Grain Highlights 28.03.2024

28 Mar, 2024
Grain Highlights 28.03.2024
According to the forecast of the European Commission, the soft wheat production in the EU for 2024/25 will be 120.8 million tons (-4% compared to 2023/24), which is the minimum level in the last 4 years.

- According to the forecast by the European Commission for 2024/25, the soft wheat production in the EU is projected to be 120.8 million tons (-4% compared to 2023/24), marking the lowest level in the past 4 years. Export is expected to remain at 31 million tons (no change), while imports are forecasted to decrease to 4.4 million tons (from 7.5 million). Ending wheat stocks are estimated to be 12.1 million tons (compared to 19.9 million). Corn exports are anticipated to reach 4.8 million tons (+7.7% compared to 2023/24), and barley production is forecasted to reach 10.3 million tons (+8.5%). Corn production is expected to yield 69 million tons (+10.8%), while barley production is projected to reach 53.7 million tons (+13%).

- In 2024/25, oilseed processing in the EU is expected to increase by 2% compared to 2023/24, reaching 48.4 million tons according to forecasts by APK-Inform. This includes 9.8 million tons of sunseed (+4.5%) and 14.5 million tons of soybeans (+2.8%). Rapeseed processing is expected to remain unchanged at 24 million tons due to a 1.8% decrease in production.

- In 2023/24, Turkey is set to rank second globally in the export of hard wheat, filling the reduced shipments from Canada. Since the beginning of the season, Turkey has already exported 1.5 million tons of hard wheat. In recent years, the country has been a net importer of hard wheat, but in 2023/24, it has become an exporter.

- Agroconsult predicts a soybean production of 156.5 million tons in Brazil for 2023/24 (compared to 152.2 million in the January estimate). The cultivated area for soybeans is expected to reach 46.4 million hectares (+1.2% compared to 2022/23).

- Saudi Arabia has announced a tender to purchase 595,000 tons of wheat with 12.5% protein content and unspecified origin. Deliveries are scheduled within June to July.

- In 2023, Azerbaijan imported 1.1 million tons of Russian wheat (+0.9% compared to 2022). The total wheat shipments to the country amounted to 1.175 million tons (-9%).

- According to the forecast by FAS USDA, Algeria is expected to import a record 8.6 million tons of wheat in 2023/24. For 2024/25, imports are projected to be 8 million tons against a harvest of 3 million tons (2.7). Wheat consumption in the country in 2023/24 is expected to be 11.2 million tons.