Grain Highlights 24.01.2025

For the week starting January 29, 2025, the export tax on Russian wheat will be 4,430.1 RUB/ton (4,699.6 this week).

The Ministry of Agriculture of Russia reports that in February, the export duty on sunseed oil will reach 17,786.4 RUB/ton (16,067 in January), and on sunseed meal it will be 3,888.7 RUB/ton (4,771.6).

For the week starting January 29, 2025, the export tax on Russian wheat will be 4,430.1 RUB/ton (4,699.6 this week). The export tax on barley will be 3,407.8 RUB/ton (3,101.9), and the export tax on corn will be 4,659.1 RUB/ton (5,041.7).

Between July 1, 2024, and January 24, 2025, Ukraine exported 24.475 million tons of grain (22.246 million a year earlier), including 2.514 million tons in January (3.682 million). Exports included 10.563 million tons of wheat (0.65 million in January), 2.035 million tons of barley (0.036 million), and 11.729 million tons of corn (1.82 million).

As of January 1, 2025, wheat stocks in Kazakhstan were 15.73 million tons (11.68 million a year earlier). Barley stocks stood at 2.24 million tons (1.82 million), while corn stocks were 193,400 tons (203,000).

The Argentine government has reduced export taxes on soymeal and soyoil from 31% to 24.5%, and on soybeans from 33% to 26% for the period January 26 – June 30, 2025.

According to CNGOIC data, stocks of key oils in China—soybean and palm—stood at 1.85 million tons at the end of the week (1.86 million a week earlier and 1.97 million a year earlier). Soyoil stocks were estimated at 900,000 tons (950,000 and 830,000), palm oil stocks at 470,000 tons (510,000 and 410,000), and rapeseed oil stocks at 480,000 tons (+60,000 and 350,000).

The Indian government plans to increase its agricultural budget by 15% to a record $20 billion.

According to Bangladesh's Bureau of Statistics, the country's corn production in 2023/24 reached a record 4.87 million tons (+7% compared to 2022/23). The 2024/25 production is expected to reach 5.81 million tons, as more farmers are shifting to corn cultivation. Bangladesh’s annual corn consumption is 6.5 million tons, meaning an import demand of 1–2 million tons.