Grain Highlights 07.08.2024

On August 12, 2024, Egypt's state-owned company GASC will hold a tender to purchase 3.8 million tons of wheat with delivery between October and April.

- The Turkish government has imposed export quotas on sunflower seeds and sunseed oil. Processors who purchase 1 million tons of sunflower seeds from local farmers during the period from July 1 to November 30, 2024, will be allowed to export 1 million tons of oil-bearing sunflower seeds from January 1 to April 30, 2025, with an 8% duty, and 1.4 million tons of unrefined sunseed oil during the same period with a 20% duty. Exceeding these quotas will result in duties of 27% and 36%, respectively.

- According to data from China's National Grain and Oil Information Center, soybean stocks in the country's processing plants exceeded 7 million tons in July. In August, 8 million tons of soybeans will be delivered to the country, and in September, 7.6 million tons. Stocks are expected to remain high. Monthly soybean processing in China is approximately 9 million tons. Previously, soyoil stocks were reported at 1.38 million tons, up 29% from June and 86.5% higher than the previous year.

- In 2022/23, Pakistan's state sector imported 2.6 million tons of wheat to maintain the country's strategic reserves. The private sector imported 3.59 million tons of wheat at an average price of 280 USD/ton C&F. Carryover stocks are 1.84 million tons for the state sector and 1.63 million tons for the private sector.

- In 2024/25, Brazil's corn production will reach 127 million tons, with exports of 46 million tons. The wheat production will be 9.6 million tons.

- Algeria has announced a tender to purchase at least 50,000 tons of soft wheat with October delivery. In the previous tender, over 600,000 tons of wheat were purchased.

- On August 12, 2024, Egypt's state-owned company GASC will hold a tender to purchase 3.8 million tons of wheat for delivery between October and April. Typically, purchases range from 0.1 to 1 million tons. This type of tender is being conducted for the first time and is similar to those organized by Saudi Arabia. Experts believe that Egypt is concerned about the issues faced by major wheat exporters, views current prices as low, and is trying to secure enough wheat until the next production in the country, which will start in April 2025.

- Jordan has canceled a tender to purchase 120,000 tons of milling wheat of any origin, with delivery between September and October.