Grain Highlights 19.06.2024

IKAR raises its forecast for the wheat production in Russia for 2024/25 by 0.5 million tons to 82 million tons. The total grain production is projected at 129.5 million tons.

- According to data from the Russian Ministry of Agriculture, as of June 18, 2024, 193,400 hectares of grain crops have been harvested in the country /3,700 hectares in 2023/ with an average yield of 4.96 tons/ha /2.33/. The yield of barley is 5.77 tons/ha.

- From July 1, 2023, to June 19, 2024, Ukraine exported 49.274 million tons of grain /47.490 million tons a year earlier/, including 2.342 million tons in June /2.153 million tons/. Exported were 18.083 million tons of wheat /16.314 million/, barley exports reached 2.461 million tons /2.667 million/, and corn exports were 28.192 million tons /28.185 million/.

- According to DRV's forecast, the areas planted with grain crops in Germany in 2024 will be 5.9 million hectares, which is the first time below 6 million hectares. The production of grain crops will be 41.8 million tons, and rapeseed production will reach 3.9 million tons. The wheat production is projected at 20.3 million tons /21.5 million/, barley production is expected at 9.3 million tons /9.6 million/.

- From January to April, deliveries of rapeseed meal to China were 890,000 tons /709,300 tons a year earlier/, including 216,100 tons in April.

- In May 2024, corn imports to China reached 1.05 million tons /-11% compared to April/. Since the beginning of the season, 23.9 million tons have been imported /31.1 million tons/.

- The South Korean company FLC has purchased 60,000 tons of soymeal of unspecified origin, at a price of 445.45 USD/ton, with delivery by December 10, 2024.

- According to a forecast by FAS USDA, the corn production in Zimbabwe for 2024/25 will be 635,000 tons /1.5 million tons in 2023/24/. The decrease is due to severe drought. The annual corn consumption in the country is 1.9 million tons. Imports in the new season will exceed 1 million tons.

- From September 1, 2024, the authorities in Egypt will increase the fee for passing ships through the Suez Canal from 50 USD to 300 USD, and in 2025, the fee will reach 500 USD.