Grain Highlights 26.09.2024

In 2024, the grain production in Russia is forecasted to reach 124.2 million tons, including a wheat production of 82 million tons, according to a forecast by Rusagrotrans.

- In 2024, Russia's flour exports are expected to reach 1.5 million tons, which is 0.5 million tons more than in 2023. During the period from 2017 to 2021, exports ranged between 250,000 and 300,000 tons. In 2022, there was a sharp increase to 881,000 tons. In 2023, an additional 15% growth was added, exceeding 1 million tons. In 2024, exports are expected to reach 1.5 million tons.

- In 2024, the grain production in Russia is forecasted to reach 124.2 million tons, including 82 million tons of wheat, according to a forecast by Rusagrotrans. This figure will be the lowest since 2021/22, when the grain production reached 121.4 million tons, including 76.1 million tons of wheat. The barley production will be 16.8 million tons (the lowest level since 2013 – 15.4), and corn production is expected at 12.4 million tons (the lowest since 2018/19 – 11.8). During the July-September period, grain exports from Russia will be 17.6 million tons (19.9). For the new 2024/25 season, exports will reach 50.7 million tons, significantly below the 2023/24 level. Wheat exports will be 41 million tons (55.5), barley 3.35 million tons (8.98), and corn 2.6 million tons (7.34).

- In August 2024, imports of Russian wheat into Georgia reached 46,226 tons (20,000 tons in July). From January to August, imports totaled 180,517 tons (117,907 a year earlier).

- According to Conab data as of 22.09.2024, the sowing of first corn crop in Brazil has been carried out on 16% of the planned areas (13% a year earlier). Soybeans have been sown on 1% of the planned areas (2%). The wheat harvesting campaign has been completed on 25% of the areas (29%).

- According to a forecast by the Rosario Grain Exchange, in 2024/25, Argentina's grain and oilseed production will be 143.2 million tons (+9% compared to 2023/24), including 52.6 million tons of soybeans (50), 52 million tons of corn (49.5), 20.4 million tons of wheat (14.5), 5.2 million tons of barley, 3.2 million tons of sorghum, and 4.2 million tons of sunseed. Total exports of all crops will be the highest in the last 4 years – 101.5 million tons (87.9 in 2023/24).

- According to data from the National Information Center for Grains and Oilseeds in China, a large part of the soymeal stocks held by soybean processors has been sold. Now, orders for deliveries are being accepted for September-October. A new price increase is expected in October.