Grain Highlights 13.03.2024

13 Mar, 2024
Grain Highlights 13.03.2024
According to the forecast by APK – Inform, the sunseed production in Ukraine in 2024 is projected to be 13.9 million tons (a 1% increase compared to 2023), soybean production is expected to be 6 million tons (a 17% increase), and rapeseed production is forecasted to be 4.2 million tons (a 9% decrease).

- During the period from July 1, 2023, to March 13, 2024, grain exports from Ukraine reached 31.887 million tons (34.226 million tons the year before), including 2.217 million tons in March (1.929 million tons previously). Export figures include 12.761 million tons of wheat (989,000 tons previously), 1.782 million tons of barley (159,000 tons), and 17.059 million tons of corn (1.064 million tons).

- From July 1, 2023, to March 3, 2024, the EU exported 20.9 million tons of wheat (a 2% decrease compared to the previous year). Major exporters within the EU include France with 5.7 million tons of wheat, Romania with 4.9 million tons, Poland with 2.6 million tons, Germany with 2 million tons, Lithuania with 1.9 million tons, Latvia with 1.4 million tons, and Bulgaria with 1.7 million tons. Major recipients of European wheat include Morocco with 3.1 million tons, Nigeria with 2 million tons, Algeria with 1.9 million tons, China with 1.4 million tons, and Egypt with 1.3 million tons. Wheat imports into the EU during this period totaled 6.4 million tons, including 4.3 million tons from Ukraine.

- According to StatsCan's forecast for 2024, canola areas in Canada will be 21.4 million acres (a 3.1% decrease compared to 2023), soybean areas will cover 5.6 million acres (a 0.9% decrease), wheat areas will cover 27 million acres (a 0.1% increase), corn areas will cover 3.9 million acres (a 1.6% increase), and barley are expected to cover 7.1 million acres (a 2.5% decrease).

- Conab has lowered its forecast for the 2023/24 soybean production in Brazil by 2.6 million tons to 144.7 million tons, 5% below the 2022/23 level. The combined production of first and second corn crop is expected to be 112.75 million tons (down from 131.89 million tons), while the wheat production is forecasted at 9.6 million tons (down from 8.1 million tons).

- Over the last two days, precipitation ranging from 15 to 75 mm has fallen in Argentina's main producing regions, with up to 150 mm in central areas. Moisture is crucial for the development of corn and soybean crops. Recent precipitation has been uneven, causing stress to plants.

- According to CNGOIC data for the week of March 2-8, soybean processing in China reached 1.8 million tons (a 6% decrease from the previous week and a 25% increase from the previous year). Soybean stocks amount to 4.4 million tons (an 18% decrease).

- According to SEA data for February, palm oil imports into India reached 497,800 tons (a 36% decrease from January), sunseed oil imports reached 297,100 tons (a 35% increase), and soyoil imports reached 172,940 tons (an 8% decrease). As of March 1, 2024, vegetable oil stocks in India stood at 2.38 million tons (a 10% decrease), the lowest level in the last 18 months.

- According to the State Food Corporation of India, wheat stocks in the country stood at 9.7 million tons at the beginning of March, the lowest level since 2017. The government does not plan to stimulate imports, as the goal is to maintain high domestic prices.

- Jordan has purchased 60,000 tons of feed barley at a price of 216.75 USD/ton C&F with delivery scheduled within April 1-15. Other bids at the tender ranged from 220 to 238.75 USD/ton.