Grain Highlights 24.10.2024

The unseeded area for winter crops in Russia may reach 1.5 million hectares out of the planned 20 million hectares. The grain production in 2025 is not expected to exceed 120 million tons.

- In 2024, soybean production in Russia will approach 7 million tons. Ten years ago, Russia's soybean production was around 1.5 million tons. In 2023, exports reached 1.5 million tons, though they may decrease in the coming years as they are replaced by exports of soy products.

- The unseeded area for winter crops in Russia may reach 1.5 million hectares out of the planned 20 million hectares. The grain production in 2025 is not expected to exceed 120 million tons.

- During the period of October 12–18, US ethanol production was 1.08 million barrels per day (+39,000 barrels per day from the previous week and +41,000 from the previous year). Exports reached 106,000 barrels per day. At the end of the week, U.S. ethanol stocks stood at 22.22 million barrels (+825,000 from the previous year).

- NOAA meteorologists predict a 60% likelihood of La Niña developing from October to November and 75% from November to January. Typically, this phenomenon brings warm and dry conditions to the southern United States, where drought has already been widespread. There is a high probability of a weak winter wheat harvest.

- According to Secex data, Brazil's soybean exports will decrease after months of strong export volumes. During the period from October 1–18, Brazil exported 2.93 million tons of soybeans (-21.5% compared to last year and 5.6 million tons for all of October 2023).

- In October, Brazil’s revenue from soybean exports was 1.24 billion USD (2.93 billion a year earlier). The average export price now stands at 424 USD/ton (-19%). The quantity of soybeans exported in September was 6.11 million tons (-4.5%).

- Jordan has rejected all bids for 120,000 tons of milling wheat. The tender received eight offers from CHS, Cargill, Viterra, Al Dahra, Ameropa, Aston, Solaris, and Cereal Crops. This marks the fourth consecutive tender with no purchase. A new tender is scheduled for October 29, 2024.