Grain Highlights 19.11.2024

Ukraine's Ministry of Agriculture has released its first forecast for wheat planting areas for the 2025/26 harvest, estimating 5 million hectares (up from 4.6 million hectares in 2024/25).

- Starting from November 20, 2024, Russia's export tax will be as follows: wheat at 2,689.7 rubles/ton (up from 2,569.2 the previous week), barley at 1,233.2 rubles/ton (down from 1,367.4), and corn at 3,065.5 rubles/ton (down from 3,288.4).  

- According to a forecast by Rosselkhozbank, Russia's grain production in 2025 will reach 139.5 million tons, making it the third-largest in the country's history.  

- Ukraine's Ministry of Agriculture has released its first forecast for wheat planting areas for the 2025/26 harvest, estimating 5 million hectares (up from 4.6 million hectares in 2024/25). The wheat production is expected to be 22–25 million tons. Corn planting areas will increase by 0.5 million hectares, soybean areas will decrease by 0.5 million hectares, and sunseed areas will remain stable at 5.5 million hectares.  

- According to data from the European Commission, as of November 17, 2024, 2.337 million tons of rapeseed have been imported into the EU since the beginning of the season (+16% compared to the previous season). Rapeseed oil imports stand at 108,000 tons (-50%), soybean imports at 4.75 million tons (+9%), and soymeal imports at 7.08 million tons (+23%).  

- As of November 17, 2024, winter wheat sowing in the United States has been completed on 94% of the planned areas. Of the crops, 49% are in good to excellent condition (up from 44% the previous week and 48% a year ago). Corn and soybeans have been fully harvested.  

- Malaysia has increased the export duty on palm oil from 8% to 10%. The base price of the oil is set at 999.55 USD/ton.  

- Algeria is seeking to purchase at least 50,000 tons of durum wheat from any origin, with delivery scheduled between January 1 and February 28, 2025.