Grain Highlights 28.06.2024

In their June forecast, analysts from StatsCan estimate wheat acreage in Canada at 26.641 million acres (27.05 million in March and 26.93 million in 2023/24).

- Between January and May, wheat exports from Russia to China reached 124,700 tons, a 9.3-fold increase compared to the previous year.

- In Ukraine, the grain harvesting campaign has begun. A total of 209,800 hectares have been harvested, yielding 721,400 tons of grain with an average yield of 3.44 tons/hectare. Barley has been harvested on 145,800 hectares, yielding 545,700 tons with an average yield of 3.74 tons/hectare. Wheat has been harvested on 36,200 hectares, yielding 112,800 tons with an average yield of 3.12 tons/hectare. Rapeseed has been harvested on 31,700 hectares, yielding 63,600 tons with an average yield of 2.01 tons/hectare.

- From July 1, 2023, to June 28, 2024, Ukraine exported 50.553 million tons of grain (48.996 million the previous year), including 3.621 million tons in June (3.658 million). This includes 18.3 million tons of wheat (16.836 million), 2.477 million tons of barley (2.704 million), and 29.233 million tons of corn (29.128 million).

- In 2024, Moldova's wheat production will be 1.4–1.5 million tons. Traditionally, about 1 million tons will be exported. Domestic consumption is about 350,000 tons for flour, around 70,000 tons for seeds, and 180,000–185,000 tons for feed.

- In their June forecast, StatsCan analysts estimate wheat acreage in Canada at 26.641 million acres (27.05 in March and 26.93 in 2023/24). Expectations were for wheat areas of 26.94 million acres. Canola areas are projected at 22 million acres (21.39, 22.08, and 21.52).

- AgRural reports that the increase in blending diesel with biodiesel will halt soyoil exports from Brazil in the coming years. If soybean production and processing do not increase or if biodiesel shifts to another base, the country will stop exporting, despite being the second-largest soyoil exporter in the world. According to USDA data, in 2024/25, soyoil exports from Brazil will be 1.4 million tons (-22.2% compared to 2023/24). Currently, the biodiesel blend is B14 (14%), the highest level in the country's history but still low compared to other countries using this product. In 2024, soyoil consumption for biodiesel is expected to rise to 72% of total production (69% in 2023). The mandate is expected to reach B15 in 2025 and B30 in 2030. The problem lies in soyoil consumption. But what will be done with the excess soymeal? And Brazil's massive soybean production? A slight change in consumption directions could easily find a balance.