Grain Highlights 08.02.2024

According to Carganave's forecast, 10 million tons of soybeans are expected to be exported from Brazil in February, which is significantly higher than the volumes exported in January and February 2023.

According to data from the European Commission, corn imports into the EU reached 10 million tons from the beginning of the season until February 4, 2024, marking a 41% decrease compared to 2022/23. Spain was the largest client with 4.63 million tons, followed by Italy with 1.21 million tons, and the Netherlands with 1.16 million tons. The main suppliers were Ukraine with 6.19 million tons and Brazil with 2.77 million tons. Corn exports from the EU during this period amounted to 2.4 million tons.

According to Carganave's forecast for February, Brazil is expected to export 10 million tons of soybeans, significantly more than January and February 2023. The sharp increase in exports is attributed to substantial carryover stocks rather than an early production of the new crop. In January, exports were 2.3 million tons, while in February 2023, they reached 7.5 million tons. Corn exports in February are projected to be 774,000 tons (compared to 3.4 million tons in January and 1.9 million tons in February 2023).

According to ABS estimates for December, Australia exported 1.4 million tons of wheat and durum, a 24% increase compared to November (1.13 million tons) and 2.66 million tons in December 2022.

At the beginning of February, soybean stocks in China reached 5.3 million tons, as per CNGOIC data. Stocks decreased by 19% in January. Soybean processing in China during the week of January 27 to February 2, 2024, amounted to 1.9 million tons (a 4% decrease compared to January and a 50% increase compared to the previous year).

The Indian government has reduced the maximum limits for wheat that traders can store in warehouses from 1,000 tons to 500 tons. This decision is related to high domestic prices and the authorities' desire to increase supply.

On February 22, 2024, Bangladesh will conduct a tender to purchase 50,000 tons of milling wheat of unspecified origin.

Tunisia has purchased 100,000 tons of hard wheat of unspecified origin at prices ranging from 414.68 to 417.42 USD/ton C&F, with delivery scheduled within March - April.

Iran has acquired 48,000 tons of soymeal from Brazil at a price of 483 EUR/ton C&F.