Grain Highlights 12.03.224

As of March 12, 2024, spring crops have been planted on 424,600 hectares in Russia, which is twice as much as the previous year. The Ministry of Agriculture of the country expects the total area planted with winter and spring crops to reach 84.5 million hectares.

- IKAR raises its forecast for the area planted with oil crops in Russia by 200,000 – 350,000 hectares, soybean areas are expected to be 3.9 – 4 million hectares, rapeseed areas are projected within 2.2 – 2.3 million hectares, and sunseed areas are estimated at 9.55 – 9.7 million hectares.

- Sunseed oil exports from Russia are expected to reach a record 4.3 million tons in 2023/24, with production at 7.3 million tons.

- According to the forecast of the Russian Grain Union, the grain production in Russia in 2024 will be 145 million tons, including wheat production of 92 – 93 million tons. The areas planted with winter wheat are significant, with only 4% of the crops in poor condition, compared to an average of 6% over the last 10 years. In 2023, the production was 144.9 million tons, including wheat production of 92.8 million tons.

- Turkey has canceled a tender to purchase 150,000 tons of durum wheat due to high offered prices and a decline in global markets.

- According to AgRural data as of March 7, 2024, 55% of soybean areas in Brazil have been harvested (53% in 2023). Planting of the second corn crop has been completed on 93% of the planned areas (86% a week earlier and 82% a year earlier). Conditions for the development of corn and soybeans are mostly favorable.

- According to ABS data, in January, Australia exported 2.7 million tons of wheat and 500,000 tons of durum. The largest customers are China, Indonesia, the Philippines, and Japan.

- According to USDA data, China canceled the purchase of 264,000 tons of SRW wheat from the United States and another 110,000 tons on March 11, 2024. The cancellation comes amid expectations of a good production in the Northern Hemisphere and a decline in prices on the exchanges.

- According to Safras&Mercado data, Brazilian farmers have marketed nearly 54.6 million tons of the 2023/24 soybean production, or 36.6% of the expected production. The soybean production is forecasted at around 149.1 million tons.

- According to FAO data, Iran's grain production reached 21 million tons in 2023. Grain reserves in the country rank seventh in the world and amount to 12.1 million tons. Ahead of Iran are China with 400 million tons of grain reserves, India with 65 million tons, the USA with 53 million tons, the EU with 45 million tons, Russia with 40 million tons, and Turkey with 12.8 million tons.