Grain Highlights 02.10.2024

In 2023/24, over 10 million tons of vegetable oils were produced in Russia, an 8% increase compared to 2022/23.

- In 2023/24, over 10 million tons of vegetable oils were produced in Russia, an 8% increase compared to 2022/23. Sunseed oil production reached 7.81 million tons (+14%), soyoil production was 1.1 million tons (+4%), and rapeseed oil production reached 1.24 million tons (-14%). The production of oilseed meals totaled 14.2 million tons (+10%), including 7.54 million tons of sunseed meal, 4.76 million tons of soymeal, and 1.73 million tons of rapeseed meal.

- From July 1 to October 2, 2024, Ukraine exported 10.647 million tons of grain (compared to 6.676 million tons in the same period the previous year), including 197,000 tons in October (7,000 tons last year). The exports consisted of 6.207 million tons of wheat (3.342 million tons last year), 1.325 million tons of barley (0.622 million tons), and 2.849 million tons of corn (2.689 million tons).

- Strategie Grains lowered its forecast for the sunseed production in the EU by 0.4 million tons to 8.9 million tons (compared to 9.8 million tons in 2023). The rapeseed production forecast was reduced for the fifth consecutive month, this time by 0.2 million tons to 16.7 million tons (-16.5%), while the soybean production  forecast remains unchanged at 2.9 million tons. For the 2025/26 season, rapeseed areas in the EU are expected to increase by 4%, while sunseed areas will remain unchanged.

- According to Conab data, as of September 29, 2024, 2% of the planned soybean areas in Brazil have been sown (compared to 4% the previous year). The first corn crop has been planted on 22% of the planned areas (23% last year). Wheat harvesting has been completed on 31% of the areas (35% last year).

- Egyptian authorities raised the purchase price for wheat from local farmers by 10% to 303.4 USD/ton. Typically, the authorities buy 3.5 million tons of wheat from farmers.