UKRAINE GRAIN EXPORTS ON THE RISE
Having independently resumed operations of its major maritime ports on the Black Sea, Ukraine is forecast to increase grain exports for the remainder of the 2023-24 marketing year, according to a report from the FAS. To counter the move by Russia, which invaded Ukraine in February 2022, Ukraine developed a new export corridor on the Black Sea following neighboring countries’ territorial waters to reach the Bosphorus Strait. Ukrainian ships then enter Ukrainian territorial waters from Romanian waters near the mouth of the Danube River. For the 2023-24 season, which runs from July through June, the FAS forecasts an 8% year-on-year increase in corn exports, to 29.2 million tonnes, a 3% increase in wheat exports, to 17.7 million tonnes, a 22% increase in barley exports, to 3.3 million tonnes and a nearly 10-fold increase in rye exports to 170,000 tonnes.
The FAS also projects a year-on-year production increase for Ukraine’s major grain crops. It forecasts 2023-24 wheat production to rise by 11% to 22.5 million tonnes. Corn production is seen increasing by nearly 17% to 30.5 million tonnes, while barley output is pegged at 5.9 million tonnes, a 2% increase over 2022-23.
(Link: WorldGrain)
SOYBEANS, GRAINS LITTLE CHANGED OVERNIGHT
Analysts polled by Reuters are expecting USDA to cut its outlook for soybean and corn production forecasts for Brazil. Soybean output in the 2023/2024 marketing year likely will be projected by the agency at 153.2 million metric tons. Corn production in the South American country is seen at 124.3 million metric tons. Dry weather has curbed crop prospects in Brazil. In Argentina, soybean production is pegged at 50.8 million metric tons, corn output probably will be forecast at 55.6 million tons. Soybean futures for March delivery rose ½¢ to $11.96¾ a bushel overnight on the Chicago Board of Trade. Soymeal was down $2.30 to $358.80 a short ton and soy oil rose 0.61¢ to 45.94¢ a pound. Corn futures were up 1¢ to $4.43¾ a bushel. Wheat for March delivery rose 2¢ to $5.92¼ a bushel, and Kansas City futures gained 1½¢ to $6.15½ a bushel.
(Link: Successful Farming)
