In December, the export tax on sunseed meal from Russia will be 3,788.4 RUB/ton (compared to 3,422.4 RUB/ton previously). The indicative price for sunseed oil for December is 954.7 USD/ton (up from 897 USD in November). The new duty effectively halts sunseed oil exports from Russia, and further price increases are expected.

Last week, 431,700 tons of wheat were exported from the Russian port of Novorossiysk (compared to 415,600 tons the previous week), including shipments to Bangladesh (109,700 tons), Indonesia (69,300 tons), Sudan (67,600 tons), and Egypt (60,500 tons).

According to Rosstat, soybean production in Russia reached 6.8 million tons in 2023 (up from 6 million tons in 2022). For 2024, the production is projected to hit a record 7 million tons.

Between July 1 and November 25, 2024, Ukraine exported 17.497 million tons of grain (compared to 12.693 million tons during the same period last year). November exports amounted to 3.098 million tons (down from 3.453 million tons in November 2023). This marks the first time this season that exports have declined year-on-year. Wheat exports were 8.629 million tons (up from 5.755 million tons), barley exports reached 1.86 million tons (up from 0.87 million tons), and corn exports were 6.689 million tons (up from 5.936 million tons).

Turkey has announced a tender to export 150,000 tons of feed barley, with delivery scheduled between December 18, 2024, and January 13, 2025.

China’s decision to withdraw subsidies for the export of used cooking oil (UCO) will reduce its availability in global markets, impacting export volumes. This is expected to increase the prices of other oils worldwide, as the absence of UCO will drive up their demand. Concurrently, biodiesel made from UCO in China will become more competitive. China is the world’s largest exporter of UCO and UCO-based biodiesel, having exported 2.12 million tons of UCO in the first nine months of 2024 (up from 1.406 million tons for all of 2023).

According to the Australian Bureau of Statistics, 249,000 tons of barley were exported from Australia in September (down from 297,000 tons in August). In the 2023/24 season, total barley exports are 7.9 million tons, including 4.97 million tons of feed barley and 2.94 million tons of malting barley.

Data from OleoScope shows that China produced 17.7 million tons of soyoil in 2023 (an increase of 3% compared to 2022), the highest production level in the world. Production is expected to grow to 18 million tons in 2024.

On Friday, palm oil in Malaysia dropped at its fastest rate in 1.5 years. The benchmark contract on Bursa Malaysia fell by 2.77% to 1,039.19 USD/ton, with a weekly decline of 8.81%. In Dalian (China), soybean oil prices fell by 1.52% on Friday.

Between November 1 and 20, Malaysian palm oil exports reached 981,700 tons (down 5.32% from the previous month and 1.037 million tons during the same period in October 2023).

Bangladesh is holding a tender to purchase 50,000 tons of milling wheat. The lowest bid came from Agricorp at 286.08 USD/ton C&F, followed by Aston at 294.13 USD/ton and Cereal Crop at 299.95 USD/ton.

Algeria has announced a tender to purchase at least 50,000 tons of soft wheat from any origin, with delivery scheduled between January 1 and March 31, 2024.

According to the U.S. Energy Information Administration (EIA), the U.S. exported 29.59 million barrels of ethanol in the first eight months of 2024 (an increase of 34.92% compared to 2023), setting a new record for the country.