According to the forecast by APK – Inform, the sunseed production in Ukraine in 2024 is projected to be 13.9 million tons (a 1% increase compared to 2023), soybean production is expected to be 6 million tons (a 17% increase), and rapeseed production is forecasted to be 4.2 million tons (a 9% decrease).
As of March 12, 2024, spring crops have been planted on 424,600 hectares in Russia, which is twice as much as the previous year. The Ministry of Agriculture of the country expects the total area planted with winter and spring crops to reach 84.5 million hectares.
Authorities in India forecast a wheat production of 112 million tons in 2023/24 (+1.3% compared to 2022/23). However, private analysts expect that the new production may be below the level of the previous one.
According to the forecast by Rusagrotrans, wheat exports from Russia in March are expected to be 4.4 - 4.5 million tons (compared to 4.24 million tons in February).
In 2024, the rapeseed production in the EU is expected to decrease by 12%. Considering this, there is an increase in demand for Ukrainian rapeseed for the new crop. The current supply of rapeseed under CPT Constanta conditions is priced at 375 - 385 USD/ton.
StoneX has increased its forecast for soybean production in Brazil for the 2023/24 season by 1.2 million tons to 151.5 million tons (compared to 154.6 in 2022/23).
According to Strategie Grains' forecast for 2024, the rapeseed production in the EU is projected to reach 18.3 million tons (-0.1 compared to the previous estimate and -1.6 compared to 2023).
In 2023/24, the soybean production in the Brazilian state of Parana is projected to reach 18.228 million tons, which is a decrease of 4.239 million tons compared to 2022/23, according to Deral's forecast.
According to SovEcon, Russia's wheat exports in February are expected to be 3.8 million tons (compared to 3 in February 2023 and an average of 2.6 for the month a year ago).
