GLOBAL WHEAT FLOUR TRADE PROJECTED HIGHER
The forecast for global flour trade in 2023-24 was revised slightly higher by the IGC in its quarterly update on Jan. 11. The Council projects shipments to reach 14.7 million tonnes. The IGC said the projected increase is mainly tied to unusually large shipments from Turkey. The Council’s full-year projection for Turkey’s flour exports would be a record 5.8 million tonnes, up from 4.9 million in 2022-23. Kazakhstan is expected to rank No. 2 in exports in 2023-24 at 2.5 million tonnes, about 250,000 tonnes below last year’s total, the IGC said. Russia is seen exporting 700,000 tonnes this year, more than 400,000 tonnes less than the previous year. Intake by the world’s two largest flour importers — Afghanistan and Iraq — was unchanged from the IGC’s October forecast but will see a significant decline year-on-year, the Council noted. Afghanistan’s imports are forecast to fall by 50,000 tonnes, to 2.35 million, while Iraq will see a steeper drop of more than 300,000 tonnes, to 1.7 million.
(Link: WorldGrain)
GRAINS, OILSEEDS DECLINE AFTER USDA NUMBERS
Soybeans were lower on commercial and technical selling. The 2023 U.S. crop was a little bit larger than expected, pulling ending stocks higher. Imports by China were left at 102 million tons. Corn was lower on commercial and technical selling. The USDA confirmed record large production and a record high yield last year, with increases for ending and quarterly stocks. Also, the USDA raised feed and ethanol use estimates, while leaving exports unchanged despite the recent pop in demand. The wheat complex was lower on fund and technical selling. World wheat ending stocks and quarterly U.S. stocks were larger, but U.S. ending stocks were slightly lower than last month. Globally, ending stock and production were up. USDA increased production and export estimates for Russia and Ukraine, along with exports for Australia and Canada. Exports were down and imports were up for the European Union.
(Link: Brownfieldagnews)
