KANSAS CITY, MISSOURI, U.S. — U.S. soybean futures prices extended April 15 gains in morning trading April 16, following the release by the National Oilseed Processors Association (NOPA) pegging U.S. soybean crush in March at 153.84 million bushels, which was above trade expectations of 146 million bushels. The higher actual total indicated stronger-than-expected demand for soybeans to crush for soybean meal and oil.
Soybean futures prices were trading at their highest level in more than eight months early on April 16.
March soybean oil stocks reported by NOPA were 2.023 billion lbs, also above expectations of 1.92 billion lbs.
March NOPA soybean meal exports of 798,883 tonnes were up from February, when 714,231 tonnes were exported.
Since Russia’s invasion of Ukraine in February, the world’s wheat supply has been thrown into question, with poorer nations facing scarcity and a potential food crisis, according to the United Nations.
Following are countries among the world’s least developed that are the most dependent on Russia and Ukraine for their annual wheat supply (2020), according to the UN Conference on Trade and Development. Nations in Africa import 44% of their wheat from Russia and Ukraine, according to the UN.
In marketing year 2022-23, the world is projected by the US Department of Agriculture (USDA) to produce 779.03 million tonnes of wheat and provide 204.89 million tonnes for export.
These are the eight major wheat importing nations/regions as listed in the monthly USDA World Agricultural Supply and Demand Estimates (WASDE) report and their annual tonnes with production.
Russia’s invasion of Ukraine in February and the persistent La Niña climate phenomenon have combined to create some of the most volatile market conditions in recent memory, sending prices skyrocketing as nations that depend on wheat to feed their populations scramble to secure supplies.
Each month, the WASDE releases new projections to reflect the most recent global market and production conditions, and this slideshow will be updated with those changes.