Grain Highlights 03.11.2023

In 2023, soybean imports to China will reach a record 105 million tons, compared to 91.1 million tons in 2022.

During the week of November 9-14, the export tax on Russian wheat will be 4,529.7 rubles per ton (4,923.4). Barley remains duty-free, and the export tax corn will be 1,291.2 rubles per ton (1,618).

From the beginning of the season until November 3, 2023, Ukraine has exported 9.481 million tons of grain (13,870 compared to the previous year), including 237,000 tons in November. The exports included 4.725 million tons of wheat (5,211 in 2022/23), 690,000 tons of barley (1,164,000), 0.9 million tons of rye (6.3), and 3.942 million tons of corn (7.44).

From July to October, Turkey was the largest buyer of Russian grain with a volume of 2.696 million tons, followed by Egypt with 2.603 million tons, Iran with 2.688 million tons, Saudi Arabia with 1.831 million tons, and Bangladesh with 1.326 million tons.

As of October 23, 2023, the planting of winter soft wheat in France has been completed on 54% of the planned areas, which is 1% more than the five-year average. Winter barley has been sown on 69% of the planned areas (69%), while hard winter wheat has been sown at 4% of the planned areas (5%). The harvesting campaign of corn has been completed on 85% of the areas (74%).

The Buenos Aires Grain Exchange has lowered its forecast for the wheat production in Argentina for 2023/24 by 5% to 15.4 million tons.

The Egyptian government has increased the state price for wheat for the 2024/25 season to 354.24 USD/ton, which is 7% higher than the previous season.

In 2023, soybean imports in China will reach a record 105 million tons (compared to 91.1 million tons in 2022). Deliveries from January to September amounted to 77.8 million tons, representing a 14.4% increase.

The Egyptian state company GASC has purchased 27,500 tons of sunseed oil at an average price of 930 USD/ton C&F and 23,000 tons of soyoil at an average price of 1,030 USD/ton C&F, with deliveries scheduled for January-February.

In 2024, palm oil production in Indonesia is expected to decrease by at least 1 million tons, while Malaysia's production will remain unchanged.

According to Refinitiv Commodities Research's forecast, wheat production in India for the 2024/25 season will reach 104.7 million tons, which is 8 million tons less than in 2023/24, with an average yield of 3.4 tons per hectare.