Grain Highlights 21.03.2024

21 Mar, 2024
Grain Highlights 21.03.2024
In its March report, analysts from Coceral forecast a grain production in Bulgaria for 2024/25 of 9.63 million tons, which is -0.63 million tons lower compared to the previous estimate. Back in 2023/24, grain production was 9.78 million tons.

- Last week, FOB Russian wheat prices for wheat with 12.5% protein reached 201 – 204 USD/ton. French wheat with 11% protein was priced at 211 USD/ton. Contracts for wheat exports from Russia for 2.7 million tons were concluded during the period of March 1st to 19th /2 during the same period in January/. Some consumers in North Africa have not yet filled their wheat shortage before the start of harvesting in about 1 – 2 months.

- 7,514 grain wagons are moving towards the Ukrainian port of Odessa for unloading /435 weeks earlier/. The weekly processing of wagons is 1,449 units /1,433 weeks earlier/.

- In its March report, Coceral analysts forecast a grain production in Bulgaria for 2024/25 of 9.63 million tons /-0.63 compared to the previous estimate and 9.78 for 2023/24/. The wheat production will be 6.18 million tons /-0.36 and 6.54/. The decline is due to the not very good condition of the wheat crops after winter and the lack of rainfall in recent months. The corn production is expected to reach 2.65 million tons /-0.3 and 2.38/, and barley production is estimated at 665,000 tons /718,000 in 2023/24/. The sunseed production is projected to reach 2.42 million tons /2.42/, and rapeseed production is estimated at 306,000 tons /314,000/.

- In its March report, Coceral forecasts a grain production for 2024/25 in the EU and the UK of 295.5 million tons /296.5 in the previous estimate and 292.4 for 2023/24/. The wheat production will be 134.1 million tons /139.4 and 140/, barley production is estimated at 61.2 million tons /58.6 and 55.7/, corn production in the EU only is expected at 64.3 million tons /63.7 and 62.5/ and total rapeseed production is estimated at 20.2 million tons /20.3 and 21.3/.

- According to CNGOIC data, during the period from March 9th to 15th, soybean processing in China reached 1.6 million tons /-11% compared to the previous week and +13% compared to last year/. Soybean stocks reached 3.9 million tons /-11%/.

- China has not canceled the purchase of 1 million tons of wheat from Australia, only slowed down the pace of deliveries. In January, 1 million tons of wheat were exported from Australia to China. For March, deliveries will be 400,000 tons.

- According to data from the Rosario Grain Exchange, during the period from December 1st, 2023, to March 14th, 2024, over 3.9 million tons of wheat were exported from Argentina /+122% compared to last year/. The average export level for the last five years during this period is 6.1 million tons. The current indicator is the second lowest in the last eight years. Last week, wheat prices at Argentine ports were 220 USD/ton, the lowest level since January 2020.