Grain Highlights 08.03.2022

Hungary stopped exporting wheat and Serbia is expected to do the same in the coming days. Romania is not planning to restrict wheat exports.

- According to Anec's forecast, soybean exports from Brazil will be 11.77 million tons in March compared to 9.39 million tons in February and 14.92 million tons in March 2021. Corn exports are expected to be only 30,000 tons (523,300 and 115,100).

- According to Conab, as of 05.03.2022, 52% of the soybean areas have been harvested in Brazil (+10% for the week and 38% a year earlier). The rapid progress of the campaign is due to the drought in the central parts of the country. The harvesting campaign of corn from the first crop was carried out on 26% of the areas (25% a year earlier), and the sowing campaign of the second corn crop has been completed on 75% of the planned areas (+15% and 54%).

- The South Korean company NOFI has announced a tender for the purchase of 130,000 tons of feed wheat with delivery within May - July. Offers from the Black Sea region were not accepted.

- Yesterday, commodity funds in Chicago were net buyers of 14,000 contracts of wheat and net sellers of 2,500 contracts of corn and 1,000 contracts of soybeans.

- According to the forecast of the Malaysian Association of Biodiesel Producers, the export of biodiesel from Malaysia will reach 250,000 tons in 2022 (300,000 in 2021). Biodiesel production is projected to reach 950,000 tons (700,000).

- Tunisia has canceled a tender to buy 125,000 tons of soft wheat and 100,000 tons of barley due to high prices. The proposed prices of wheat were within the range of 500.25 - 527.40 USD/ton C&F, and within 495 - 508.69 USD/ton C&F for barley .

- The Iraqi government will allocate 100 million USD for the purchase of 3 million tons of wheat, aiming to create a strategic reserve.