In 2024, the rapeseed production in the EU is expected to decrease by 12%. Considering this, there is an increase in demand for Ukrainian rapeseed for the new crop. The current supply of rapeseed under CPT Constanta conditions is priced at 375 - 385 USD/ton.
StoneX has increased its forecast for soybean production in Brazil for the 2023/24 season by 1.2 million tons to 151.5 million tons (compared to 154.6 in 2022/23).
According to Strategie Grains' forecast for 2024, the rapeseed production in the EU is projected to reach 18.3 million tons (-0.1 compared to the previous estimate and -1.6 compared to 2023).
In 2023/24, the soybean production in the Brazilian state of Parana is projected to reach 18.228 million tons, which is a decrease of 4.239 million tons compared to 2022/23, according to Deral's forecast.
According to SovEcon, Russia's wheat exports in February are expected to be 3.8 million tons (compared to 3 in February 2023 and an average of 2.6 for the month a year ago).
According to market operators, last week China purchased 240,000 tons (4 cargoes) of corn from Ukraine, with some reports indicating purchases of 10 cargoes.
On February 15, 2024, Russia introduced quotas on grain exports, which currently do not affect the export volume. During the period from February 15 to 25, grain exports from Russia increased to 1.87 million tons (+23.5% compared to the previous year), including 1.478 million tons of wheat (+17.3%), 192,000 tons of barley, and 200,000 tons of corn.
According to the USDA forecast until 2033/34, global soybean imports are expected to be 221.6 million tons, representing an increase of 25.3% compared to current levels.
According to USDA data for the next 10 years, Brazil will supply 72% of the global soybeans, 46% of corn, 62% of beef, 61% of poultry, and 32% of pork.
