Grain Highlights 26.06.2024

According to government data, record high temperatures in China in recent weeks and the lack of rainfall in the country's production areas will reduce the corn production.

- From the beginning of the season until June 26, 2024, Ukraine exported 50.305 million tons of grain (48.424 million tons a year earlier), with 3.373 million tons exported in June alone (3.087 million tons). Wheat exports amounted to 18.268 million tons (831,000 tons), barley exports were 2.475 million tons (89,000 tons), and corn exports reached 29.02 million tons (2.44 million tons).

- In June, corn exports from Ukraine will reach new heights. During the July-August period, exports will decrease significantly according to Ukrainian market operators. The market conditions for Ukrainian products are deteriorating as Argentina offers corn in Italy at prices of 212-213 USD/ton C&F. Prices for Spain are even lower. With limited stocks, Ukrainian traders are not in a hurry to sell their production at lower prices and are waiting.

- The Brazilian government has decided to maintain the import tax on ethanol from the United States at 18%.

- According to government data, record high temperatures in China in recent weeks and the lack of rainfall in the country's production areas will reduce the corn production. Authorities have allocated emergency aid of 61.1 million USD to support farmers in combating the adverse conditions. In 2023, the corn production was 288.8 million tons.

- According to FAO, the production of forage crops in Iran will reach 20.1 million tons in 2024 (19.8 million tons in 2023). Last year, the country's grain imports amounted to 14.9 million tons. In the new year, the wheat production will be 13.5 million tons, and rice 2.6 million tons (+18%). Grain stocks at the end of 2024 will be 11.8 million tons, including 8.8 million tons of wheat. In 2024, the government will purchase 10.5 million tons of wheat from farmers (10.4 million tons).

- Jordan has purchased 600,000 tons of milling wheat of unspecified origin at a price of 256.35 USD/ton with delivery from August 1-15. The tender was announced for the purchase of 120,000 tons of wheat.