Grain Highlights 01.03.2024

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.

In 2023/24, sunseed oil production in Russia is expected to reach a record 7.55 million tons (6.64 in 2022/23, 5.866 in 2021/22, 5.298 in 2020/21). Exports are projected to reach 4.59 million tons (4.016 in 2022/23, 2.637 in 2021/22, 2.993 in 2020/21).

According to IKAR's forecast for 2024/25, the oilseed cultivation areas in Russia will increase by 200,000 – 350,000 hectares compared to 2023/24. Sunseed cultivation will cover 9,550 – 9,700 thousand hectares (9,818), soybean areas will be 3,900 – 4,000 thousand hectares (3,628), and rapeseed areas are expected at 2,200 – 2,300 thousand hectares (2,108).

SovEcon's forecast in February suggests that Russia's wheat exports will be 3.8 million tons, setting a new record compared to the previous three years and a monthly average of 2.6. The previous record was set in February 2021 at 3.6 million tons.

For the week of March 6-12, Russian wheat export taxes will be 3,575.4 rubles/ton (3,800), the export tax on barley will be 587.8 rubles/ton (571), and the export tax on corn will be 885.2 rubles/ton (828.9).

According to FranceAgriMer data as of February 26, 2024, in France, 91% of the planned durum wheat areas have been sown (+1% for the week and 97% compared to the previous year). 74% of the crops are in good or excellent condition (91%), as well as 68% of the soft wheat crops (-1% and 95%).

EIA estimates indicate that ethanol stocks in the United States reached their highest level since mid-March 2023 at 26.02 million barrels (+520,000 barrels for the week and +1.25 million barrels compared to the previous year). Weekly ethanol production in the United States is 1.08 million barrels per day (-6,000 from the previous week and +75,000 compared to the previous year). Weekly ethanol exports reach 77,000 barrels (93,000 the previous week).

In 2023/24, the soybean production in the Brazilian state of Parana is projected to reach 18.228 million tons (-4.239 compared to 2022/23) according to Deral's forecast. The average yield is expected to be 3.16 tons/hectare (3.9).

Oil World data from December 2023 indicates that biodiesel consumption in Argentina has decreased to 15,000 tons (compared to 58,000 in December 2022).

Refinitiv Commodities Research has revised down its forecast for the corn production in Argentina for 2023/24 by 1.1 million tons to 56 million tons.

Feed producers from Taiwan have purchased 65,000 tons of feed corn at a price of 241.30 USD/ton C&F with delivery in May 2024. The price is 17 USD/ton lower compared to the previous trade.