Grain Highlights 05.02.2024

The Ukrainian government has simplified the sunseed export procedure for Bulgaria, making it automatic.

- In the past week, 478,600 tons of grain were exported from the Russian port of Novorossiysk, including 455,300 tons of wheat. The previous week's export was 590,000 tons. The major buyers of wheat include Egypt with 86,000 tons, Tanzania with 46,800 tons, Turkey with 35,000 tons, Yemen with 30,200 tons, and others.

- The Ukrainian government has simplified the sunseed export procedure for Bulgaria, making it automatic. Coordination with the Ministries of Agriculture of both countries is no longer required.

- As of February 1, 2024, 91% of the corn areas in Ukraine have been harvested, with a total of 28.65 million tons of grain collected. In the last week, 165,000 tons of corn have been harvested.

- According to Strategie Grains' forecast for 2024/25, rapeseed production in the EU is projected to be 18.4 million tons (a decrease of 1.4 compared to 2023/24). Sunseed production is expected to reach 10.7 million tons (an increase of 0.8), and soybean production is projected to be 3.1 million tons (an increase of 0.2).

- From July to November 2023, Germany exported 783,000 tons of rapeseed meal (compared to 603,000 tons the previous year), according to UFOP data. The largest customers were the Netherlands with 334,000 tons, Denmark with 85,000 tons, Finland with 79,000 tons, Sweden with 49,000 tons, Spain with 47,000 tons, and Ireland with 42,000 tons. Soybean meal exports were 686,000 tons (738,000 tons), including 164,000 tons to Denmark, 131,000 tons to the Czech Republic, 58,000 tons to Austria, 56,000 tons to Lithuania, 37,000 tons to Turkey, and 36,000 tons to Poland.

- StoneX predicts a soybean production of 150.4 million tons in Brazil for 2023/24 (a decrease of 2.5 compared to the previous estimate and 4.2 compared to 2022/23). Soybean exports are expected to reach 95 million tons (a decrease of 2) and 101.9 million tons. The corn production estimate remains unchanged at 124.5 million tons (131.9 million tons), including 25.9 million tons from the first production and 96.4 million tons from the second production.

- In January, palm oil imports to India reached 787,000 tons, a 12% decrease from December and the lowest level in the last three months. Soyoil purchases reached 190,000 tons (a 24% increase), while sunseed oil purchases reached 211,000 tons (a 19% decrease). In January, the total oil imports reached 1.19 million tons (a 9.2% decrease).

- Russia is expected to export over 7 million tons of vegetable oils in 2023/24.

- In January, palm oil reserves in Malaysia are expected to reach 2.14 million tons, a 6.62% decrease from December. Production is projected to be 1.37 million tons (an 11.83% decrease), and a decline is expected for the entire first quarter of 2024. Exports are estimated at 1.22 million tons (an 8.65% decrease). Price increases are anticipated due to declining stocks.

- Authorities in Morocco will continue to subsidize wheat storage in the country with 2.5 USD/ton every two weeks, up to a maximum of 1 million tons.