Grain Highlights 13.06.2022

13 Jun, 2022
Grain Highlights 13.06.2022
ICAR has raised its forecast for the wheat production in Russia in 2022/23 by 2 million tons to 87 million tons.

- ICAR has raised its forecast for the wheat production in Russia in 2022/23 by 2 million tons to 87 million tons. The grain production in the new season will reach 133.5 million tons (+2), and wheat export are projected to reach 41 million tons (39). Total grain exports are expected at 52 million tons.

- According to a government forecast from Ukraine, the grain production in the country will be 48 - 50 million tons in 2022, including wheat production of 18 - 20 million tons, barley production of 5 million tons and corn production of 24 million tons. The rapeseed production is projected at  2.5 million tons, soybean production is estimated at 2.5 - 2.8 million tons, and the sunseed production is expected at 10 million tons.

- On 13.06.2022, a ship carrying 18,000 tons of Ukrainian corn arrived at a port in northwestern Spain on a route across the Baltic Sea. This is the first delivery on this new route for export of Ukrainian grain.

- On Friday, commodity funds in Chicago were net sellers of 13,500 soybean contracts and net buyers of 500 corn. They were neutral in terms of wheat.

- According to USDA data, 19.41 million tons of wheat were exported from the United States in 2021/22 (25.64 in 2020/21). The largest customers were Mexico with 3.77 million tons (3.71), the Philippines with 2.75 million tons (3.19), Japan with 2.35 million tons (2.49), Nigeria with 1.77 million tons (1.46) and South Korea with 1.26 million tons (1.87 ). Sales of wheat from the new 2022/23 crop up to 02.06.2022 reached 4.6 million tons (-17%), including 746,300 tons for the Philippines and for 738,900 tons Mexico.

- Authorities in Egypt have bought 3.9 million tons of wheat from local farmers, which is 300,000 tons more than the previous year. The plan is to buy 6 million tons of wheat. Farmers are obliged to sell 60% of their production to the state, compared to 40% a year earlier.

- According to Oil World, the production of palm oil in Malaysia was 1.46 million tons in May (1.57 in May 2021), which is the lowest level for the month for the last 6 years.