Grain Highlights 01.10.2024

01 Oct, 2024
Grain Highlights 01.10.2024
In September, Russia exported 5.76 million tons of grain (-25% compared to September 2023), including 5.286 million tons of wheat (-16%), 340,000 tons of barley (compared to 1,104,000), and 133,000 tons of corn (compared to 285,400).

- The largest buyer of Russian wheat in September was Egypt with 1.335 million tons, followed by Algeria with 453,000 tons, Turkey with 305,000 tons, and Iran with 271,000 tons. The biggest buyer of barley was Tunisia, followed by Saudi Arabia, while Iran ranked first in corn purchases.

- In 2024, sunseed yield in Bulgaria has decreased to 1.55 tons/hectare (-16.2% compared to 2023), and in Romania to 1.45 tons/hectare (-34.7%). According to a forecast by FAS USDA, Bulgaria's sunseed production in 2024 will be 1.7 million tons (-4% compared to 2023/24 and -21% compared to 2022/23).

- Global vegetable oil markets have seen steady growth in recent weeks. In the EU, sunseed oil has reached 1,125 USD/ton FOB (+40+75), rapeseed oil is at 1,083 USD/ton, and soyoil is at 1,110 USD/ton according to Oil World data. Palm oil prices have risen the most, by +90+110 USD/ton. Palm oil production in Indonesia is expected to decrease by 1 million tons to 53.8 million tons, and exports are projected to drop by 2 million tons to 30.2 million tons.

- According to USDA data, wheat production in the United States will reach 53.62 million tons in 2024 (+9% compared to 2023). As of September 1, 2024, wheat stocks in the country were 54.1 million tons (+12% compared to the previous year). According to NASS data, as of September 29, 2024, 21% of the corn areas and 26% of the soybean areas had been harvested in the United States. Winter wheat has been planted on 39% of the planned areas.

- In Brazil, heavy rainfall has begun. So far, it is light in the central regions but is expected to intensify in the coming days. As of September 26, 2024, 2% of the planned soybean areas has been planted (5% a year earlier). As a result, soybean prices on global markets have started to decline. As of September 26, 2024, 62% of the soybean areas in Ukraine have been harvested, yielding 3.5 million tons. According to IGC's September forecast, global soybean stocks in 2024/25 will increase by 13 million tons compared to 2023/24, reaching 82 million tons.

- According to FAS USDA data, Morocco's wheat production in 2024 is 2.47 million tons (compared to 4.16 in 2023/24). Consequently, imports are expected to rise to 7.5 million tons (compared to 6.24).