Grain Highlights 28.10.2021

IKAR raised its forecast for the Russian wheat production in 2021 from 74.5 - 75.5 million tons to 75.00 - 75.6 million tons.

- IKAR raised its forecast for the Russian wheat production in 2021 from 74.5 - 75.5 million tons to 75.00 - 75.6 million tons. The total grain production in Russia is projected within 119.5 - 121.7 million tons (118.5 - 120.5). Grain exports during the season are expected to reach 40.0 - 41.5 million tons (39.0 - 40.5), including wheat exports of 31.5 - 32.0 million tons.

- Over the period of January - September 2021, Russia produced 3.5 million tons of unrefined sunseed oil, which is 19% less than the previous year.

- Yesterday, commodity funds in Chicago were net buyers of 12,500 contracts of corn, 3,000 contracts of soybeans and 4,000 contracts of wheat.

- According to EIA data, 1,106 million barrels of ethanol were produced daily in the United States during the week of October 16-22 (1,096 weeks earlier). This is the highest daily rate since August 2018. Over the week, ethanol stocks in the United States reached 19.93 million barrels (20.08 a week earlier).

- According to Oil World, canola processing in Canada reached 778,000 tons in September (662,000 in August and 786,000 in September 2020). Over the period of October 1 - 17, canola exports totalled 550,000 tons. In September, soybean processing was 134,000 tons (129,000 and 139,000). In 2020/21 (October-September), the processing of oilseeds in Canada added up to a total of 11.86 million tons (11.9 in 2019/20), including 10.23 million tons of canola (10.14) and 1.63 million tons of soybeans (1.76).

- Pakistan has announced a tender for the purchase of 90,000 tons of wheat with delivery in January 2022.

- Saudi Arabia has announced a tender for the purchase of 655,000 tons of wheat.

- Indonesia plans to stop exporting unrefined palm oil.