Grain Highlights 28.12.2023

SovEcon forecasts wheat exports from Russia in December to be 3.8 million tons (compared to 4.1 million tons the previous year).

In 2023/24, the sunseed oil exports from Russia are projected to reach 4.5 million tons according to IKAR forecasts. In 2022/23, the exports were 4.3 million tons of sunseed oil (a record) and 730,000 tons of soyoil. Sunseed meal exports for 2022/23 amounted to 2.3 million tons, while soymeal exports reached 730,000 tons. New record achievements are expected for 2023/24 – 4.5 million tons for sunseed oil and 2.5 – 2.6 million tons for sunseed meal. The total oilseed production for 2023/24 is estimated to be between 29.8 and 31.0 million tons.

According to Safras&Mercado's forecast in December, Brazil's corn exports are expected to reach 7.57 million tons (compared to 6.41 million tons in December 2022). For the period from January 1 to January 24, an export of 2.21 million tons of corn is planned. From the beginning of the year until December 24, 2023, the country has exported 46.7 million tons of corn, marking a 17% increase.

Bangladesh does not plan to hold new wheat procurement tenders until the end of the year. In December, the country purchased 100,000 tons of wheat at prices ranging from 315.29 to 317.56 USD/ton C&F.

Egypt's state-owned company, GASC, has acquired 17,000 tons of soyoil at a price of 905 USD/ton C&F with delivery scheduled for the end of February. Additionally, GASC has purchased 18,000 tons of sunseed oil at a price of 905 USD/ton C&F, with delivery set for the beginning of March.