Grain Highlights 24.08.2022

Through direct negotiations, Egypt has purchased 240,000 tons of Russian wheat at a price of 368 USD/ton C&F, which is 8% lower than the last purchase in July.

- According to data from the Russian Grain Union, over the period of 01.07 - 21.08.2022, 6,962 million tons of grain were exported from Russia (-12% compared to the previous year), including 5.928 million tons of wheat (-12%), 797,000 tons of barley (-11.6%), 179,000 tons of corn (+7.4%). According to SovEcon data, over the period of July - August 2022, the export of wheat from Russia reached 5.9 million tons, which is the lowest level since 2017/18.

- According to an estimate by the Russian Grain Union, Russia's export potential in 2022/23 is over 50 million tons of wheat. In 2021/22, the export of grain was 38.1 million tons, including wheat exports of 30.7 million tons.

- In 2021/22, the export of wheat from Kazakhstan reached 6.1 million tons (+6% compared to 2020/21). 354,300 tons (+350%) were exported to the EU. For 2022/23, APC - Inform estimates the export potential at 7 million tons.

- Yesterday, Chicago commodity funds were net buyers of 14,500 contracts of corn, 11,000 contracts of soybeans and 6,000 contracts of wheat.

- According to Conab data, as of 20/08/2022, second corn production in Brazil has been harvested on 90% of the areas (+4% for the week). A rain delay is being reported. The forecast for the total corn production is 114.7 million tons, and AgRural expects 116 million tons.

- Over the period of 1 – 20 August, palm oil exports from Malaysia reached 718,300 tons (724,300 a month earlier).

- Through direct negotiations, Egypt has purchased 240,000 tons of Russian wheat at a price of 368 USD/ton C&F, which is 8% lower than the last purchase in July. Deliveries will be made over the period of 20.09 - 10.11.2022.

- The Indonesian government has extended the duty-free export of palm oil until 31.10.2022 in order to stimulate exports.