Grain Highlights 12.06.2024

Tunisia has purchased 50,000 tons of soft wheat at prices of 264.64 – 264.77 USD/ton C&F from Finagrit and Bulgaria's Buildcom.

- During the period of June 25 to July 1, farmers in Russia typically complete the sowing of sunseed. To date, 95.8% of the planned areas have been sown. The total spring sowing in Russia has been carried out on 93.5% of the planned areas, or 52.3 million hectares have been sown.

- Coceral has lowered its forecast for the soft wheat production in the EU and the UK for 2024 by 0.4 million tons to 134.5 million tons, which is 4% less than the 2023 production. The barley production is expected to reach 59.9 million tons /61.2 and +10%/, corn production is projected at 64.8 million tons /64.3 and 63.8/, and rapeseed production is estimated at 19.4 million tons /20.2 and 21.4/.

- By 2025, India plans to increase ethanol production in the country to 4.23 billion liters from the current 2.08 billion liters. The mandatory blending of ethanol in gasoline is expected to reach 20%, driving the production increase. Authorities plan to set a minimum purchase price for corn intended for ethanol production at 250.77 USD/ton. Ethanol production from sugarcane has already been limited.

- During the period from January to May 2024, palm oil production in Malaysia reached 7.26 million tons /6.64 million a year earlier/, exports were 6.31 million tons /5.92/, and ending stocks were 1.75 million tons /1.69/.

- Tunisia has purchased 50,000 tons of soft wheat at prices of 264.64 USD/ton C&F from Finagrit and 264.77 USD/ton C&F from Bulgaria's Buildcom. Additionally, 75,000 tons of feed barley were purchased at prices of 220.69 – 222.96 USD/ton C&F.

- On June 11, 2024, Jordan purchased 120,000 tons of hard milling wheat of any origin at a price of 271.25 USD/ton with delivery between July 16 and 31. There were a total of 9 offers at the tender with prices ranging from 281 to 300 USD/ton.

- The Egyptian state company GASC will hold a tender to purchase 40,000 tons of vegetable oils for delivery between July 20 and August 5, 2024, or August 15 and 31, 2024. They are seeking to purchase 30,000 tons of soyoil and 10,000 tons of sunseed oil for delivery.