Grain Highlights 30.05.2024

Rusagrotrans forecasts wheat production in Russia for 2024 in a wide range of 77.5 - 84 million tons.

- Rusagrotrans forecasts wheat production in Russia for 2024 in a wide range of 77.5 - 84 million tons. In the optimistic scenario, the total grain production will be 131 million tons, including 84 million tons of wheat, while in the pessimistic scenario, the wheat production will be 77.5 million tons.

- The EU imposes an import tax on Russian wheat, corn, and products derived from their processing and feed. The duty can reach up to 95 euros per ton. The tariffs will come into effect from July 1, 2024.

- According to data from the Indonesian Palm Oil Association, 2.56 million tons of palm oil were exported from Indonesia in March, a 3% decrease compared to March 2023. During the April - September period, global exports will be 25.9 million tons (compared to 24.4 million tons in October - March 2023/24) and 25.5 million tons over the period of April - September 2023.

- South Korea's KFA canceled a tender for the purchase of 138,000 tons of corn but bought 66,000 tons of corn from South Africa in a private deal with delivery in September.

- Taiwan purchased 96,850 tons of wheat from the United States with delivery within July - August.

- Iranian authorities plan to halt wheat imports into the country until March 2025. The country's production in 2023/24 is 10.5 million tons, and only 1 million tons of imports will be needed to meet domestic consumption. In 2021/22, the production was 4.5 million tons with 7 million tons of imports, and in 2022/23, it was 7.5 million tons with 3 million tons of imports.