Grain Highlights 28.08.2024

The mass sowing of winter rapeseed has begun in Ukraine. As of August 26, 2024, 232,500 hectares have been sown, with 220,000 hectares sown in the last week alone.

- In July, 507,000 tons of oilcakes were exported from Russia (+44% compared to July 2023), including 441,500 tons of sunseed meal and 73,400 tons of soymeal. The largest buyers of sunseed meal were China, Turkey, and Belarus, while Belarus was the main buyer of soymeal.

- During the week starting from August 28, 2024, the export tax on Russian wheat will be 908.5 rubles/ton (828.4 rubles a week earlier). The export tax on barley will be 701.4 rubles/ton (1,033.6 rubles earlier), while the duty on corn remains zero.

- From August 1 to 25, Ukraine's sunseed oil exports reached 200,000 tons, 45% less than the same period in June. Since the beginning of the season, exports have totaled 6.23 million tons, which is among the highest levels for the country. 3.7 million tons of oil were exported to the EU.

- Mass sowing of winter rapeseed has started in Ukraine. As of August 26, 2024, 232,500 hectares have been sown, with 220,000 hectares sown in the last week alone. The sowing of winter wheat and barley has also begun. In 2023, the areas sown with rapeseed were 1.254 million hectares, with winter wheat areas of 4.688 million hectares, and with winter barley areas of 569,400 hectares.

- According to Anec, Brazil's soymeal exports in August will reach 2.39 million tons (2.01 million in July and 1.97 million in August 2023). According to S&P Global Commodity Insights, Brazil's soymeal production in 2023/24 is forecasted to be 41.5 million tons, with exports of 21.2 million tons. The largest buyers will be Indonesia, Thailand, and the EU.

- The South Korean company FLC has purchased 68,000 tons of feed corn originating from South America at a price of 232.99 USD/ton C&F, with delivery by December 5, 2024. An additional 66,000 tons of corn have also been purchased.

- The annual feed consumption in Iran reaches 11 million tons. The country has 886 feed mills. Iran heavily relies on the import of feed crops, as domestic production meets only 20% of its needs. Drought in the country has reduced productions and increased imports. In 2023, Iran's corn imports increased by 16%, soymeal imports rose by 1,200%, soybean imports by 18%, and barley imports by 37%.

- Jordan has purchased 60,000 tons of wheat in a tender for the purchase of 120,000 tons. The price of wheat is 254.5 USD/ton C&F, with delivery in October.