Grain Highlights 08.04.2022

According to the FAS USDA forecast, corn imports in China will reach 24 million tons in 2021/22 (+4 compared to the previous estimate).

- In the week starting on 13.04.2022, the export tax on Russian wheat will be 101.4 USD/ton (96.1 week earlier). The export tax on barley will be 75.4 USD/ton (unchanged) and the export tax on corn will be 70.6 USD/ton (65.8).

- Yesterday, commodity funds in Chicago were net buyers of 2,500 contracts of corn and 10,000 contracts of soybeans and net sellers of 6,500 contracts of wheat.

- According to data from Oil World, over the period of January - March, world soybean exports reached 36.38 million tons (33.93 years earlier). In March, exports from major exporters were 16.25 million tons (16.8), including 12.31 million tons from Brazil (12.69), 0.5 million tons from Paraguay (1.38), 0.16 million tons from Canada (0.27), 3.1 million tons from the United States (2.3). Over the period of September - March, soybean exports were 87.42 million tons (88.46), including 44.8 million tons from the United States (55.89), 2.19 million tons from Paraguay (2.89), 3.5 million tons from Canada (3.81), 0.92 million tons from Ukraine (1.24), 34.45 million tons from Brazil (23.78) and 1.33 million tons from Argentina (0.41).

- Conab estimates the area under cereals and oilseeds in 2021/22 in Brazil at 72.9 million hectares (+4.4% compared to 2020/21), including growth in soybean areas of 1.6 million hectares (+4.1%) and growth in corn areas of +1.3 million hectares (+6.5%). The soybean production is projected at 122.4 million tons (-11.4%) and the corn production is estimated at 115.6 million tons (+32.7%). Exports of soybeans will reach 77 million tons (80.16) and corn exports are expected at 37 million tons (35).

- According to StoneX, wheat areas in Brazil will increase by 20.6% to 3.4 million hectares in the new season, and the wheat production will reach a record 10 million tons. Wheat exports are expected to reach a record 3.4 million tons. In 2021, the production was 7.6 million tons and exports were 1.1 million tons. According to Anec, exports reached 2.1 million tons in the first quarter of 2022 (490,700 a year earlier). Consumption in the country will reach 12 million tons and wheat imports are estimated at 6.5 million tons (6.2).

- According to the forecast of the Argentine Sunflower Association, in the new season sunseed areas in Argentina will be 2 million hectares (+20% compared to the previous year), which will be the highest level for the last 14 years.

- According to the FAS USDA forecast, corn imports in China will reach 24 million tons in 2021/22 (+4 compared to the previous estimate). The growth will be due to the authorities' desire to increase stocks. In 2022/23, deliveries will fall to 20 million tons.

- In 2022/23, the import of corn in South Korea will reach 11.9 million tons (+5% compared to 2021/22). 9.6 million tons of corn will be used for fodder and 2.4 million tons for food and seeds. Wheat consumption will be 3.7 million tons (4.4) and wheat imports are projected at 4.2 million tons (-12%).

- Jordan has canceled a tender for the purchase of 120,000 tons of milling wheat and has announced a new one with delivery within 16.05 - 31.07.2022, which will be held on 13.04.2022.