Grain Highlights 07.05.2024

According to FAS USDA's forecast for 2024/25, soybean production in Argentina will be 51 million tons (+1 compared to 2023/24 and 25 million tons compared to 2022/23).

- From the beginning of the current season until April 16, 2024, 13.8 million tons of oilseeds have been delivered in the EU, which is 21% less than the previous season. Rapeseed imports stand at 4.2 million tons (-75%), sunseed imports at 0.5 million tons (-75%), and soybean imports remain unchanged at 9.1 million tons. The largest soy supplier is the United States with 5.1 million tons (56% share of total imports), followed by rapeseed from Ukraine at 2.8 million tons and Australia at 1 million tons, sunseed from Moldova at 0.3 million tons, and Ukraine at 0.1 million tons.

- According to FAS USDA's forecast for 2024/25, soybean production in Argentina will be 51 million tons (+1 compared to 2023/24 and 25 million tons compared to 2022/23). The cultivated area for soybean will be 17.8 million hectares (+8% compared to 2023/24), and processing will increase to 40 million tons. Soymeal production will be 31.2 million tons, soyoil production is expected at 7.9 million tons, with exports of 27 million tons and 5.3 million tons, respectively. In the new season, sunseed production will reach 3.7 million tons (4.1 million).

- In April, Argentina exported 2.3 million tons of soymeal (+0.5 compared to April 2023), according to Oil World data. The largest buyers were the EU with 0.57 million tons, Vietnam with 0.37 million tons, followed by Saudi Arabia, Iran, Iraq, Ecuador, and Australia. As of April 26, 2024, 13.6 million tons of soybeans from the new crop have been sold in Argentina, accounting for 27% of the expected production (35% compared to the previous year). According to the forecast of the Buenos Aires Grain Exchange, soybean production will reach 51 million tons, and 20.3 million tons have already been harvested.

- Egypt's state-owned company GASC has announced a tender to purchase 40,000 tons of vegetable oils (30,000 tons of soyoil and 10,000 tons of sunseed oil) with delivery between June 10 and July 10, 2024.