Grain Highlights 25.06.2024

According to a forecast by SovEcon, in 2024/25, Ukraine's wheat production will be 20.4 million tons (21.6 million tons in 2023/24), and corn production will reach 27.6 million tons (31 million tons).

- According to a forecast by Rusagrotrans, wheat exports from Russia in July will be 2.7-2.9 million tons (4.2 million tons in July 2023). In June, exports will be 4.3 million tons (3.77 million tons).

- According to a forecast by SovEcon, in 2024/25, Ukraine's wheat production will be 20.4 million tons (21.6 million tons in 2023/24), and corn production will reach 27.6 million tons (31 million tons). Wheat exports are expected to reach 13.6 million tons (-25%, 18.2 million tons in 2023/24), and corn exports are projected at 22 million tons (-22% or 28.4 million tons). Ending stocks of wheat will be 0.9 million tons (4 million tons), and ending corn stocks will be 1.5 million tons (4.2 million tons).

- As of June 23, 2024, US farmers have planted 97% of the planned soybean areas, according to NASS data. 67% of the crops are in good to excellent condition (70% and 51%), as well as 52% of winter wheat crops (49% and 40%), and 71% of spring wheat crops  (76% and 50%). Winter wheat has been harvested on 40% of the areas (21% and 25%).

- South Korea's KFA has purchased 66,000 tons of feed corn at a price of 244 USD/ton C&F, with delivery in October.

- India has purchased a record 500,000 tons of sunseed oil for delivery in June. Competition between exporters from Russia and Ukraine has lowered the product's price below that of soyoil and palm oil. In 2023, India has been importing an average of 250,000 tons of sunseed oil per month.

- Egypt's state company GASC has purchased 25,000 tons of soyoil from the domestic market at prices around 973 USD/ton.

- Algeria has announced a tender to purchase at least 50,000 tons of soft wheat with delivery from August to October.

- According to IGC data, global biodiesel production in 2023 will reach a record 71.5 million tons (+11% compared to 2022). In 2024, production is forecasted at 76.3 million tons. Production in the United States, Brazil, and Indonesia alone accounts for 60% of the world's production (35% ten years ago).