Outcomes from the Grain Forum in Dubai

Let us share some outcomes from the Grain Forum that took place in Dubai a few weeks ago.

As a big part of the agenda was dedicated to global trends, it's important to highlight the following data:

➡️ Mixed trends in 22/23 world production, with total grain output forecast 2% lower year over year, albeit still larger than average.

➡️ Competitive Black Sea FOB wheat offers weigh on prices at other origins, but much depends on insurance and delivered values.

➡️ Australian wheat supplies are increasingly competitive on the world market, including against maize in Pacific Asia, boosting wheat purchases and feeding, and adding to gains in wheat feeding in the CIS and Europe.

➡️ Data on soybeans for the early months of the 2022–23 (Oct–Sep) trade year show world demand has been solid while a heavy Brazilian surplus is set to be the defining aspect of trade through August and September of this year.

➡️ There’s a modest pullback in rapeseed and canola acreage in 2023 and 2024, but it's still well above the recent average.

➡️ Total wheat crop in the main producing countries in 2022–2023 is 642.4 mmt , which is 11.2 mmt higher than last season, when Russia and Australia harvested record high crops, and Canada and Kazakhstan significantly exceeded last year’s levels.

➡️ Ukraine, Argentina, the US, and the EU have reduced their export rates. On the contrary, Russia, Canada, and Australia have boosted export rates on the back of increased production.

➡️ The US wheat harvest was almost unchanged from last year.

We hope that the Dubai site will become a perfect place for key global grain exporters and buyers to collaborate and overcome any friction points in world grain trading.