Grain Highlights 02.09.2024

According to a forecast by Rusagrotrans, wheat exports from Russia in September are expected to reach 5.1–5.2 million tons (5.5 million in September 2023).

- According to a forecast by Rusagrotrans, wheat exports from Russia in September are expected to reach 5.1–5.2 million tons (5.5 million in September 2023). In August, exports amounted to 4.95 million tons (5.4 million). The largest buyers were Egypt with 0.86 million tons, Turkey with 0.5 million tons, Saudi Arabia with 0.45 million tons, Iran with 0.38 million tons, and Bangladesh with 0.37 million tons.

- From September 4, 2024, the export tax on Russian wheat will be 1,115.7 rubles per ton (908.5 rubles a week earlier). The export tax on corn will be 724.5 rubles per ton (701.4 rubles), while the duty on barley remains at zero.

- In August, 2.27 million tons of wheat were exported from the Russian port of Novorossiysk (+15.1% compared to August 2023). The largest clients were Vietnam with 246,800 tons, Egypt with 514,000 tons, Saudi Arabia with 192,500 tons, Algeria with 184,500 tons, Bangladesh with 159,900 tons, Kenya with 152,900 tons, Iran with 150,000 tons, Turkey with 118,800 tons, and Indonesia with 118,100 tons.

- During the period from August 1 to 25, sunseed oil exports from Ukraine amounted to 200,000 tons (-45% compared to July). The decline was due to a lack of raw materials for processing. During the period from September 1, 2023, to August 25, 2024, exports totaled 6.23 million tons, one of the best results for the country. Of this, 3.7 million tons of oil were exported to the EU.

- According to a forecast by Argus, in 2024/25, France's soft wheat exports to countries outside the EU will be 4.1 million tons (6.3 million in 2023 and an average of 10 million over the last five years).

- Safras & Mercado has lowered its forecast for Brazil's wheat production from 8.86 million tons to 8.13 million tons (8.5 million in 2023). Nearly 10% of the areas have already been harvested, but the crop is weak due to drought, marking the third consecutive year of this issue. Imports during the season will reach 6.5 million tons (5.68 million).

- According to a survey of analysts, Australia's wheat production in 2024 will reach 31.1 million tons (26 million in 2023). The barley production will be 11.6 million tons, and the canola production is projected at 5.5 million tons.

- During the August–October period, China's palm oil imports will total 1.08 million tons, broken down by month as follows: August 300,000 tons, September 360,000 tons, and October 420,000 tons. In August, palm oil stocks in China increased to 590,000 tons (-70,000 compared to August 2023).