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Wheat prices on the world markets increased from December 20th to December 27th, 2024. Russian wheat prices decreased, and the CPT Novorossiysk index fell. The grain harvest in Russia decreased, while the volume of grain exports from Russia and Ukraine increased.

Kazakhstan harvested 26.7 million tons of grains.

8 contracts for white sugar were sold on the National Commodity Exchange and 1 contract on SPbMTSB. The maximum trading price was 57000 rubles/ton on SPbMTSB and 56800 rubles/ton on NCE.

Starting from January 1, 2025, Russia has introduced a 5% export duty on peas, chickpeas, and lentils. Previously, until the end of 2024, duties ranged from 4 to 7%. The new rules will be permanent. This decision aims to balance exports and domestic demand.

Prices for palm oil have dropped due to low exports from Malaysia and competition with soybean oil. Exports to India have decreased, which has led to a decline in demand. However, prices are still higher than those for soybean oil. Some traders are taking profits ahead of the holidays.

State crop quality monitoring of the 2024 harvest in the Orenburg branch of the Federal State Budgetary Institution "TSOK APK" has been successfully completed. A total of 2.9 million tons of grain were examined, with over 64,000 tests conducted.

Results:

• Soft wheat - 37.6% third grade, 32.2% fourth grade, 27.7% fifth grade;
• Hard wheat - 29.6% third grade, 44.2% fourth grade, 24.8% fifth grade.

Wildfires on sugarcane plantations in Brazil have had a negative impact on the harvest. It is expected that they have destroyed up to 5 million tons of sugarcane in the state of São Paulo.

As a result, sugar prices have risen by 4.2%, causing concern in the market. The fires will exacerbate issues with processing sugarcane due to the damages incurred.

In the Ukrainian sunflower market, prices are decreasing due to a reduction in supply and an increase in deliveries from Russia.

World prices are also falling due to the harvest in South America. Activity on the Malaysia exchange decreased before Christmas.

Upcoming decisions will be made regarding biofuel in the USA.

In Egypt, Mostakbal Misr has signed agreements for the supply of wheat until June 2025 totaling 1.267 million tons. The majority of the goods will be supplied from Russia. This step will help avoid additional purchases due to the upcoming harvest season.

At the beginning of the current season, Kazakhstan increased exports of lentils to Turkey, sending 107.1 thousand tons in September-October 2024. The volume of exports in October reached a record 45.5 thousand tons.

Additionally, imports of lentils to Afghanistan have also increased.

The Lethbridge Polytechnic Institute is developing a project to combine aquaculture and canola processing. Under the leadership of Nik Savidov, the research is focusing on using by-products of canola processing as fish feed, which could potentially save the industries millions. Aquaponics, combining fish and plants in a closed-loop system, represents the future of the food industry. Canadian organizations are funding this $300,000 project.

During the week of December 17-23, inflation rates decreased to 0.33%. Prices for fruit and vegetable products dropped, as well as for many other products. Global food markets also showed a decrease in prices for products and fertilizers.

OASIS won the tender for the purchase of wheat at a price of $257-258 per ton. Delivery is scheduled for February-March.