International

Russian Foreign Minister Sergei Lavrov had discussed the prospects for renewing the Black Sea Grain Initiative at a meeting with his Turkish counterpart on the sidelines of the G20 foreign ministers’ meeting in New Delhi, a ministry statement reported on Wednesday. It said continuation of the agreement would only be possible if the interests of Russian agricultural and fertiliser producers, in terms of unhindered access to world markets, were taken into account.

The Brazilian grain exporters’ association, ANEC, reported Feb soybean exports were 7.7 Mt (8.3Mt previous forecast), soymeal 1.3Mt (1.5Mt previously), maize 1.9Mt (2.0Mt) and wheat 548,800 tonnes (670,400 tonnes). 

Refinitiv Commodities Research revised up its EU 2023-24 common wheat production forecast by 0.1Mt, to 133.9Mt (126.0Mt previous year) reflecting a higher area estimate for France. Its rapeseed production number was raised by 0.2Mt, to 20.6Mt (19.6Mt previous year). It noted that due to a generally warmer winter, crops are reportedly in good condition. During February, temperatures were mostly above average. While there were good rains in some parts, including Germany and northeastern Europe, limited precipitation was noted in some southern and western regions. Although dryness concerns was noted in France, soil moisture level were currently sufficient for dormant crops. 

It left the Ukraine 2023-24 wheat production forecast unchanged at 22.3Mt (incl. in uncontrolled territories). Production excluding non-occupied regions was forecast at 18.2Mt. Rapeseed production (incl. in uncontrolled territories) projection was broadly unchanged, at 3.5Mt. Production excluding non-occupied regions was seen at 2.9Mt. Weather conditions during February were mostly favourable, with precipitation recorded across the country except in the southern central oblasts, where rainfall was below average. Temperatures were mostly above average.

India’s Meteorological Department reported enhanced probability of a heatwave likely during Mar-May over many regions in central and northwestern India, with hotter than normal temperatures expected in March, a crucial period for winter-sown crops. This followed unusually hot conditions in February, with the all-India monthly average maximum temperature the highest since 1901. 

South Korean flour millers have reportedly purchased 85,000t milling wheat, including 50,000t US SW (8.5pc-11pc min. protein) at $304.96-$306.06 fob, HRW (11.5pc) at $359.53 fob and DNS (14pc) at $363.48 fob, as well as 35,000 t CWRS (13.5pc) from Canada.

An importer group in Thailand have reportedly purchased 30,000t feed wheat from Australia at $336/t c&f for May delivery. 

Turkeys state grain board purchased 790,000t milling wheat at $308-$320/t c&f, believed to be from Russia, for Mar/May shipment. 

Australia