[May 23] This week's World Grain Market News

GrainScanner
23 May 2024


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๐Ÿ“ฐGlobal Grain Keyword News





1. The Future of US Grain Exports and Acreage Amidst Intense Competition

Rabobank's annual report predicts increased US corn and soybean exports, while wheat exports are not expected to grow. The report highlights competition from Brazil, Argentina, Ukraine, and Russia. In the short term, corn, soybean, and wheat exports are projected to rise in 2024-25, despite fierce competition, particularly for soybeans. Corn is expected to remain globally competitive due to high production and lower prices, while wheat faces challenges from Russian and Ukrainian competition. Long-term trends show a 9% increase in corn and soybean exports over the next decade, but wheat will struggle due to slow domestic consumption growth and heightened international competition.

๐Ÿ”— Read Full Article>Report: Competition stalks US grain exports, acres | World Grain (world-grain.com)

๐Ÿ’ฌ A new major competitor emerges for the US: Corn benefits, wheat struggles.



2. Sudden Cold Snap in Ukraine Threatens Grain Harvest Yields

In early May, temperatures in northern and eastern Ukraine dropped to as low as -9°C, posing a significant threat to grain and oilseed yields. Analysts predict that crops such as wheat, barley, canola, and peas could suffer damage, potentially reducing yields by up to 30%. The Ukrainian Ministry of Agriculture initially projected the 2024 grain and oilseed harvest at 74 million tonnes but has refrained from providing specific updates following the cold snap. Last year's harvest totaled 82 million tonnes.

๐Ÿ”— Read Full Article> Recent frosts across Ukraine may cut grain, oilseeds crops, analysts say | Hellenic Shipping News Worldwide

๐Ÿ’ฌ Potential Decrease in Grain and Oilseed Yields!



3. India's Wheat Purchases Fall Short of Target, Raising Global Supply Concerns

The Indian government has purchased 25.4 million tons of new-season wheat from domestic farmers to replenish its reserves. However, this amount is 1.55% lower than last year and falls short of this year’s target of 30-32 million tons. This shortfall in India's reserves could lead to global wheat supply shortages and increased price volatility.

The government is working to stabilize domestic prices by replenishing wheat reserves and has requested both international and domestic traders to refrain from purchasing new-season wheat.

๐Ÿ”— Read Full Article> India: Wheat purchases by govt at 25.4 mn tonnes, 1.5% lower than last year | Hellenic Shipping News Worldwide

๐Ÿ’ฌ India's Government Secures Wheat Reserves Through Procurement



4. Adverse Weather Continues to Impact Brazil's Soybean and Corn Production

The Brazilian National Supply Agency has projected a decrease in Brazil's soybean and corn production this year due to adverse weather conditions. While the soybean cultivation area has expanded by 4% from the previous year to 45.7 million hectares, yields have decreased in most regions.

The agency still expects Brazil to maintain its position as the world's largest producer and exporter of soybeans, and to rank third in corn production and second in corn exports. Frequent heavy rains in the state of Rio Grande do Sul have resulted in losses in 8% of the cultivated area. However, in other states, the stable climate has led to a favorable harvest outlook.

๐Ÿ”— Read Full Article> Weather remains an issue in Brazil | World Grain (world-grain.com)

๐Ÿ’ฌ Revised Grain Production Forecast for Brazil



5. GM Wheat: A Potential New Staple? World’s First Seed Sale Begins

Argentina's biotechnology company, Bioceres, has launched the world's first genetically modified (GM) wheat seed for sale. Known as the 'HB4' variety, this GM wheat was developed using sunflower genes to grow well with minimal water, aiming to overcome the recurring droughts in Argentina over the past decade. Bioceres anticipates that HB4 will provide a solution for drought-stricken areas. Currently, Brazil and Paraguay have approved domestic cultivation of this GM wheat. While experts acknowledge the potential spread of GM wheat, they express concerns about safety due to the lack of conclusive harmlessness studies.

๐Ÿ”— Read Full Article> Will GM Wheat Enter Our Dining Tables? World's First Seed Sales Begin | Nongmin News (nongmin.com)

๐Ÿ’ฌ Argentinian Company Leads with Drought-Resistant, High-Yield Variety, but Safety Concerns Persist



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