Grain Highlights 17.06.2024

According to the latest forecast by FAS USDA, the wheat production in Bulgaria in 2024/25 will reach a record 6.9 million tons, which will be achieved with smaller areas, a reduction of 4% compared to 2023/24, and higher yields.

- As of June 10, 2024, the planted areas with spring crops in Russia reached 52.3 million hectares, a decrease of 1.6 million compared to the previous year. Spring wheat was planted on 12.3 million hectares, down by 1.3 million, and corn was planted on on 2.7 million hectares. Sunseed was planted on 10.3 million hectares, compared to 10.4 million in 2023.

- According to data from Rosstat, at the end of May, the stock of oil crops in agricultural enterprises in Russia was 1.5 million tons, a decrease of 35.8% compared to 2023, and grain stocks were 13.4 million tons, a decrease of 14.1%, including 8.2 million tons of wheat, down by 9.7%.

- During the period January to March, wheat exports from Russia to Indonesia amounted to 491,000 tons.

- In the past week, wheat exports from the Russian port of Novorossiysk reached 324,000 tons, compared to 436,400 tons the previous week, including 129,000 tons to Egypt, 58,500 tons to Saudi Arabia, and others.

- The Russian Grain Exporters Union forecasts wheat exports from the country in the new season to be 40 million tons, a decrease of 14.7% compared to 2023/24. Corn exports will be 5 million tons, down by 5.7%, and barley exports will remain unchanged at 4.3 million tons. The total grain export are expected to reach 53.5 million tons, a decrease of 9.5%. The grain production will be 125.1 million tons, a decrease of 7% compared to May, including 79.3 million tons of wheat, down by 8.6%, 18.6 million tons of barley, down by 3.6%, and 14.9 million tons of corn, down by 2.6%.

- During the period July 1, 2023, to June 17, 2024, grain exports from Ukraine reached 48.948 million tons, compared to 47.49 million tons the previous year, including 2.016 million tons in June, compared to 2.153 million tons the previous year. Exports included 18.008 million tons of wheat, compared to 571,000 tons, 2.457 million tons of barley, compared to 71,000 tons, and 27.946 million tons of corn, compared to 1.366 million tons.

- According to the latest forecast by FAS USDA, the wheat production in Bulgaria in 2024/25 will reach a record 6.9 million tons, which will be achieved with smaller areas, a reduction of 4% compared to 2023/24, and higher yield. In 2023/24, wheat exports from Bulgaria will be 5.2 million tons, compared to 4.1 million tons in 2022/23. The barley production is expected to reach 850,000 tons, an increase of 7%, and the corn production will be 2.8 million tons, compared to 2.4 million tons. The corn yield will be 6.6 tons per hectare, an increase of 57% compared to 2023/24 and 21% compared to the five-year average.

- In its June report, Conab raised its forecast for Brazil's second corn production by 1.96 million tons to 88.12 million tons. The total corn production will be 114.14 million tons. The soybean production is estimated at 147.32 million tons, a decrease of 0.32 million tons and 4.7%.

- The Rosario Grain Exchange forecasts a wheat production in Argentina for 2024/25 of 21 million tons, compared to 14.5 million tons in 2023/24. As of June 12, 2024, 2.87 million hectares have been sown, 46.3% of the planned areas, and an increase of 20.6% for the week.

- From April to now, the authorities in Iran have purchased 4.4 million tons of wheat from local farmers, which is 0.2 million tons more than the previous year. The harvesting campaign will continue until the end of September.