Grain Highlights 01.11.2021

Saudi Arabia bought 1.268 million tons of wheat (twice as much as planned) with a protein of 12.5% with delivery within January - March and an average price of 377.61 USD/ton C&F.

- The authorities in Russia have reduced the export tax on sunseed oil to 194.5 USD/ton (227.2 so far).

- The National Academy of Agrarian Sciences of Ukraine estimates that the winter wheat production in the country in 2022 will not reach the level of 2021 - 33 million tons.

- The European Commission has lowered its forecast for the EU corn production in 2021/22 from 68.8 million tons to 67.8 million tons. Imports estimate remained unchanged at 14.5 million tons, while feed consumption forecast was raised by 0.5 million tons to 64.1 million tons. The ending corn stocks are projected at 14.9 million tons (16.2). The wheat production estimate was also lowered from 131 million tons to 130.3 million tons, wheat exports estimate remained unchanged at 30 million tons and ending wheat stocks estimate was increased to 13.9 million tons (13.2). The barley production is expected to reach 51.9 million tons and the durum production is projected at 7.4 million tons.

- On Friday, commodity funds in Chicago were net buyers of 5,500 contracts of corn and 7,000 contracts of wheat and net sellers of 3,000 contracts of soybeans.

- According to data from Safras & Mercado, as of October 22, 2021, 51% of the planned soybean areas (+15% for the week) have been sown in Brazil.

- Drought slows the sowing campaign of soybeans in Argentina. So far, only 1% of the planned areas have been sown. The sowing campaign of corn is carried out on 55% of the areas and 65% of the crops are in good and excellent condition.

- The state company of Egypt GASC has announced a tender for the purchase of 30,000 tons of soyoil and 10,000 tons of sunseed oil with delivery within 20.12.2021 - 10.01.2022.