According to data from Rusagrotrans, wheat exports from Russia have reached 36.8 million tons since the beginning of the season, setting a new record for the country. The total grain exports for the entire 2023/24 season will reach 66.7 million tons.

In January, soybean processing in the United States reached 5.89 million tons (compared to 6.1 in December and 5.7 in January 2023).

StoneX has increased its forecast for soybean production in Brazil for the 2023/24 season by 1.2 million tons to 151.5 million tons (compared to 154.6 in 2022/23). The export forecast remains unchanged at 93 million tons, domestic consumption at 57.5 million tons, and ending stocks at 3.25 million tons (compared to 2.06). Corn production is expected to reach 124.4 million tons (a decrease of 0.1 and 7.5%).

According to Australia's Ministry of Agriculture forecast, current wet conditions in the country will increase winter crop yields (wheat, barley, and canola) in 2024/25 to a total of 51 million tons (compared to 46.7 in 2023/24). In the current season, wheat production in Australia was 26 million tons, barley production reached 10.8 million tons, and canola production was 5.7 million tons.

The Indonesian Flour Mills Association forecasts that wheat imports in Indonesia will be 10.87 million tons in 2024 (a 5% decrease compared to 2023).

At the end of February, palm oil stocks in Malaysia were 1.91 million tons (a 5.7% decrease compared to January). Stocks below 2 million tons were last recorded in August 2023. Unrefined palm oil production in February reached 1.32 million tons (a 6% decrease), and exports were 1.14 million tons (a 15.81% decrease).

During the current season, India may increase soyoil purchases to 4.3 million tons, compared to 3.5 million tons in 2022/23, according to a forecast by the Sunvin Group. Palm oil imports are expected to decrease to 9.2 million tons (from 10 million), while sunseed oil imports remain unchanged at 3 million tons. Total vegetable oil deliveries will be 16.5 million tons, domestic production forecast is at 10 million tons, and consumption is projected at 26.5 million tons.

In February, the import of sunseed oil in India reached 295,000 tons (a 34% increase compared to January). Palm oil imports reached the lowest level in the last 9 months at 504,000 tons (a 35.6% decrease). Soyoil imports were 174,000 tons (a 7.9% decrease).

On 06.03.2024, Algeria will conduct a tender to purchase 120,000 tons of feed corn from Argentina or Brazil and 30,000 tons of feed barley of unspecified origin. Deliveries should be made within March-April. Today, on 05.03.2024, Algeria is holding a tender to purchase at least 50,000 tons of soft wheat with delivery in June.

On 05.03.2024, Jordan held a tender to purchase 120,000 tons of hard wheat. 60,000 tons of wheat were likely purchased from Russia at a price of 236 USD/ton C&F with delivery in early June. There were 6 proposals for deliveries at prices ranging from 243.75 to 264 USD/ton C&F.

Turkey has announced a tender for the sale of 150,000 tons of hard wheat. The previous tender was held on 01.02.2024.