Grain Highlights 22.02.2022

According to Conab, as of 19.02.2022, the sowing campaign of the second corn crop in Brazil was carried out on 46% of the planned areas (+11% for the week and 20% a year earlier).

- The escalation of relations between Ukraine and Russia, which are one of the world's leading producers of cereals, could contribute to further rising grain prices. In total, Russia and Ukraine account for about 29% of world's wheat exports, 19% of world's corn exports and 80% of world's sunseed oil exports, so any military escalation could affect their supplies to foreign markets.

- According to Conab, as of 19.02.2022, the sowing campaign of the second corn crop in Brazil was carried out on 46% of the planned areas (+11% for the week and 20% a year earlier). The harvesting campaign of the first corn crop was completed on 20% of the areas (+2% per week).

- The Buenos Aires Grain Exchange forecasts a soybean production in Argentina in 2021/22 of 42 million tons. Given that there will be precipitation in mid-March, it is possible to see a further decline in the soybean production estimate. Analysts at the Rosario Grain Exchange expect a soybean production of 40.5 million tons.

- Turkey bought 255,000 tons of barley at an average price of 327.19 USD/ton C&F and delivery in March.