Grain Highlights 22.07.2024

According to a forecast by IKAR, in 2024/25, Russia will reduce its flour exports to 550,000 tons, which is a decrease of about 50% compared to 2023/24, when it was 1.1 million tons.

- In 2023/24, the main buyers of Russian flour were Afghanistan with 228,000 tons, China with 182,000 tons, and Iraq with 144,000 tons.

- Over the past week, 364,100 tons of wheat were exported from the Russian port of Novorossiysk (303,200 tons the week before), including 64,800 tons to the UAE, 58,500 tons to Morocco, and 56,200 tons to Tanzania.

- For the week starting on 24.07.2024, the export tax on Russian wheat will be 1,540.4 rubles/ton (-2.4% compared to the previous week).

- In the first half of 2024, Moldova exported 68,300 tons of sunseed oil, which is 45% less than the previous year. Throughout 2023/24, the export was 191,700 tons (-16.6%). Exports to Romania decreased significantly, while exports to Egypt, Spain, and Italy increased.

- The EU is preparing to introduce an import tax on biodiesel from China ranging from 12.8% to 36.4%, depending on the producer. In 2023, deliveries amounted to 1.8 million tons.

- According to the Malaysian Palm Oil Board, the export duty on crude palm oil from Malaysia will be 8% in August, unchanged from July.

- Authorities in Iraq have purchased 6.3 million tons of wheat from the domestic market, in line with preliminary forecasts, which will allow the government to stabilize the product's price.

- On 18.07.2024, Egypt's state company GASC purchased 20,000 tons of sunseed oil from Russia (planned 10,000) at a price of 1,013.99 USD/ton C&F with immediate payment and delivery from 1 to 15 September. Additionally, 28,000 tons of soyoil were purchased from the domestic market at a price of 954.25 USD/ton.

- In its July report, IGC raised its forecast for global flour trade in 2024/25 by 1.6 million tons of wheat equivalent to 16.1 million tons (16.8 in 2023/24). The world's largest flour exporter, Turkey, will export 5.8 million tons of product (6 million).