Grain Highlights 06.03.2024

In 2024, the rapeseed production in the EU is expected to decrease by 12%. Considering this, there is an increase in demand for Ukrainian rapeseed for the new crop. The current supply of rapeseed under CPT Constanta conditions is priced at 375 - 385 USD/ton.

- The Russian government is expected to increase the grain export quota by 4 million tons during the current season.

- From July 1, 2023, to March 6, 2024, Ukraine has exported 30.444 million tons of grain (32.938 million tons the previous year), including 774,000 tons in March (641,000 tons). The exports include 12.086 million tons of wheat (11,430 tons), 1.685 million tons of barley (2.089 tons), and 16.392 million tons of corn (19.112 tons).

- According to data from the Indonesian Feed Producers Association, the use of corn in feed mixes in the country has decreased to 38.3% in 2023, compared to 45.7% in 2022. The drought during the season reduced corn production and raised prices. Corn is being replaced with feed wheat from the Black Sea region and Australia.

- Abiove has lowered its forecast for soybean production in Brazil by 2.3 million tons to 153.8 million tons (a decrease of 0.8% compared to the previous year). Soybean exports are expected to be 97.8 million tons (a decrease of 0.3% and 4.1%), domestic consumption is projected at 54.5 million tons (compared to 52.2 million tons in 2022/23), soymeal production is estimated at 41.7 million tons (40.7 million tons), and soyoil production at 11 million tons (10.5 million tons).

- According to NDRS forecast, China's grain production in 2024 will reach 650 million tons. Authorities will support the industry with USD 19.54 billion to increase capacities for grain and vegetable oil storage.

- In 2024, Indonesia's palm oil exports will be 29.5 million tons (a 2.5% increase compared to 2023), and production will be 54.4 million tons (a 2.6% increase).

- South Korean company MFG has privately purchased 60,000 tons of feed wheat at a price of 246 USD/ton C&F, with delivery in July.

- In 2024, Morocco's wheat production is projected to be 4 million tons (initially forecasted at 7.5 million tons).

- Algeria has purchased around 600,000 tons of soft wheat with delivery in June at a price of 227.75 - 228 USD/ton C&F.