India is likely to import about 2-3 million tonnes of wheat in the crop year starting in July, even as the country is set for a bumper domestic harvest, the head of conglomerate Adani Enterprises’ agribusiness division said on Monday.
India is expected to produce about 95 million tonnes of wheat from the upcoming harvest, up from last year’s 85 million tonnes estimated by traders.
Abares forecast Australian wheat sowings for 2017-18, which will start next month, to fall by 1.1%, to 12.92m hectares. Production is seen down 32%, at 24.0m tonnes and exports are expected to fall by 8.4% from this season’s record levels, to 20.9m tonnes.
For the summer crop, harvested in February and March, a production of 29.3 million metric tons is expected – the previous forecast was 29.1 million metric tons.
the consultancy’s estimate for the second corn crop, planted after soybeans are harvested in the Center-West and Parana, was increased to 61.5 million metric tons to 60.2 million metric tons.
Source: AgroSouth News
FCStone has also raised its view for Brazilian soy exports in the 2016/17 crop year to 59 million tonnes from the 57 million tonnes projected in February. In the previous season Brazil exported 51.6 million tonnes.
The broker expects a larger corn output . It projected Brazil’s total corn crop at 93.3 million tonnes versus 91.5 million tonnes seen last month.
The US Department of Agricultures’ bureau in New Delhi forecast Indian wheat imports for 2017-18 at 5m tonnes, in unchanged from 2016-17, even though domestic production is seen jumping by 8m tonnes.
Indian wheat production is set to hit near record levels, of 95.0m tonnes, just behind the all-time highs seen in the 2014 harvest. The increase in production is the result of record large sowings, of 31.8m hectares.
The country exported 1984 KMT of barley from July till January 2016/17 (1967 KMT at the same time in MY 2013/14).
UkrAgroConsult reduced its 2016/17 barley export estimate for Russia to 3 MMT. As a reminder, 2.64 MMT of barley was exported in 2013/14, which is a similar marketing year in terms of the export pace.
The oilseed output would reach 56 million metric tons, which is one million metric tons higher than the forecast of last month and almost reaches its full potential since planting.
For corn, the Board of Trade also raised the perspective of output from 36.5 million metric tons to 38 million metric tons.
The declines followed bigger-than-expected upgrades by the US Department of Agriculture to its estimates for Brazil’s production of both crops in 2016-17, with the estimate for the soybean harvest hiked by 4.0m tonnes to 108.0m tonnes.
For corn, meanwhile, the USDA raised its Brazil harvest forecast by 5.0m tonnes to 91.5m tonnes.
Australia’s monthly barley exports exceeded 1.0 million tonnes in January for the first time, and the back of strong demand from China and Saudi Arabia. China imported 561,000 tonnes of barley from Australia in January, according to their customs data. Most of the remainder is likely to have been shipped to Saudi Arabia.
Black Sea prices for Russian wheat with 12.5 percent protein content for March delivery were $192 a tonne free on board (FOB) at the end of last week, up $1 from the previous week, Russian agricultural consultancy IKAR said.
SovEcon, another Moscow-based consultancy, quoted FOB wheat at $192.5 a tonne at the end of last week, up $1 from a week earlier, and said maize (corn) prices were $1 higher at $179 a tonne.
Source: Ikar on Reuters