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- Agroconsult, an agricultural consulting firm, said on Tuesday that Brazil’s corn exports for the 2022/2023 season are expected to increase by 16.3% to 54.1 million tons.
- US wheat futures rose 2.1% on Tuesday, rebounding from a two-year low, as traders expressed concern that even though the Black Sea export agreement has been extended, Ukraine’s exports may still be restricted.
- Data released by the European Commission on Tuesday showed that EU soft wheat exports for the 2022/23 season were 28 million tons as of May 21, up 13% from the same period last year, which was 24.86 million tons.
- Last week, the second quarter of corn for the 2022/23 season began to be harvested in Mato Grosso state. The expected yield is about 47 million tons, a new record for the state. However, falling prices per bag (60 kilograms) of corn have kept farmers up at night.
- The National Association of Grain Exporters of Brazil (Anec) stated that Brazil’s soybean exports in May are expected to reach 15.9 million tons, up from the previous week’s forecast of 15.76 million tons; soybean meal exports are expected to reach 2.49 million tons, down from the previous week’s forecast of 2.6 million tons; and corn exports are expected to reach 387,009 tons, down from the previous week’s forecast of 570,618 tons.
- Due to international valuation effects, cotton prices in the Brazilian market have slightly increased after four consecutive months of decline. Higher international valuations lead to higher export parity, which means sellers are unwilling to lower domestic spot market prices. Farmers have always favored exports, waiting for the Brazilian domestic market to improve. Some agents have already left the spot market.
- At a Senate committee hearing on Tuesday, Domingo Panganiban, the Philippines’ senior agriculture undersecretary, revealed that President Ferdinand Marcos instructed “selected importers” to import sugar.
