Grain Highlights 08.11.2024

February rapeseed futures in Paris rose by 3.2% over the past week to 532.75 EUR/ton (575 USD/ton), up 7 EUR/ton for the month.

- During the week of November 13–19, Russia’s export tax for wheat increased to 2,569.2 rubles per ton, the export tax on barley will be 1,367.4 rubles per ton, and the export tax on corn will be 3,288.4 rubles per ton.

- Winter crop sowing in Russia has covered an area of 17.02 million hectares, which is 1.2 million hectares less than last year.

- According to FranceAgriMer data as of November 4, 2024, 62% of the planned winter wheat areas in France have been sown (+19% for the week and 77% on average for the last five years). Winter barley has been sown on 78% of the planned areas (+16% and 87% average), and corn has been harvested from 58% of the areas (+20% and 89% average).

- As of November 7, 2024, 10.413 million hectares of grain crops in Ukraine, or 94% of the plan of 11.116 million hectares, have been harvested. A total of 49.938 million tons of grain have been gathered, with an average yield of 4.8 tons per hectare. Corn has been harvested from 83% of the planned areas, with 20.245 million tons of grain gathered at a yield of 6.06 tons per hectare. The potential production is expected to reach 24.5–25 million tons. Sunseed harvesting has reached 95% of the areas, with 9.684 million tons collected and a potential production of 10.2 million tons. Soybeans have been harvested from 96% of the areas, with 5.821 million tons collected at a yield of 2.28 tons per hectare.

- Between July 1 and November 8, 2024, Ukraine exported 15.302 million tons of grain (10.1 million the previous year), including 902,000 tons in November (860,000 previously). Wheat exports were 7.962 million tons (4.973), barley exports were 1.713 million tons (0.698), and corn exports reached 5.347 million tons (4.34).

- February rapeseed futures in Paris rose by 3.2% over the past week to 532.75 EUR/ton (575 USD/ton), up 7 EUR/ton for the month. November canola futures in Winnipeg rose by 4.5% over the last two sessions to 465 USD/ton. According to the European Commission, rapeseed imports to the EU have increased by 8% from last year to 1.92 million tons. Canadian canola is 100–110 USD/ton cheaper than European rapeseed, which is expected to further boost imports. Agrarmarkt Informations-Gesellschaft reports that Canada’s canola exports are projected to grow by 30% in the 2024/25 season compared to the previous season, reaching 8.7 million tons. This week, export prices for Ukrainian rapeseed rose to 525–535 USD/ton.

- Secex data shows that Brazil’s soybean exports in October were 4.71 million tons (5.6 million in October 2023). In September, exports were 6.11 million tons (-4.5%).

- Morocco has purchased 300,000 tons of wheat from the EU, despite strong competition from Black Sea region production.