Grain Highlights 29.05.2023

According to Rusagrotrans data, 4.3 million tons of wheat were exported from Russia in May (1.35 in May 2022). In June, wheat exports will be 2.6 – 2.8 million tons (compared to the record 2.77 million tons in June 2018).

- The Government of Russia has approved new prices for determining export taxes on cereals. From 01.06.2023, the prices of wheat, barley and corn are increased by 2,000 rubles/ton, which will enable farmers to sell at higher prices.

- During the week of May 22-28, 463,200 tons of wheat were exported from the Russian port of Novorossiysk (490,800 a week earlier), including 116,900 tons for Turkey, 47,100 tons for Tanzania and 36,700 tons for Oman.

- According to the forecast of APC - Inform, the sunseed production in Ukraine will reach 12.8 million tons in 2023/24 (+12% compared to 2022/23), and sunseed processing is expected at 11.3 million tons (+2%). Soybean processing will reach 1.5 million tons (+4%), and rapeseed processing is estimated at 0.2 million tons (+18%).

- According to Turkstat's forecast, the grain production in Turkey will reach 39.5 million tons in 2023/24 (+2% compared to 2022/23), including wheat production of 20.5 million tons (+4%) and barley production of 8.6 million tons (+1%). The sunseed production is expected to reach 2.6 million tons (no change), and soybean production is estimated at 150,000 tons (-3%).

- In 2023/24, the wheat production in Germany is projected at 22.31 million tons (-0.9% compared to 2022/23), winter rapeseed production is estimated at 4.28 million tons (no change), winter barley production is expected at 9.15 million tons (-0.8%), spring barley production is predicted at 1.74 million tons (-11.6%) and corn production will reach 3.95 million tons (+3%).

- As of 25/05/2023 in the Brazilian state of Rio Grande do Sul, 97% of the soybean areas have been harvested (+5% for the week, 94% a year earlier and 98% on average for the last five years). The production is 12.5 million tons (9.1 in 2021/22). First corn crop has been harvested on 89% of the areas (+2%), and the production will reach 3.6 million tons (2.9).

- According to CNGOIC data, in the week of May 13-19, soybean processing in China reached 1.9 million tons (-2% compared to last year).

- India has allowed the export of 300,000 tons of wheat to Nepal. In total, 1.05 million tons of wheat were allowed to be exported to Nepal, Indonesia, Senegal and Gambia.

- Millers from Pakistan call on the government to urgently allow the import of 1 million tons of grain in order to meet the demand in the country.

- Egypt's vegetable oil stocks are sufficient for domestic consumption in the next 5.9 months.