Grain Highlights 18.01.2024

18 Jan, 2024
Grain Highlights 18.01.2024
According to Strategie Grains' forecast, the soft wheat production in the EU for the 2024/25 season is expected to reach 124.8 million tons. This is 2.1 million tons less than the December estimate but 1.1 million tons more than the production in 2022/23.

- In December, Russia exported 350,000 tons of sunseed oil. The major buyers were China with 91,300 tons, India with 74,100 tons, Egypt with 57,100 tons, and Turkey with 24,500 tons.

- According to the forecast by Strategie Grains for the 2024/25 season, the soft wheat production in the EU is expected to reach 124.8 million tons, which is 2.1 million tons less than the December estimate but 1.1 million tons more than in 2022/23. The barley production is projected to reach 53.4 million tons (+0.7 compared to the previous estimate and 47.3 million tons), and corn production is expected to reach 63.6 million tons (+0.1 compared to the previous estimate and +2.4 million tons).

- Conab's forecast for 2024 suggests that soybean exports from Brazil will reach 98.45 million tons, which is 3.12 million tons less than the previous estimate. Domestic processing is expected to be 53.4 million tons (+119,000).

- The Rosario Grain Exchange notes the favorable impact of El Niño on future productions in Argentina for the 2023/24 season. The corn production is expected to reach 60 million tons, an increase of 24 million tons from 2022/23, and the soybean production is expected to be 52 million tons, an increase of +32 million tons from 2022/23.

- Bangladesh has announced a tender to purchase 50,000 tons of milling wheat from any origin.

- Egypt's state-owned company GASC has received purchase offers for soyoil ranging from 1,035 to 1,210 USD/ton FOB and sunseed oil with prices ranging from 993 to 1,204 USD/ton FOB, with deliveries scheduled within February to March.

- Lebanon has purchased 72,000 tons of Ukrainian wheat at prices ranging from 250.5 to 252.5 USD/ton C&F with deliveries scheduled for January to February.

- Jordan has bought 120,000 tons of hard milling wheat at a price of 269 USD/ton with delivery scheduled within March to April.

- Tunisia has acquired 150,000 tons of soft wheat at prices ranging from 268.4 to 271.63 USD/ton C&F and 50,000 tons of hard wheat at prices ranging from 444.89 to 446.89 USD/ton C&F, with delivery scheduled for February to March.