Grain Highlights 24.06.2024

According to a forecast by FAS USDA, in 2024/25, the corn production in Mexico will reach 25 million tons (22.7 million in 2023/24), and wheat production is expected at 2.8 million tons (+0.1).

- In July, the export tax on sunseed oil for export from Russia will remain zero. The export tax on sunseed meal will reach 901.3 rubles/ton (1,544.3 in June).

- During the past week, 464,800 tons of wheat were exported from the Russian port of Novorossiysk, including 195,000 tons to Egypt, 101,000 tons to Nigeria, and 59,500 tons to Algeria. A week earlier, exports reached 441,200 tons of wheat, including 192,000 tons to Egypt.

- During the period from 01.07.2023 to 24.06.2024, Ukraine exported 49.761 million tons of grain (48.424 million a year earlier), including 2.829 million tons in June (3.087 million). Exports included 18.236 million tons of wheat (16.625 million), 2.465 million tons of barley (2.68 million), and 28.518 million tons of corn (28.793 million).

- The Turkish Grain Board announced that in the coming years, Turkey will annually create reserves of over 1.5 million tons of wheat, 250,000 tons of barley, 150,000 tons of corn, and 50,000 tons of rice. In the first quarter of the year, 2.1 million tons of wheat were delivered to the country, including 1.5 million tons from Russia (69% of imports), Ukraine 27%, and Moldova 1.6%.

- According to a forecast by FAS USDA, in 2024/25, the corn production in Mexico will reach 25 million tons (22.7 million in 2023/24), and wheat production is expected at 2.8 million tons (+0.1). Corn imports will reach 22.2 million tons (+0.2), and wheat imports are expected at 5.7 million tons (+0.5).

- According to Gapki's estimate, in April, Indonesia exported 2.18 million tons of palm oil (+2.06% compared to the previous year). During the month, production was 4.1 million tons (unchanged), and stocks were 3.74 million tons (3.3 million).