Grain Highlights 26.10.2021

According to the Statistical Institute of Turkey, the production of cereals in the country will decrease by 15% to 31.6 million tons in 2021/22.

- Since the beginning of the season, 2.7 million tons of grain have been exported from Russia to Egypt (16.8% share in Russia's exports), 2.6 million tons to Turkey (16.3%) and 1.3 million tons to Iran.

- MARS has raised its forecast for the average corn yield in the EU in 2021 from 7.78 tons/hectare to 7.79 tons/hectare, which is + 0.4% above the average five-year level. The yield for sunseed is estimated at 2.37 tons/hectare (2.36 and +4.1%) and the soybean yield is projected at 3 tons/hectare (2.96 and +2.4%).

- Yesterday, commodity funds in Chicago were net buyers of 9,500 contracts of corn and 2,000 contracts of wheat and neutral to soybeans.

- As of October 22, 2021, 36% of the planned soybean areas in Brazil have been sown, which is twice as much as in 2020. According to S&M, the soybean production will reach 141 million tons.

- The Australian Premium White wheat with delivery in February 2022 is quoted at 370 - 375 USD/ton in Indonesia, whereas Black Sea wheat is quoted at 385 USD/ton C&F.

- According to the Statistical Institute of Turkey, the production of cereals in the country will decrease by 15% to 31.6 million tons in 2021/22. The wheat production is projected at 17.7 million tons (-14% compared to 2020/21), the barley production is estimated at 5.8 million tons (-31%) and the corn production is expected to reach 6.5 million tons (unchanged).

- Turkey abolishes the import tax on sunseed oil by the end of 2021.

- Turkey bought 235,000 tons of barley at an average price of 338.60 USD/ton C&F and delivery in December.

- Morocco will abolish the import tax on common wheat and durum. Now, the import tax reaches 135%.