Grain Highlights 22.05.2024

According to the forecast by APK – Inform for 2024/25, Ukraine will process 750,000 – 800,000 tons of rapeseed, which is 20 – 23% less than in 2023/24.

- According to SovEcon, wheat exports from Russia in May are expected to reach almost a record 4.1 million tons. Over the past five years, the average export has been 1.5 million tons.

- According to the forecast by APK – Inform for 2024/25, Ukraine will process 750,000 – 800,000 tons of rapeseed, which is 20 – 23% less than in 2023/24. The rapeseed production in the country will be lower, affecting exports. At the same time, the rapeseed production in Australia will also be lower than the previous season. A decline is also expected for the EU, albeit to a lesser extent. Developments in Canada remain to be seen. These circumstances keep crop prices high.

- Turkey wants to sell 5,000 tons of hard wheat, with the highest bid at 366.3 USD/ton FOB.

- According to USDA data from the beginning of the month until 19.05.2024, soybean exports from the United States have reached 890,400 tons, the lowest level in the past 19 years. It is expected that exports for the new season will be close to record levels, but so far, exporters are hardly selling the soybean crop for 2024/25.

- According to data from Intertek Testing Services for the period 1-15 May, palm oil exports from Malaysia reached 600,780 tons, down by 5.2% compared to April. LSEG estimates exports at 647,350 tons.

- Tunisia has announced a tender to purchase 100,000 tons of soft wheat with delivery in June.

- Jordan has once again canceled a tender to purchase 120,000 tons of milling wheat of unspecified origin.