Grain Highlights 19.12.2023

In November, China imported 3.59 million tons of corn, which, combined with the country's record production, significantly suppresses corn prices.

During the period from December 1 to December 18, Russia exported 1.86 million tons of grain (-19% compared to the same period in 2022), including 1.538 million tons of wheat (-22%), 210,000 tons of barley (214,000) and 113,500 tons of corn (115,200). For the month, the total grain export is expected to reach 3.4 - 3.5 million tons (compared to 5 in December 2022), including wheat exports of 2.3 million tons (3).

In November, soybean processing in the United States reached a record 5.1 million tons (+2% compared to October and 4.9 in November 2022).

In 2023, Brazil will export a record 100 million tons of soybeans. For the first time, the coveted 100 million tons of export production are reached. In December alone, 1.99 million tons of soybeans have already been exported, and from the beginning of the year, soybean exports totalled 100.02 million tons. The second highest achievement was set in 2021 – 86.1 million tons.

In November, China imported 3.59 million tons of corn, which, combined with the country's record production, significantly suppresses corn prices. As of December 18, 2023, the commodity exchange price of corn in Dalian is 337.79 USD/ton, which is the lowest level in the last 7 months. In the first 11 months of 2023, imports have been 22.18 million tons (+12.3%). Clearly, the Chinese are contemplating a serious shift in some direction, but the maintenance of the old policy towards agricultural commodities is definitely changing.

According to GAPKI data, in October, Indonesia exported 3 million tons of palm oil, which is 31% less than October 2022. Production was 4.52 million tons, and palm oil stocks were 2.87 million tons (3.1 in September).