According to market operators, last week China purchased 240,000 tons (4 cargoes) of corn from Ukraine, with some reports indicating purchases of 10 cargoes.
On February 15, 2024, Russia introduced quotas on grain exports, which currently do not affect the export volume. During the period from February 15 to 25, grain exports from Russia increased to 1.87 million tons (+23.5% compared to the previous year), including 1.478 million tons of wheat (+17.3%), 192,000 tons of barley, and 200,000 tons of corn.
According to the USDA forecast until 2033/34, global soybean imports are expected to be 221.6 million tons, representing an increase of 25.3% compared to current levels.
According to USDA data for the next 10 years, Brazil will supply 72% of the global soybeans, 46% of corn, 62% of beef, 61% of poultry, and 32% of pork.
According to Rusagrotrans data, during the period 01.07.2023 - 15.02.2024, 46.6 million tons of grain will be exported from Russia /+7.9 compared to the previous year/, including wheat exports of 35.6 million tons /+3.7/.
According to Safras&Mercado's forecast, Brazil's soybean production in 2023/24 will reach 94 million tons (95 a month earlier and 101.86 in 2022/23). Processing in the country is estimated at 54.3 million tons (53.5 in the previous estimate), imports will be 110,000 tons (181,000), total supply is estimated at 154.492 million tons (-6%), demand is expected at 151.3 million tons (-5%), and ending soybean stocks are projected at 3.192 million tons (-40%).
According to Rusagrotrans, the grain production in Russia for 2024 is forecasted to be 140 million tons (optimistic estimate: 144 million tons), including wheat production of 92 million tons (96.3 million tons).
According to the latest forecast by SovEcon, the wheat production in Russia is expected to reach 93.6 million tons in 2024/25 (compared to 92.8 million in 2023).
