Grain Highlights 20.06.2024

According to an FAO forecast, Morocco will import 7.5 million tons of wheat in 2024, a 19% increase compared to 2023, making it the sixth-largest importer in the world.

- In the first five months of 2024, Russia exported 3 million tons of barley, which is 2.1 times more than the previous year, making the country the world's largest exporter of the crop. The biggest clients were Saudi Arabia with 837,100 tons, followed by Iran, China, Tunisia, and Algeria. For the entire 2023/24 season, Russia is expected to export a record 8.8 million tons of barley.

- The harvesting campaign of winter crops in Ukraine started 2-3 weeks earlier than usual. The wheat production is expected to reach 21 million tons, barley production is projected at 5 million tons, and rapeseed production is expected at 4 million tons.

- According to the forecast by the Association of Agricultural Cooperatives in Germany, the wheat production in 2024 will be 20.34 million tons, a 5.5% decrease compared to 2023, and the rapeseed production will reach 3.89 million tons, an 8% decrease.

- Abiove has lowered its forecast for the 2023/24 soybean production in Brazil by 1.4 million tons to 152.5 million tons. Soybean processing in the country will be 54.5 million tons, the production of soymeal is expected at 41.7 million tons, and soyoil production is estimated at 11 million tons, all unchanged. In April, soybean processing reached 4.35 million tons, a 0.6% decrease compared to March and a 0.6% increase compared to April 2023. Soybean exports for the season will reach 97.8 million tons, soymeal exports are expected at 21.6 million tons, and soyoil exports of 1.1 million tons.

- In May, Argentina exported 5.1 million tons of soybeans and soybean products, the highest level since May 2020, at the average level for the month, and 60% more than in May 2023. Exports of soymeal reached 3 million tons and soyoil exports were 543,000 tons, mainly to Turkey and Southeast Asia, and 1.4 million tons of soybeans to China. Corn exports were 3 million tons. In June, soybean product exports are expected to be 4.6 million tons, above the ten-year average level.

- According to data from the Buenos Aires Grain Exchange as of June 19, 2024, 98.3% of the soybean acreage in Argentina has been harvested, with an average yield of 3 tons per hectare. The production forecast remains unchanged at 50.5 million tons. The corn production will be 46.5 million tons. Wheat for the 2024/25 season has been sown on 65.5% of the planned areas.

- On June 19, 2024, Thailand purchased 60,000 tons of feed wheat from Ukraine at a price of 267.98 USD/ton C&F, with delivery from August to December.

- South Korea's FLC purchased 60,000 tons of soymeal of unspecified origin at a price of 445.45 USD/ton C&F, with delivery by December 10, 2024.

- According to an FAO forecast, Morocco will import 7.5 million tons of wheat in 2024, a 19% increase compared to 2023, making it the sixth-largest importer in the world. Wheat production in Morocco will be 2.5 million tons, a 40% decrease. In 2024, wheat imports in African countries will be 55.6 million tons.