Grain Highlights 13.06.2024

13 Jun, 2024
Grain Highlights 13.06.2024
SovEcon estimates Russia's wheat exports in June at 3.5-4 million tons (3.6 million tons in June 2023 and only 1.6 million tons on average for this month in previous years).

- During the week starting on 13.06.2024, the export tax on Russian wheat will be 2,845.3 rubles/ton (compared to 2,778.1 a week earlier). The export tax on corn and barley remains zero.

- The Russian Grain Union forecasts a grain production in Russia for 2024/25 of 125-130 million tons, including a wheat production of 80-82 million tons.

- The Rosario Grain Exchange predicts a wheat production of 21 million tons in Argentina for 2024/25, which will be close to the record set in 2021/22. The forecast for the current corn production remains unchanged at 47.5 million tons, and the forecast for the soybean production also remained unchanged at 50 million tons.

- According to Oil World data, from January to April, Indonesia exported 7.58 million tons of palm oil (compared to 8.37 million tons last year). Palm oil exports reached 1.44 million tons to India (1.22 million), 918,000 tons to Pakistan (709,000), 659,000 tons to the United States (601,000), 774,000 tons to China (1.36 million), 931,000 tons to African countries (1.25 million), and 995,000 tons to the EU (1.1 million).

- Oil World reports that in May, palm oil production in Malaysia reached 1.75 million tons (+13.5% compared to April and 1.52 million compared to May 2023). Exports for the month were 1.38 million tons (1.08 million in May 2023). Since the beginning of 2024, palm oil production has reached 7.26 million tons (6.64 million), and palm oil exports totalled 6.31 million tons (5.92 million). Palm oil stocks are 1.75 million tons (1.69 million).

- The Indian Institute of Wheat and Barley Research forecasts a record wheat production in India of 112 million tons in 2024. According to FAS USDA, wheat production will reach 100 million tons, while local farmers estimate it at 95 million tons. The government is considering not importing wheat in the new season.

- SEA data indicates that in May, palm oil imports to India reached 763,000 tons, the highest level since January (+12%). Soyoil imports reached 324,000 tons (-16%), and sunseed oil imports were 410,700 tons (+75%).

- Market operators report that Lebanon has purchased 63,000 tons of milling wheat from Ukraine, priced at 247-248 USD/ton C&F, with delivery scheduled for June-July.