Grain Highlights 23.03.2022

Kernel, Cargill, Bunge Ukraine, and other trading companies have applied to export more than 1 million tons of grain from Ukraine across the Danube.

- According to the data of the Russian Oil Union, over the period of 01.04 - 01.09.2022, a quota for the export of sunseed oil from Russia in the amount of 1.5 million tons and 700,000 tons for sunseed meal will be applied.

- Kernel, Cargill, Bunge Ukraine, and other trading companies have applied to export more than 1 million tons of grain from Ukraine across the Danube. The grain will be transported to Romanian seaports and sent for export. The problem is the insufficient capacity of some Ukrainian ports.

- According to the forecast of the Ministry of Agriculture of Ukraine, corn areas in the country will reach 3.3 million hectares in 2022, which is 2.1 million hectares less than in 2021. Areas of spring crops will reach 7 million hectares (15).

- Yesterday, commodity funds in Chicago were net buyers of 3,000 soybean contracts and neutral on corn and wheat.

- According to Conab data, as of 19.03.2022, 95% of the planned areas for the second corn crop have been sown in Brazil (+8% for the week and 84% a year earlier). The first corn crop has been harvested on 42% of the areas (+8% and 39%).

- Argentine farmers have sold 18.8 million tons of corn from the 2021/22 crop. Over the period of March 9 - 16 alone, sales reached 1.3 million tons (+100% compared to the previous year). 10.8 million tons of soybeans from the 2021/22 crop (12.4) were also sold.

- According to Oil World, over the period of January-February, imports of vegetable oils in China reached 1.03 million tons (2.48 years earlier). Since the beginning of the season (October - February), imports totaled 2.7 million tons (3.75), which is the lowest level for the last 7 years. Over the period October - February, the import of meal was 2.9 million tons (2.5), including 1.16 million tons of sunseed meal (0.89) and 0.809 tons of rapeseed meal (0.663).

- According to the FAS USDA forecast, soybean imports to China will reach 100 million tons in 2022/23. China's oilseed production will increase slightly to 62.4 million tons, including a soybean production of 17.4 million tons (+1 compared to 2021/22). Consumption of oilseeds in the new season will reach 166.7 million tons (163.5).

- Bangladesh is looking to buy 50,000 tons of wheat of any origin.

- Wheat stocks in Iraq are sufficient to meet domestic consumption for the next 3 months. 3 million tons of wheat are imported annually in the country with a domestic consumption of 7 million tons. In the current season, wheat production reached 3 million tons (-0.5).

- Turkey is looking to buy a total of 500,000 tons of corn from two tenders with April-May delivery.

- Egypt's state-owned company GASC purchased 80,000 tons of imported soyoil at a price of USD 1,788/ton C&F and 21,000 tons of domestic soyoil at a price of USD 1,788/ton and deliveries in May.