Grain Highlights 08.08.2024

According to a forecast by Ruseed, the sunseed production in Russia is expected to reach 15.6 million tons in 2024.

- According to a forecast by Ruseed, the sunseed production in Russia is expected to reach 15.6 million tons in 2024. Due to drought in the southern regions, the yield is predicted to drop to 2.1–2.7 tons/hectare.

- Rusagrotrans forecasts that Russia's wheat exports in August 2024 will reach 4.5 million tons (compared to 3.6 million tons in July and 5.4 million tons in August 2023).

- StoneX predicts that Brazil's soybean production for the 2024/25 season will reach a record 165 million tons (up from 149 million tons in 2023/24). The planted area is expected to reach 46.53 million hectares (up from 46.16 million). Soybean exports are projected to be 102 million tons (up from 92 million tons), setting a new record for the country (the current record is from the 2022/23 season at 101.87 million tons). The corn production is expected to be 123.14 million tons (up from 121.8 million tons), with exports at 24.96 million tons (a decrease of 4.2%). Corn exports are projected to reach 37.5 million tons (down from 40 million tons).

- According to data from Brazil's customs services, 11.2 million tons of soybeans were exported from the country in July (compared to 9.69 million tons in July 2023). Additionally, 3.5 million tons of corn were exported (a decrease of 16%).

- The FAS USDA forecasts that Brazil's corn production for the 2024/25 season will reach 127 million tons (up from 122 million tons in 2023/24 and down from 135.5 million tons in 2022/23).

- In Argentina, workers in soybean processing plants have gone on strike. The strike involves members of the SOEA union.

- Indonesia is conducting trials for the implementation of B50 biodiesel. Currently, the country uses B35. There is no set timeline for completing the process, but B40 is expected to be in use by 2025.

- On August 7, 2024, Egypt's state-owned company GASC purchased 36,600 tons of sunseed oil at a price of 1,018 USD/ton C&F. The tender was initially for the purchase of 30,000 tons of soyoil and 10,000 tons of sunseed oil. Deliveries are expected to occur between October and November. The initial offered prices for soyoil ranged from 1,005 to 1,092 USD/ton, while sunseed oil was priced between 1,050 and 1,095 USD/ton.