Grain Highlights 01.02.2022

Analysts from AgRural have lowered their forecast for the soybean production in Brazil in 2021/22 to 128.5 million tons (133.4 in the previous estimate and 144.7 at the beginning of the season).

- In February, the export tax on Russian sunseed oil will be 251.4 USD/ton (280.8 in January and 276.7 in December).

- SovEcon forecasts wheat exports from Russia in 2021/22 of 34.3 million tons (+0.2 compared to the previous estimate).

- As of 01.01.2022, stocks of cereals in Kazakhstan reach 11.64 million tons (12.67 years earlier), including wheat stocks of 9.43 million tons.

- According to the forecast of Strategie Grains, the rapeseed production in the EU will reach 18 million tons in 2022 (16.95 in 2021 and 17.35 in the estimate from January).

- Yesterday, commodity funds in Chicago were net sellers of 8,000 contracts of corn and 16,500 contracts of wheat and net buyers of 12,000 contracts of soybeans.

- According to Safras & Mercado, as of January 28, 2022, 20.5% or 4.39 million hectares of the corn areas (first crop) in Brazil have been harvested. The average level of the indicator for the last 5 years is 8.8%.

- According to data from Abitrigo, Brazil's wheat imports reached 443,500 tons in December 2021 (381,000 in November). The suppliers were Argentina with 410,600 tons and Paraguay with 32,800 tons. Throughout 2021, wheat imports to Brazil were 6.21 million tons, including 5.43 million tons from Argentina.

- Analysts from AgRural have lowered their forecast for the soybean production in Brazil in 2021/22 to 128.5 million tons (133.4 in the previous estimate and 144.7 at the beginning of the season). AgResource has lowered its estimate to 125 million tons (131 and 141). AgResource has also lowered its forecast for the first corn production to 19.91 million tons (23.75) and the total corn production is projected to reach 106.82 million tons.

- Iran plans another purchase of 60,000 tons of feed barley and 60,000 tons of soymeal with delivery over February - March.

- Tunisia has announced a tender for the purchase of 75,000 tons of durum, 100,000 tons of soft wheat and 75,000 tons of barley with delivery within February - March.