Grain Highlights 03.07.2024

In 2023/24, Russia exported 68.4 million tons of grain (55.9 million in 2022/23), including 55.9 million tons of wheat, 6.9 million tons of barley (5), and 5.3 million tons of corn (4.3).

- In 2023/24, Russia exported 68.4 million tons of grain (55.9 million in 2022/23), including 55.9 million tons of wheat, 6.9 million tons of barley (5), and 5.3 million tons of corn (4.3). In June, exports reached 5.053 million tons (4.342), 385,000 tons of barley (-23%) and 325,000 tons of corn (-41%).

- Throughout 2023/24, Ukraine exported 50.553 million tons of grain (48.995 in 2022/23), including 3.621 million tons in June (3.658). Exports included 18.3 million tons of wheat (863,000), 2.477 million tons of barley (91,000), and 29.233 million tons of corn (2.653).

- Strategie Grains forecasts an EU rapeseed production of 17.8 million tons (17.94 in the previous estimate and -10.6% compared to 2023). The sunseed production will reach 10.49 million tons (10.72 and +8%), and soybean production is projected at 2.99 million tons (3.06 and +3%).

- Turkey, Romania, and Bulgaria are launching a joint initiative to clear specific areas of the Black Sea of mines.

- As of 30.06.2024, 67% of corn crops in the United States are in good to excellent condition (69% a week earlier and 51% a year earlier). According to the June USDA forecast, the 2024 corn production will be 377.5 million tons (-3.1% compared to 2023 and +3.7% compared to the five-year average).

- Saudi Arabia purchased 235,000 tons of wheat at 263 USD/ton C&F. Traders report that the quantity is the lowest in the country's history for a single transaction.

- The Iranian government purchased 5.6 million tons of the current wheat crop from local farmers to replenish state reserves. The quantity is 8% higher than last year. The wheat production will be 14.5 – 15.5 million tons, which will be sufficient to meet domestic consumption.