plans to import wheat
Although wheat production is forecast to fall to its lowest level in four years, India’s government on Aug. 21 reiterated that it had no plans to import wheat, Reuters reported
World’s top wheat-producing countries
In 2022-23, the International Grains Council’s July report anticipates worldwide wheat production to reach 770 million tonnes, down from 781 million tonnes in 2021-22, with 195 million tonnes available for trade.