Grain Highlights 22.04.2024

The Russian government has approved an additional export quota for grain in 2023/24 for countries outside the Eurasian Economic Union.

- In 2023, Russia imported 830,000 tons of palm oil, the lowest level since 2014, when imports were 748,000 tons. In 2021, the figure was 1.134 million tons, which is 27% higher than in 2023, and in 2018, it was 1.098 million tons (+25%).

- During the past week, 533,300 tons of grain were exported from the Russian port of Novorossiysk, which is 59,100 tons less than the previous week. Of these, 468,300 tons were wheat and 65,000 tons were barley. The wheat will be delivered to Egypt (183,300 tons), Iran (105,000 tons), and others, while the barley will be sent to Saudi Arabia.

- The Russian government has approved an additional export quota for grain for countries outside the Eurasian Economic Union in 2023/24. The main quota of 24 million tons is valid for the period from February 15 to June 30, 2024. The additional quota is for the export of wheat, barley, rye, corn, and others, totaling 5 million tons.

- SovEcon has lowered its forecast for the wheat production in Russia in 2024/25 by 1 million tons to 93 million tons. Over the next 30 days, forecasts indicate precipitation at 60-90% of the norm and temperatures 2-4 degrees above average. These conditions will exacerbate drought in the country's productive regions.

- From July 1, 2023, to April 22, 2024, Ukraine exported 39.646 million tons of grain (40.742 million a year earlier), including 4.413 million tons in April (2.766 million). Wheat exports amounted to 15.128 million tons (1.286 million), barley exports reached 2.154 million tons (183,000), and corn exports were 21.707 million tons (2.937 million).

- In 2023/24, India exported 4.8 million tons of meal for fodder production, the highest level in the last 10 years. The previous best performance was achieved in 2013/24, with 4.3 million tons.