Grain Highlights 26.02.2024

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.

- During the past week, 551,200 tons of grain were exported from the Russian port of Novorossiysk, including 526,200 tons of wheat (compared to 628,000 tons the previous week). The largest customers for wheat were Yemen with 107,500 tons, the UAE with 70,000 tons, and Oman with 66,000 tons. Additionally, 25,000 tons of peas were delivered to the UAE.

- In March, the export tax on sunseed oil from Russia remains at zero, while the export tax on sunseed meal decreases to 4,227 rubles per ton.

- From July 1, 2023, to February 26, 2024, Ukraine exported 28.579 million tons of grain (compared to 31.780 million tons the previous year), including 4.703 million tons in February (4.7 million tons). The exports consisted of 11.237 million tons of wheat (10.808 million tons), 1.596 million tons of barley (2.047 million tons), and 15.439 million tons of corn (18.203 million tons).

- At least three ships are preparing to load soybeans from Brazil destined for customers in the United States. In 2023, the export in this direction reached 420,000 tons, and over 100,000 tons are planned for 2024.

- According to data from the Buenos Aires Grain Exchange as of February 21, 2024, in Argentina, 28% of the corn crops are in good or excellent condition (compared to 27% the previous week and 9% the previous year), 57% of the crops are in satisfactory condition (56% and 40%), and 15% in poor condition (17% and 15%). For soybeans,31% of the soybean crops in good or excellent condition (31% the previous week), 52% in satisfactory condition (50%), and 17% in poor condition (19%).

- According to USDA forecasts until 2033/34, global soybean imports will be 221.6 million tons (+25.3% compared to current levels). Soybean imports to China will reach 138 million tons (+38%). China's feed grain imports will reach 44.2 million tons (+3.4%), significantly below the 2020/21 peak of 50.5 million tons, including 26 million tons of corn, 9.1 million tons of sorghum, and 8.6 million tons of barley.

- South Korean millers have purchased 172,300 tons of wheat from Australia, Canada, and the United States at prices ranging from 231.48 to 290.17 USD/ton with deliveries scheduled for May to June.

- Tunisia has purchased 100,000 tons of wheat of unspecified origin at a price of 238.88 USD/ton C&F with delivery scheduled for March to April.