Grain Highlights 18.02.2022

According to market data, Indian importers have bought a record 100,000 tons of soyoil from the United States given the limited supply from South America and high palm oil prices.

- Over the week 23.02 - 02.03.2022, the export tax on Russian wheat will be 91 USD/ton (92.8 a week earlier). The export tax on barley will be 73.3 USD/ton (74.1) and 52.2 USD/ton on corn (52.7).

- According to FranceAgriMer, as of 14 February 2002, 95% of winter wheat crops (86% a year earlier), 89% of durum wheat crops (87%) and 94% of winter barley crops (83%) were in good and excellent condition in France. As of mid-February, 27% of the planned areas (+ 7% and 16%) have been sown with spring barley.

- According to a forecast by the European Commission, rapeseed imports into the EU will fall by 15% in 2021/22, which will be offset by higher imports of soybeans. The rapeseed production reached 17 million tons (+1.8% compared to 2020/21) and rapeseed imports are estimated at 4.9 million tons (5.8 in 2020/21). From the beginning of the season until 16.02.2022, rapeseed imports totaled 3.183 million tons (-38%) and the import of soybeans reached 8.266 million tons (-11%). EU soybean consumption in 2021/22 is expected at 21.8 million tons (+6.3%).

- Yesterday, commodity funds in Chicago were net buyers of 1,000 contracts of corn, 1,500 contracts of soybeans and 10,000 contracts of wheat.

- According to the forecast of the Buenos Aires Grain Exchange, as of February 16, 2022, 24.1% of the sunseed areas in Argentina have been harvested (16.4% a year earlier) at an average yield of 2.1 tons/hectare. The sunseed production is projected to reach 3.3 million tons (-0.2 compared to the previous estimate and -2.9% compared to 2020/21). 31% of the crops are in good and excellent condition (37% a week earlier and 18% a year earlier), and 23% (17 and 11%) are in poor and very poor condition.

- Algeria has purchased 700,000 tons (600,000 - 720,000 tons according to various estimates) of wheat at prices of 345.5 - 347 USD/ton C&F. Expectations are for major quantities from the Black Sea region, but this time there will be purchases from France, albeit small.

- According to market data, Indian importers have bought a record 100,000 tons of soyoil from the United States given the limited supply from South America and high palm oil prices. Traditionally, India buys soyoil from Argentina and Brazil. New purchases are expected in the near future.