Grain Highlights 07.01.2024

According to data from Oil World, in the fourth quarter of 2023, rapeseed processing in the EU reached 6.38 million tons (6.41 million tons the previous year).

According to data from the Agricultural Promotion Centre (APC) - Information, for the period July to December from Ukraine, 356,000 tons of rapeseed oil were exported, which is 6 times more than the previous year. The largest share of customers is the EU with 54% and China with 31%.

According to data from Oil World, in the fourth quarter of 2023, rapeseed processing in the EU reached 6.38 million tons (6.41 million tons the previous year). For the entire 2023, processing amounted to 24.4 million tons (compared to 22.58 in 2022 and 22.81 in 2021). Growth in 2023 includes Germany +0.8 million tons, Netherlands +0.2 million tons, Czech Republic +0.2 million tons, Poland and France each +0.1 million tons. In the quarter, the total processing of oilseeds in the EU is 12.2 million tons, consistent with 2023, and for the entire 2023 it reached 48.2 million tons (compared to 46.7 in 2022 and an average of 46.2 over the last 5 years).

In 2023, ethanol producers in the United States had a positive margin throughout the year - an average of 41 cents/gallon (compared to 9 in 2022). According to data from the EIA as of December 15, 2023, ethanol stocks in the United States were 23.1 million barrels (a decrease of 640,000 compared to 2022). Profitability for ethanol producers was highest in September but decreased to a minimum at the end of the year, the lowest in the last 3 years. In 2023, the average daily demand for ethanol in the United States was 896,000 barrels, and at the beginning of 2024 - 909,000 barrels.

The Association of Millers in Taiwan has purchased 82,900 tons of wheat from the United States with delivery scheduled within February to March.

South Korea has announced a tender to purchase 50,000 tons of milling wheat from the United States with delivery scheduled for March 15 to April 15, 2024.