Grain Highlights 21.02.2024

According to Rusagrotrans data, during the period 01.07.2023 - 15.02.2024, 46.6 million tons of grain will be exported from Russia /+7.9 compared to the previous year/, including wheat exports of 35.6 million tons /+3.7/.

- According to data from Rusagrotrans, winter wheat areas in Russia will reach 17.3 million hectares in 2024 /16.4 in 2023/, which is the second highest level after the record from 2021. The forecast for the grain production is 140 million tons /144.3 in an optimistic version/, including wheat production of 92 million tons /96.3/.

- During the period February 1-20, sales of Ukrainian wheat exceeded 2 million tons, which is a record for the country. For March, sales are already 1.4 million tons. The activity of buyers is connected with the very low prices of Ukrainian production. Indonesia is actively buying Ukrainian wheat at prices of 260 – 265 USD/ton C&F. Now, the transportation of wheat through the Red Sea is stopped, and the bypass route around Africa increases the freight by 10-12 USD/ton.

- During the period 1 – 15 February, the authorities in Romania have allowed the import of Ukrainian wheat in the volume of 440,000 tons, as well as 300,000 tons of corn, while only 100,000 tons have received permission to sell on the domestic market. During the period 01.01 - 15.02.2024, deliveries were 441,401 tons of wheat and 300,994 tons of corn.

- According to data from the Natural Resources Institute of Finland, the production of cereals in the country was 3 million tons in 2023/24 /-17% compared to 2022/23/, including barley production of 1.1 million tons /no changes/, oats production of 1 million tons /-17%/, wheat production of 740,000 tons /-15%/ and rye production of 91,000 tons /+30%/. Rapeseed production was 41,000 tons /-28%/.

- According to Conab data, as of February 17, 2024, 29% of the soybean areas in Brazil have been harvested /+8% for the week and 23% a year earlier/, and the first corn crop has been harvested on 21% of the areas  /+2% and 14%/. The sowing of the second corn crop was carried out on 45% of the planned areas /+7% and 33%/.

- Egypt has announced a tender for the purchase of 30,000 tons of soyoil and 10,000 tons of sunseed oil with delivery 25.03 - 30.04.2024. An internal tender will also be held for the purchase of 1,000 tonnes of soyoil and 500 tonnes of sunseed oil to be delivered from Egypt during the March-April period.

- Jordan has bought 50,000 tonnes of wheat at a price of 240.50 USD/ton C&F and delivery within May 16 – 31.