Grain Highlights 02.12.2021

According to market information, after the sharp decline in soybean prices in Chicago, Chinese importers have bought about 240,000 tons of soybeans from the United States and Brazil with deliveries within December - January. More soybeans were bought from Brazil due to the lower prices.

- Yesterday, commodity funds in Chicago were net buyers of 3,500 contracts of soybeans, 5,000 contracts of corn and 2,000 contracts of wheat.

- According to data from the Ministry of Agriculture of Argentina, as of 24.11.2021, 35.1 million tons of soybeans from the old 2020/21 crop were sold in the country (+334,500 tons per week). 3.3 million tons of soybeans from the new 2021/22 crop were also sold (+94,500). A year earlier, sales reached 35.9 million tons of the old crop and 4.4 million tons of the new crop. 45.3 million tons of corn (+0.66) from the 2020/21 crop and 10.9 million tons (+0.21) from the 2021/22 crop were sold compared to 40.7 million tons and 10.4 million tons a year earlier. Of the wheat harvest 2020/21, 17.2 million tons of wheat from the old 2020/21 crop and 11 million tons of the new 2021/22 wheat crop were also sold.

- Tunisia bought 100,000 tons of soft wheat at prices of 382 - 387.68 USD/ton C&F, 92,000 tons of durum at prices of 674 - 684.09 USD/ton C&F and 100,000 tons of barley at prices of 353.97 - 355.97 USD/ton of C&F. Deliveries will be made over the period of January - March 2022.

- Saudi Arabia has announced a tender for the purchase of 535,000 tons of wheat. Since the beginning of the year, 3.4 million tons of wheat have been imported and 576,000 tons have been purchased from the domestic market. More than 1 million tons of wheat were bought at the previous tender.

- According to India's Solvent Extractors' Association, India may increase palm oil imports from Malaysia as Indonesia increases its export taxes. The share of Indonesian palm oil in imports to India fell from 70-75% last year to 55% over January-September and the share of Malaysian plam oil imports rose to 45%. Indonesia remains a major supplier of palm oil to Pakistan.