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- Export data released by Brazil’s Foreign Trade Secretariat (Secex) shows that in the first three weeks of May, Brazil exported 9.7416 million tonnes of soybeans, with a daily export volume of 695,800 tonnes, an increase of 44% compared to the daily export volume of 483,700 tonnes for the entire month of May last year. The total export volume for May last year was 10.6405 million tonnes.
- Affin Hwang Investment Bank predicts that palm oil prices will rise, particularly in 2024, as production is expected to be affected by the El Nino weather phenomenon.
- Traders have said that despite a rebound in Chicago Board of Trade (CBOT) soybean meal futures from their lowest level in nearly six months, cash basis offers for soybean meal at the US Gulf export terminals and Midwest truck and rail stations remained steady on Monday.
- Intercontinental Exchange (ICE) raw sugar futures rose on Monday, supported by concerns that the El Nino weather phenomenon could suppress production in key Asian producing countries such as India and Thailand.
- The government has not raised sugar prices as of today, despite the crisis facing Malaysia’s two largest sugar manufacturers, Central Sugar Refinery Sdn Bhd (CSR) and MSM Malaysia Holdings Bhd (MSM).
- The International Sugar Organization (ISO) has significantly lowered its forecast for the global sugar surplus in the 2022/23 season (October-September) to 850,000 tonnes, down from the surplus of 4.15 million tonnes estimated in the quarterly report released in February.
- The EU crop monitoring agency has raised its forecasts for this year’s EU soft wheat and rapeseed yields, while lowering its expectations for barley yields, due to sufficient rainfall in most parts of the EU and worsening drought in the Iberian Peninsula.
- Government officials and traders said on Monday that India’s wheat procurement in 2023 may be reduced by one-fifth from the initial estimate, as government purchases slow down after a jump in local prices.
