Spain Grains, Cereal & Legumes insights

According to customs statistics, in July-December 2024/25 MY, rye exports from Ukraine reached 10.75 thousand tons, which is 11.3 times higher than the volume of external supplies for the same period in 2023/24 MY (0.95 thousand tons). Such a significant increase is due to the purchases of relatively large batches of rye by Spain and Israel. In particular, in September 2024, Spain imported 7.15 thousand tons of Ukrainian rye, and in October Israel purchased 3.05 thousand tons of grain, which ensured these countries among the importers of Ukrainian grain in the current season. At the same time, in the same period in 2023/24 MY, Spain and Israel were absent from the list of importers. As for other buyers of Ukrainian rye, Germany, which was the leading importer with a purchase volume of 0.45 thousand tons in the period from July to December 2023/24 MY, did not import during the same period of the current season. Poland reduced its import volumes by 28% - from 0.48 thousand tons in July-December 2023/24 MY to 0.32 thousand tons in the same period of 2024/25 MY.

On Friday (December 20), the March soybean futures contract of the Chicago Board of Trade (CBOT) closed at US$9.7925 per bushel, down 1.58% from a week ago; the average spot price of No. 1 yellow soybeans for January shipment was US$10.645 per bushel, down 1.05%. March soybean meal closed at US$302.2 per short ton, up 2.06%; March soybean oil closed at 39.88 cents per pound, down 7.23%; the February rapeseed futures contract of Euronext closed at 516.75 euros, down 5.5%; the March rapeseed futures contract of Canada closed at 613.8 Canadian dollars per ton, down 1.63%; the spot price of Argentina Upper River soybean FOB was US$408 per ton (including 33% export tax), down 1.21%. The ICE dollar index closed at 107.351 points, up 0.63% from a week ago, and also the third consecutive week of increase. The US NOPA crushing report showed that the soybean crushing volume in November fell month-on-month, which was also lower than market expectations. The National Oilseed Processors Association (NOPA) of the United States said on Monday that the soybean crushing volume of NOPA members in November 2024 was 193.185 million bushels, setting a record for the month, 2.19% higher than the same period last year, but 3.38% lower than 199.959 million bushels in October, and also lower than the average analyst expectation of 196.713 million bushels. Based on NOPA data, the total soybean crushing volume in the United States in November was about 206 million bushels, a decrease of 4.6% from the historical high of 216 million bushels in October, but Higher than 200 million bushels in November last year. The crushing volume in the first three months of 2024/25 (September to November) is estimated at 609 million bushels, a year-on-year increase of 5.6%, while the USDA predicts that the full-year crushing will increase by 5.4% year-on-year. As of November 30, NOPA members held 1.084 billion pounds of soybean oil stocks, up 0.93% from the nearly 10-year low of 1.074 billion pounds in October, but down 10.71% from the same period last year, and lower than the market expectation of 1.123 billion pounds. The pace of US soybean export sales is good, but the seasonal export window may close soon. The weekly export sales report of the USDA showed that the net sales of US soybeans were 1.42 million tons in the week ending December 12, 21% higher than last week. %, but 27% lower than the four-week average. So far this year, the total sales of US soybeans are 38.71 million tons, up 9.7% year-on-year and 12.0% year-on-year last week. The US Department of Agriculture expects full-year exports to increase by 7.7% year-on-year. It is worth mentioning that US private exporters reported sales of 132,000 tons of soybeans to unknown destinations on Tuesday and 187,000 tons of soybeans to Spain, and reported sales of 227,000 tons of soybeans to unknown destinations on Thursday, most of which were delivered in 2024/25. The Brazilian National Association of Grain Exporters (ANEC) said that Brazil's soybean exports in December were estimated at 1.62 million tons, which was higher than the 1.57 million tons estimated last week, but much lower than the 2.34 million tons in November and 3.79 million tons in the same period last year, which was also

In its first forecast for the 2025 EU-27+UK cereal and oilseed harvest, the European cereal traders’ association (COCERAL) predicts a 7% increase in production compared to the previous year. COCERAL projects that total grain production this year will be 297.8 Mt compared to [Read more...]