Grain Highlights 10.09.2024

In 2024/25, oilseed processing in China will reach 137.3 million tons (135.3 in 2023/24), including 99 million tons of soybeans (97.5 million).

- In the first 8 months of 2024, Russia's barley exports reached 5.6 million tons, which is 30% more than the previous year. The largest consumer is Saudi Arabia with over 1.7 million tons purchased, followed by Iran and China. For the entire 2023/24 season, Russia's barley export was almost 9 million tons (5.6 in 2022/23).

- As of September 10, 2024, 639,000 hectares in Ukraine have been sown with winter crops, including 105,200 hectares of winter cereals, or 2% of the forecast. Winter wheat areas cover 101,100 hectares of the planned 4.479 million hectares, and winter barley areas cover 3,700 hectares (out of 638,500 hectares).

- According to APK-Inform data, sunflower seed processing in Ukraine in 2023/24 exceeded 15 million tons (+9% compared to 2022/23).

- Last week, corn harvesting started in the United States. As of September 8, 2024, 5% of the areas have been harvested (4% a year earlier and 3% on average over the past five years). According to USDA forecasts, the corn production will reach 384.7 million tons (389.7 million, a record in 2023/24). The country's export potential is 58.4 million tons.

- According to StatsCan data, by the end of July, canola stocks in Canada for vegetable oil production and animal feed have risen to a four-year high of 3.1 million tons, a 67% increase compared to the previous year. It is expected that Canada's canola stocks will continue to grow compared to 2023 due to China's initiated anti-dumping investigation. Despite the stock increase, canola prices have not decreased.

- According to the Australian Bureau of Statistics, in July, Australia exported 386,650 tons of canola (444,730 in June). The largest clients were the UAE with 152,380 tons, Japan with 151,870 tons, and France with 59,080 tons. China purchased only 500 tons of canola, but this is the first deal in recent years. The Chinese may increase purchases from Australia amid the anti-dumping investigation against Canada. In August, exports were likely 352,000 tons.

- In 2024/25, China's oilseed processing will reach 137.3 million tons (135.3 in 2023/24), including 99 million tons of soybeans (97.5 million). The consumption of meal will reach 102.7 million tons (101.3 million). Soymeal consumption will account for 74% of total consumption, and rapeseed meal consumption for 13.1%. The consumption of vegetable oils for food will be 35.6 million tons (35.1 million).