Highlights
Ukraine has reached an agreement with Poland on the resumption of the transit of Ukrainian food through Poland to the Baltic Sea beginning this evening.
The U.S. Ag Attaché in Argentina lowered his estimate of the country’s soybean production to 23.9 million mts (USDA at 27). That would be the lowest in 24 years and a yield estimate of 23.5 bu/acre would be the poorest in almost 50 years.
Russia is blocking Turkey’s inspection of ships loaded with Ukrainian grain in Turkish waters. Increasing inspection delays have been a consistent complaint for months. Now, Russian ships are flat-out blocking inspections. No inspections mean no Ukrainian exports. So far about a billion bushels of Ukraine corn and wheat have left Ukrainian ports since the deal was made in July 2022.
Egypt expects it will pay 20% more for imported 2023 wheat than they paid for 2022 wheat.
Food Corporation of India (FCI) reports India’s wheat inventory is 8.345 mil mts, a six-year low. It is only the second time in a decade wheat inventory has fallen below 8.5 million mt. A year ago, India’s wheat inventory was 18.9 million mt when they stopped wheat exports to keep domestic prices down.