Grain Highlights 15.04.2024

According to the forecast by UkrOliyaProm for 2024/25, the production of main oilseeds in Ukraine will be 21 million tons /-3% compared to 2023/2014 – 21.668/.

- During the week starting on April 17, 2024, the export tax on Russian wheat will be 3,276.6 rubles/ton /3,263.1 a week earlier/. The export tax on barley will be 451.6 rubles/ton /667.9/ and no tax will be applied on corn /86/.

- From January 01 to April 14, 2024, 63,600 tons of sunseed oil were exported from the Russian port of Novorossiysk, which is 7% less than the previous year. 59,600 tons of oil were exported to India, and 4,000 tons to Egypt. The total export of sunseed oil from Novorossiysk for the whole of 2023 was 418,000 tons.

- According to the forecast by UkrOliyaProm for 2024/25, the production of main oilseeds in Ukraine will be 21 million tons /-3% compared to 2023/2014 – 21.668/. The sunseed production will be 12 million tons /12.6/, rapeseed production is expected at 4.28 million tons /-4.8%/ and soybean production is projected at 5 million tons /+4.2%/.

- In 2023, the soybean production in the Brazilian state of Rio Grande do Sul will be 68% higher than in 2022 according to data from Conab. Thus, the state returns to its second position among producers in the country after Mato Grosso. According to another forecast by Emater, the production will reach a record 22.25 million tons /+71.5%/. According to analysts' estimates, farmers in the state have only sold 16% of their production, compared to the average of 40 – 45% in previous years. The weak sales are due to higher initial stocks for the season.

- South Korea has purchased 65,000 tons of feed corn from South America or South Africa in a private deal at a price of 243.49 USD/ton C&F with delivery in July.

- The Rosario Grain Exchange has lowered its forecast for the corn production in 2023/24 in Argentina from 57 million tons to 50.5 million tons, which will be the fourth result in history.

- Expected rainfall in Australia will be around and above the average level of recent years, providing excellent prospects for winter canola, wheat, and barley productions. The highest productions are expected in Eastern Australia, where rainfall has been regular in recent months. So far, there are rainfall issues only in Western Australia.

- In 2023, the wheat production in Georgia reached 146,600 tons /-6.5% compared to 2022/. The barley production reached 43,000 tons /-26.9%/, and the corn production was 189,900 tons /+24.1%/.

- According to Oil World's forecast for 2024, global biodiesel production will increase by 3.7 – 3.8 million tons to a record 62.5 million tons. Increased mandates for biodiesel production in the United States, Brazil, and Indonesia will play an important role in this growth.