During the period from December 27 to January 9, 2024, the export tax on Russian wheat will be 3,859.7 rubles/ton (4,048.1 a week earlier), barley remains duty-free, and the export tax on corn will be 1,148.6 rubles/ton (794.4).

In the first 9 months of 2023, Ukraine increased agricultural product deliveries to the EU by 11% compared to the previous year, totaling 8.75 billion EUR. The growth is attributed to increased exports of grain products. The largest suppliers of agricultural products to the EU are Brazil and the United Kingdom, followed by Ukraine.

The European Commission has revised its estimates for sunseed production in the EU for 2023/24, increasing it by 0.2 million tons to 10.2 million tons (compared to 9.3 in 2022/23). The estimate for rapeseed production has been lowered from 19.9 million tons to 19.8 million tons (compared to 19.6). The corn production is projected to be 61.4 million tons (compared to 59.9, a +15.6% increase from 2022/23 and -10.8% compared to the next five-year level). The soft wheat production is expected at125.7 million tons (compared to 125.6 and 125.8), with exports remaining unchanged at 31 million tons, and ending stocks at 18.4 million tons (18.3). The barley production is expected to reach 47.3 million tons (compared to 46.9), the lowest level in the last 12 years.

According to Fedoil data in November, the processing of the three main oilseeds in the EU reached 3.3 million tons (3.1 in November 2022). Rapeseed processing is 1.7 million tons (unchanged), soybean 0.95 million tons (0.86), sunseed processing reached 0.6 million tons (0.48). Since the beginning of 2023, processing has reached 35.3 million tons (33.5), including soybean processing 12.1 million tons (12.7), sunseed processing 5.5 million tons (4.6) and rapeseed processing 17.6 million tons (16.2).

According to the Statistical Agency of Germany, the areas planted with winter wheat in the country are expected to decrease by 7.3% in 2024 compared to 2023, reaching 2.6 million hectares. The areas planted with winter rapeseed are also decreasing by 4.7% to 1.11 million hectares.

According to data from the Statistics Austria, in 2023, the country harvested 5.2 million tons of grain (+1% compared to 2022). The wheat production was 1.72 million tons, corn production reached 2.11 million tons, and barley production was 0.76 million tons.

The price of corn in Brazil is increasing, and as of December 14, 2023, it is 9% higher than in November. The growth is attributed to strong exports, high domestic demand, and expectations of a weaker production in 2023/24.

The Ministry of Agriculture of Argentina has raised its forecast for soybean areas in the country for 2023/24 by 0.1 million hectares to 16.7 million hectares. The corn areas remain unchanged at 10.4 million hectares (-1% compared to 2022/23), with 69% of them already planted. Corn harvesting is set to begin in early February.

According to data from the Grain Exchange in Buenos Aires as of December 20, 2023, in Argentina, 59% of the planned corn areas for the first corn crop have been planted (+10% for the week and 52% more than the previous year). 40% of the crops are in good and excellent condition (compared to 18% the previous year), while only 1% is in poor condition (23%). Refinitiv Commodities Research has increased its forecast for the 2023/24 corn production by 3% to 53.9 million tons (+12.5 compared to 2022/23). The crucial period for the harvest is December to February.

Malaysia maintains the export tax on palm oil at 8% in January 2024.

The government of India will keep low import duties on vegetable oils until March 2025. The aim is to stabilize domestic product prices by keeping them at relatively low levels.

The Egyptian state company GASC has announced a tender to purchase 30,000 tons of soyoil and 10,000 tons of sunseed oil for delivery between February 14-29 and March 1-15.