Grain Highlights 07.10.2024

The Russian Grain Exporters Union forecasts the country's total grain production in 2024 at 124.6 million tons (-1% from the previous estimate), including 83.1 million tons of wheat (-0.4%), 17.7 million tons of barley (-0.6%), and 12.2 million tons of corn (-3.9%).

- During the week starting on 09.10.2024, Russia’s wheat export tax will rise to 1,328.3 rubles/ton (from 1,246 a week earlier), the sunseed meal tax will be 2,927.6 rubles/ton, while the export tax on sunseed oil remains zero.

- The Russian Grain Exporters Union forecasts the country's total grain production in 2024 at 124.6 million tons (-1% from the previous estimate), including 83.1 million tons of wheat (-0.4%), 17.7 million tons of barley (-0.6%), and 12.2 million tons of corn (-3.9%). Grain exports are expected to reach 52.5 million tons (-1.5%), including wheat exports of 43.5 million tons (unchanged), barley exports of 3.6 million tons (-7.7%), and corn exports of 2.6 million tons (-7.1%).

- In Ukraine, 56.6 million tons of grains and oilseeds have been harvested, including 37.3 million tons of grain and 15.8 million tons of oilseeds. This includes 22.3 million tons of wheat (100% of the area), 5.5 million tons of barley (100%), 8 million tons of sunseed (79%), 4.3 million tons of soybeans (74%), and 3.5 million tons of rapeseed (100%).

- A weak sunseed production in Ukraine is forcing farmers to hold off sales, anticipating higher prices. At the same time, processing plants are running out of raw materials and are switching to processing soybeans, but only in limited quantities.

- SovEcon has reduced its forecast for Ukraine’s corn production by 1.1 million tons to 23.5 million tons, with exports at 19 million tons. The wheat productionis expected to reach 21.8 million tons (+0.5), with exports of 15.4 million tons (+0.5).

- According to Informations-Gesellschaft, Germany’s soybean acreage in 2024 will be 40,600 hectares, or 10% less than in 2023. In 2023, soybean imports to Germany amounted to 3.4 million tons, including 2.7 million tons from the U.S. DRV has lowered its forecast for Germany's 2024 rapeseed production to 3.9 million tons, with acreage under 6 million hectares.

- Rabobank forecasts Australia’s wheat production to be between 27 and 29 million tons (30.4 in August, 26 in 2023, and an average of 29.8 over the last five years). Barley production is expected to reach 10 million tons, and canola production between 4.5 and 5.2 million tons.

- In September, palm oil shipments to India totaled 530,000 tons (-34% from August), soyoil imports were 388,000 tons (-15%), and sunseed oil imports reached 145,000 tons (-49%). Total oil imports for the month reached 1.06 million tons (-31%).

- Saudi Arabia purchased 307,000 tons of milling wheat with December–January delivery at prices ranging from 230 to 263.95 USD/ton FOB.

- Algeria has announced a tender for the purchase of at least 50,000 tons of milling wheat from any origin.