Grain Highlights 13.05.2024

IKAR has lowered its forecast for the wheat production in Russia for 2024/25 by 5 million tons compared to the previous estimate, down to 86 million tons.

From IKAR, they have revised their forecast for the wheat production in Russia for 2024/25 downwards by 5 million tons compared to the previous estimate to 86 million tons. At the beginning of May, the production estimate was also reduced by 2 million tons. Exports are expected at 47 million tons /-3.5/. The grain production is projected to reach 135 million tons /-7/, with exports of 59.5 million tons /-5/.

During the past week, 465,900 tons of grain were exported from the Russian port of Novorossiysk, which is a 13% increase compared to the previous week. Of these, 441,400 tons were wheat, with Egypt purchasing 75,400 tons, Iran 71,500 tons, Sudan 67,700 tons, and 24,500 tons of barley, specifically for Saudi Arabia.

From July 1, 2023, to May 13, 2024, Ukraine exported 43.206 million tons of grain /43.598 a year earlier/, including 1.847 million tons in May /1.712/. Of these exports, 16.412 million tons were wheat /14.98/, 2.242 million tons barley /2.546/, and 24.069 million tons corn /25.744/.

As of May 1, 2024, wheat reserves in Kazakhstan were 7.78 million tons /8.84 a year earlier/. Barley reserves were 1.23 million tons /1.3/.

According to AHDB data, 45% of winter wheat crops in the United Kingdom are in good or excellent condition /34% at the end of March and 88% a year earlier/.

According to data from the Australian Bureau of Statistics, 627,300 tons of barley were exported from the country in March /532,700 in February/. China purchased 384,600 tons of feed barley and 185,300 tons of malting barley.

The Iraqi Ministry of Agriculture predicts a wheat production of 7 million tons in the country for 2024. Local farmers have already sold 1.5 million tons of wheat from the new crop. Usually, the country imports 4.5 to 5 million tons of wheat annually.

During the new season, Zimbabwe's corn production will be 634,699 tons /-72% compared to the previous year/. Imports will be 1.4 million tons. The significant decrease in the production is due to severe drought.

According to Oil World data, soymeal exports worldwide were 7.15 million tons in April /+28% compared to April 2023/.