Grain Highlights 25.03.2024

From the beginning of the season until March 17, 2024, Canada exported 15.7 million tons of wheat (-4% compared to the previous season), including 2.2 million tons of durum wheat (-38%).

- In 2024, the areas planted with oil crops in Russia will exceed 17 million hectares (16.965 in 2023), including sunseed areas of 9.55-9.7 million tons, soybean areas up to 4 million hectares, rapeseed areas of 2.25-2.35 million hectares and flaxseed areas of 1.45-1.55 million hectares. Processing capacities for oil crops during the year will increase to 33 million tons (31.3 previously).

- During the past week, 365,400 tons of wheat were exported from the Russian port of Novorossiysk, which is 219,800 tons less than the previous week. The largest clients during this period were Egypt with 129,000 tons, Oman with 67,000 tons, Indonesia with 66,000 tons, and Mexico with 48,900 tons.

- From April 1, 2024, the export tax on sunseed oil from Russia remains at zero, as it was in March. The tax for the export of sunseed meal will be 3,403.9 rubles/ton (4,227 previously).

- From July 1, 2023, to March 27, 2024, Ukraine exported 33.448 million tons of grain (36.922 the previous year), including 3.778 million tons in March (4.625 previously). Wheat exports were 13.319 million tons (1.547), corn exports reached 17.944 million tons (1.949), and barley exports were 1.895 million tons (272,000).

- According to IAOM forecasts, flour exports from Turkey in 2024 will be 4 million tons (3.66 in 2023). In January, exports were 344,000 tons (+22%), and in February, 322,000 tons (+60%).

- From the beginning of the season until March 17, 2024, Canada exported 15.7 million tons of wheat (-4% compared to the previous season), including 2.2 million tons of durum (-38%). Barley exports were 1.3 million tons (-40%), corn exports were 0.6 million tons (-42%), oats exports reached 0.9 million tons (no change). Canola exports were 3.8 million tons (-34%), and soybean exports were 3.2 million tons (+7%).

- According to data from the Buenos Aires Grain Exchange, as of March 20, 2024, corn harvesting in Argentina has been conducted on 4% of the areas (+1% for the week and 5% compared to the previous year). 21% of the crops are in poor and very poor condition (17% last week), 55% are in satisfactory condition (58%), and 24% are in good and excellent condition (25%).

- The Indonesian government has banned corn imports into the country in April in order to achieve adequate supply, stable prices, and optimal production. Corn production in the country for the first 4 months of the year will be 5.34 million tons (+0.5 compared to 2023).

- From March 1 to 25, Malaysia exported 1 million tons of palm oil, which is 11% more than the same period in February. There has been active demand from countries in Africa, the Middle East, and India.