Grain Highlights 22.06.2024

As of June 20, 2024, 17,200 hectares of grain crops have been harvested in Ukraine, yielding 48,300 tons of grain with an average yield of 2.81 tons/hectare.

- According to data from the Russian Ministry of Agriculture as of June 18, 2024, 193,400 hectares have been harvested with grain crops, yielding 978,000 tons of grain with an average yield of 4.96 tons/hectare.

- The Russian Ministry of Agriculture maintains its forecast for the 2024 grain production in the country at 132 million tons, including 86 million tons of wheat. The oilseed production is projected to be 28 million tons.

- During the week of June 26 – July 2, 2024, the export tax on Russian wheat will be 2,492.8 rubles/ton, a decrease of 261.3 rubles from the previous week. Barley and corn remain duty-free.

- As of June 20, 2024, in Ukraine, 17,200 hectares of grain crops have been harvested, yielding 48,300 tons of grain with an average yield of 2.81 tons/hectare. The harvested barley is 38,900 tons with a yield of 2.98 tons/hectare, and harvested wheat reaches 1,100 tons with a yield of 2.2 tons/hectare.

- In the past week, 63% of the winter barley crops in France were in good to excellent condition (64% the week before and 84% the year before), as well as 73% of spring barley crops  (75% and 78%), 62% of soft wheat crops (62% and 83%), and 63% of durum wheat crops (63% and 77%).

- According to FedOil data, the processing of oilseeds in the EU decreased by 2.5% in May compared to April, reaching 3.27 million tons.

- In the first 46 weeks of the season, Canada exported 38.6 million tons of grain and oilseeds, according to CGC data /-8% from 2022/23/. Wheat exports were 19 million tons (+9%), durum wheat exports reached 3.1 million tons (-25%), barley exports were 2.1 million tons (-29%), peas exports reached 2 million tons (+10%), and canola exports were 5.8 million tons (-21%).

- Conab raised its forecast for the 2023/24 soybean production in Brazil by 1.2 million tons to 147.35 million tons (-4.7% from 2022/23). The USDA's forecast is 153 million tons, a difference of 6 million tons. From June 1-12, soybean exports from Brazil continued at near-record levels, exceeding 6 million tons. For the entire month, exports will be 15 million tons (+1.7% from June 2023), and from February to June, exports will reach record highs. Changes in Brazil's tax policy will shift trade flows, as during the peak export season, Chinese importers placed orders for 208,000 tons of soybeans from the United States.

- The Indian government has increased the purchase price of rice for the new season by 5.4% compared to the previous year, reaching 275.7 USD/ton.

- On June 19, 2024, the South Korean company FLC purchased 66,000 tons of corn from South Africa and South America (supplier ADM) at a price of 242.99 USD/ton C&F, with delivery scheduled between August 17 and September 25, 2024.

- The Taiwan Flour Millers Association purchased 104,150 tons of wheat from the United States with varying protein content with delivery in September.