Grain Highlights 27.02.2024

27 Feb, 2024
Grain Highlights 27.02.2024
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.

- Since the beginning of the season, Russia has exported 42.7 million tons of grain, including 35.35 million tons of wheat, 4.2 million tons of barley, and 3.16 million tons of corn.

- MARS reports different growing conditions for crops since the beginning of the year. There is abundant rainfall in Benelux and parts of Germany, causing fieldwork challenges. Greece has good soil moisture. Bulgaria and Romania experience moderate drought, with precipitation around 50% of the norm. Spain faces severe drought.

- In 2023, Brazil's soybean exports reached 101.9 million tons (+29% compared to 2022), while the United States exported 48.69 million tons (-14%). Brazil and the US together supply over 80% of global shipments, with China purchasing about 60% of the world's soybean exports. Approximately 73% of Brazil's exports are directed to China, and 51% from the United States.

- AgRural lowered its forecast for Brazil's soybean production in 2023/24 to 147.7 million tons (previously 150.1 million). Harvesting has been completed on 40% of the areas (+8% for the week and 33% ahead of last year).

- On February 27, 2024, Jordan purchased 60,000 tons of wheat at a price of 240 USD/ton C&F with delivery between July 1 and 15. There were a total of 10 offers at prices ranging from 245,000 to 266.50 USD/ton.

- In 2023, Indonesia's palm oil exports were 32.2 million tons (33.1 in 2022). During this period, Indonesia's consumption of palm oil for biodiesel production exceeded its consumption for food purposes. In 2023, the total consumption of palm oil in Indonesia was 12.2 million kiloliters, and it is expected to reach 12.5 – 13 million kiloliters in 2024.