Grain Highlights 17.05.2024

The Ministry of Agriculture of Russia reports that 900,000 hectares of all crops need to be replanted in the country.

- The Ministry of Agriculture of Russia reports that 900,000 hectares of all crops need to be replanted in the country. The replanting is caused by the severe frosts a week ago and the destruction of a large part of the crops.

- Starting from the week of May 22, 2024, the export tax on Russian wheat will be 3,109.7 rubles/ton (3,170.7 a week earlier). Carley and corn remain duty-free.

- As of May 16, 2024, spring crops in Ukraine have been sown on 5.105 million hectares, which is 91.1% of the plan – 5.601 million hectares. The areas sown with wheat are 249,000 hectares (against a plan of 246,100), barley areas reach 781,600 hectares (against 818,000), maize 3.566 million hectares (against 3.912). Sunseed has been sown on 4.605 million hectares (against 5.288) and soybean areas reach 1.641 million hectares (against 1.99).

- According to data from the German National Statistical Agency, in 2024, the areas with winter wheat in the country reach 2.6 million hectares (-8.3% compared to 2023), with winter rapeseed areas of 1.1 million hectares (-5.8%), winter barley areas of 1.3 million hectares (+2.5%). Areas with spring crops will be 1.1 million hectares (+19.6%), including spring barley areas of 363,000 hectares (+13%), corn areas for grain of 518,000 hectares (+11.2%) and corn areas for biogas purposes of 2.1 million hectares (+4.9%).

- As of May 16, 2024, the price of palm oil on the commodity exchange in Kuala Lumpur is declining due to weak exports. During the period of May 1 - 15, palm oil exports from Malaysia were 600,780 tons (633,680 in April), and GSG estimates the export at only 426,950 tons.