Grain Highlights 24.04.2024

According to the FAS USDA forecast for 2024/25, wheat production in Pakistan will reach a record 28.8 million tons /28.2 in 2023/24 and 26.2 in 2022/23/.

- According to Fedoil data, in March 2024, 3.55 million tons of oilseed crops were processed in the EU, which is 8% more than the previous month. From January to March, processing reached 10.341 million tons /9.723/. Processed rapeseed amounted to 1.677 million tons /-3.5% compared to February, 5.174 during the first quarter, and +5% compared to 2023/, processed soybeans were 1.356 million tons /+30%, +5%, and 3.579/, and processed sunseed reached 523,000 tons /+6%, +12%, and 1.588/.

- According to Oil World data, soybean processing in Argentina reached 2.99 million tons in March /+0.6 compared to February and 0.9 in March 2023/. From January to March, processing was 7.48 million tons /+1.9/. In March, soymeal exports were 2.16 million tons /1.3/, and oil exports were 453,000 tons /250,000/, while from January to March, they were 5.23 million tons /2.6/ and 1.3 million tons /0.95/ respectively. Sunseed processing for the month was 374,000 tons /444,000/, and since the beginning of the year, it was 880,000 tons /872,000/, with oil exports being 227,000 tons /134,000/, and meal exports 192,000 tons /235,000/.

- According to the FAS USDA forecast for 2024/25, wheat production in Uruguay will reach 1.3 million tons /1.56 in 2023/24/. Exports will decrease to 0.8 million tons /1.13 in 2023/24, which was the maximum level in the last 10 years/. Corn production in the country will be 1 million tons /-35% or 1.55/. Soybean production is projected at reach 3.4 million tons /3.2/.

- According to the FAS USDA forecast for 2024/25, wheat production in Pakistan will reach a record 28.8 million tons /28.2 in 2023/24 and 26.2 in 2022/23/. Reserves will reach a record 4.7 million tons /3.9 in 2023/24/ in the new season. Imports will be 1 million tons, and domestic consumption 30.9 million tons. The country's government predicts a production of 32.11 million tons.

- On April 24, 2024, Jordan purchased 60,000 tons of feed wheat at a price of 217 USD/ton C&F with delivery at the end of July. Other offers from the tender were within the range of 224 to 231.33 USD/ton.

- Jordan canceled a tender to purchase 120,000 tons of milling wheat with delivery within June-July due to high prices.

- Algeria has announced a tender to purchase 120,000 tons of feed corn and 70,000 tons of soymeal with delivery in May. A tender has also been announced to purchase at least 50,000 tons of hard wheat with delivery in June.