Grain Highlights 21.12.2023

SovEcon has increased its forecast for the wheat production in Russia for 2024/25 by 1.5 million tons to 91.3 million tons (91.7 in 2023/24).

- SovEcon has increased its forecast for the wheat production in Russia for 2024/25 by 1.5 million tons to 91.3 million tons (91.7 in 2023/24). Soil moisture is good in all productive regions, with sufficient snow cover in central parts.

- During the first 11 months of 2023, Russia's export of sunseed oil to China was 816,000 tons, which is 4.3 times more than the same period in 2022.

- According to Bulgaria's Ministry of Agriculture estimates for 2023, the country's wheat production is 6.59 million tons (+6% compared to 2022), sunseed production is projected at 1.62 million tons (-21%), and corn production is estimated at 2.25 million tons (-9.9%). As of December 8, 2023, wheat stocks in Bulgaria were 3.4 million tons, corn stocks were 1.8 million tons, and sunseed were 1.5 million tons.

- In its initial forecasts for the 2024/25 soft wheat production in the EU, Strategie Grains expects 124.8 million tons (125.9 in 2023/24). The areas are expected to decrease by 2.4% to 21.2 million hectares. Barley production will be 52.7 million tons (+11%).

- In 2024, the soft wheat areas in France will be 4.24 million hectares, the lowest level in the last 20 years and 11% below the 2023 figure.

- According to government data, wheat reserves in Egypt are sufficient to meet domestic demand for the next 4.5 months, and for vegetable oils, 5.2 months.

- Algeria has purchased 200,000 tons of forage corn from Argentina with delivery in the second half of January.

- Jordan conducted a tender to purchase 120,000 tons of forage barley. In reality, 60,000 tons of barley were purchased at a price of 243.5 USD/ton C&F with delivery scheduled for June 16-30.