Grain Highlights 24.02.2022

24 Feb, 2022
Grain Highlights 24.02.2022
The Egyptian state company GASC has canceled a tender for the purchase of milled wheat with delivery on April 11-21 due to insufficient offers.

- Russia has restricted the movement of merchant ships in the Sea of ​​Azov.

- Over the period of October - January, corn exports from Ukraine reached 14.1 million tons (+31% compared to the previous year), including 2.8 million tons for the Middle East. The figure is above last year's level (980,400 tons). Exports to Turkey were 1,117 million tons (0.348). Corn export to Iran reached 788,800 tons (172,100) and exports to Israel were 548,800 tons (312,400).

- According to Refinitiv's forecast, EU wheat production will reach 138.3 million tons in 2022/23, which is 4.6 million tons above the previous estimate. The growth is due to the favorable conditions for the development of crops in winter.

- According to USDA data, the condition of winter wheat crops has deteriorated significantly in Kansas and Oklahoma over the last month. As of February 20, 2022, 26% of the winter wheat crops were in good and excellent condition in Kansas (30% as of January 24) and 9% (16%) in Oklahoma.

- Yesterday, commodity funds in Chicago were net buyers of 15,000 contracts of corn, 17,000 contracts of soybeans and 15,000 contracts of wheat.

- Farmers have appealed to the federal court in Argentina to declare the export taxes on cereals and oilseeds from the country unconstitutional. Currently, the export tax on Argentine soybeans is 33%. The export tax on soymeal and soyoil exports reaches 31% and 12% on wheat and corn exports.

- The Egyptian state company GASC has canceled a tender for the purchase of milled wheat with delivery on April 11-21 due to insufficient offers. There was only one bid for 60,000 tons of French wheat at a FOB price of 399 USD/ton + freight 49.55 USD/ton, a total of 448.55 USD/ton C&F.

- Turkey bought 6,000 tons of sunseed oil at a price of 1,474.9 USD/ton C&F and delivery in March.

- Turkey has announced a tender for the purchase of 435,000 tons of wheat for delivery in March-April.

- Authorities in Turkey have rejected Ukraine's request to ban the movement of Russian ships across the Bosphorus. Turkey has announced a tender for the purchase of wheat and has not cancelled it.