Grain Highlights 22.03.2024

23 Mar, 2024
Grain Highlights 22.03.2024
During the second ten-day period of March, Russia exported 2.875 million tons of grain, while during the first period, Russia exported 1.269 million tons. Wheat exports during the second ten-day period were 2.386 million tons (compared to 1.068 million tons in the first ten-day period of March).

- Since the beginning of the month, grain exports from Russia have amounted to 4.143 million tons (at the level of the previous year), including wheat exports of 3.454 million tons (+1.7%), corn exports of 353,000 tons (-43.6%), barley exports of 336,400 tons (155,000). For the entire month, grain exports will reach 6.5 million tons (6.2), including wheat exports of 5.4 million tons (5.2). During the period of March 1-20, 861,000 tons of wheat were exported to Egypt, 273,500 tons to Turkey, 194,000 tons to Libya, 169,000 tons to Saudi Arabia, 160,000 tons to Bangladesh, 146,000 tons to Mexico, and 85,000 tons to Djibouti. Corn exports to Iran amounted to 159,000 tons, to Saudi Arabia 102,000 tons, to Tunisia 26,500 tons, and to Israel 24,000 tons.

- By the end of February, grain reserves in Russia amounted to 28 million tons (-2.7% compared to February 2023), including wheat stocks of 17.5 million tons (+1.1%) and corn stocks of 2.9 million tons (-10%). Oilseed reserves were 4 million tons (5.1), including 2 million tons of sunseed (-16.8%).

- During the week of March 27 to April 2, 2024, the export tax on Russian wheat will be 3,298.6 rubles/ton (3,143 a week earlier). The export tax on barley will be 573.3 rubles/ton (165.2), and the export tax on corn will be 0 rubles/ton (71.2).

- As of March 21, 2024, in Ukraine, spring crops have been planted on 214,500 hectares, or 3.8% of the planned areas, including wheat on 29,000 hectares (11.8%) and barley on 53,100 hectares (14.3%).

- According to data from FranceAgriMer as of March 18, 2024, in France, only 48% of the planned areas have been sown with spring barley (100% a year earlier and 89% on average for the last five years). The delay is due to heavy rainfall in recent weeks. 66% of the winter soft wheat crops are in good and excellent condition (94% a year earlier), as well as 72% of the winter hard wheat crops (92%), and 68% of barley crops (96%).

- According to Refinitiv data, Brazil is experiencing adverse dryness in the regions where most of the second corn crop is grown. Therefore, the forecast for the total corn production for 2023/24 has been reduced to 118.1 million tons (131.9 in 2022/23). The soybean production estimate has also been reduced to 150.6 million tons (-4%).

- The Grain Exchange in Buenos Aires has lowered its forecast for the corn production in Argentina for 2023/24 to 54 million tons (56.5 in the previous estimate). The soybean production forecast remains unchanged at 52.5 million tons.

- According to data from the Rosario Grain Exchange, during the period December 1, 2023, to March 14, 2024, Argentina exported 3.9 million tons of wheat, which is 122% more than the previous year and 35% less than the five-year average of 6.1 million tons.