Grain Highlights 23.08.2024

As of August 22, 2024, Ukraine has harvested 6.759 million hectares of grain crops, covering 61% of the total area.

- ProZerno forecasts a rapeseed production in Russia of 5 million tons, while Oleoscope expects 5.1 million tons. In 2023, the production was 4.2 million tons, and now the Ministry of Agriculture of Russia predicts 5.4 million tons.

- For the week of August 28 – September 3, 2024, the export tax on Russian wheat will be 908.5 rubles/ton (up from 828.4 a week earlier). The export tax on corn will be 322.2 rubles/ton (down from 1,033.6), while barley remains duty-free.

- According to Rosstat, in the 2023/24 season, grain crop areas in Russia are 46.127 million hectares (-4% compared to 2022/23), including wheat areas of 28.506 million hectares (-4.2%) and barley areas of 6.96 million hectares (-12.9%).

- In 2023/24, Russia's grain exports reached 72 million tons, including 54.1 million tons of wheat. In 2024/25, grain exports are expected to be 60 million tons.

- As of August 22, 2024, Ukraine has harvested 6.759 million hectares of grain crops, covering 61% of the total area. The harvested grain amounts to 28.595 million tons, with an average yield of 4.23 tons/hectare. The harvested wheat is 21.74 million tons (100% of the area), and harvested barley reaches 5.49 million tons (100% of the area).

- Drought in Ukraine is reducing crop yield forecasts across all crops. Ukrainian agencies expect the soybean production to reach 5.7 million tons (compared to 7.3 million tons forecasted by the USDA) from 2.63 million hectares. Some experts predict as low as 5 million tons. In 2023, the production was 4.7 million tons from 1.8 million hectares.

- South Korea's MFG plans to purchase 70,000 tons of feed corn from South America or South Africa. They are seeking one shipment with delivery by December 23, 2024, with offered prices exceeding 235 USD/ton C&F.