Grain Highlights 09.07.2024

ProZerno estimates the new grain production in Russia at 128.2 million tons (127 million in the previous estimate), including wheat production of 82 million tons (81 million).

- In 2023/24, Russia's grain exports totaled 89.3 million tons, which is 21% more than in 2022/23, which was 73.9 million tons. Barley exports amounted to 9.46 million tons, and corn exports to 7.7 million tons. These figures are from Rosselkhoznadzor. For 2024/25, the grain production is expected to be 132 million tons, including 85 million tons of wheat. The total grain export will be 60 million tons.

- According to a forecast by the Ministry of Agriculture of Kazakhstan, the wheat production in 2024 will reach 16.9 million tons, which is 40% more than in 2023 and 31% above the average level for the past five years. The barley production is projected to reach 3.5 million tons, a 33% increase, and corn production is expected at 1 million tons. The growth in productions is mainly due to high yields.

- According to a forecast by the Ministry of Agriculture of France, the wheat production in 2024 will reach 29.7 million tons, which is a 15.4% decrease compared to 2023, and the lowest level since 2020. The average yield will be 6.99 tons/hectare, down from 7.38. Barley production will be 11.29 million tons, a decrease of 8%, and rapeseed production is estimated at 3.94 million tons, down 7.7%. Corn acreage is increasing to 1.6 million hectares, up from 1.44 in the previous estimate, which is 22% more than in 2023 and 6% more than the average level over the past five years.

- According to USDA data as of July 7, 2024, 68% of corn crops in the United States are in good to excellent condition, compared to 67% a week earlier and 55% a year earlier. 68% of the soybean crops are also in good to excellent condition, up from 67% and 51%. 75% of spring wheat crops are in good to excellent condition, up from 72% and 47%. The winter wheat harvesting campaign has been completed on 63% of the acreage, compared to 43% in 2023.

- According to AgRural data as of July 4, 2024, the harvesting campaign of the second corn crop in Brazil has been completed on 63% of the areas, compared to 26% a year earlier. This production typically accounts for 75% of Brazil's total corn production.

- In 2024, Thailand will export 800,000 tons of unrefined palm oil to stabilize domestic prices at higher levels.

- Algeria has announced a tender to purchase 50,000 tons of soft milling wheat of any origin, with delivery from August to October.