Grain Highlights 25.08.2022

According to Conab's forecast in 2022/23, the production of cereals and oil crops in Brazil will reach 308 million tons, including 150.36 million tons of soybeans (124 in 2021/22) and 125.5 million tons of corn (+10.8 compared to 2021/22).

- During the first 20 days of August, grain exports from Russia reached 2.7 million tons, including 2.2 million tons of wheat. Throughout August 2021, the export was 5 million tons of grain, including 4.5 million tons of wheat. It is expected that wheat exports are expected to reach 3.5 million tons for the whole month. The problems facing exports are the export taxes and the sanctions imposed on Russia.

- The Ministry of Agriculture of Romania estimates the wheat production in the country at 9 million tons, which is 18% less than in 2021. The country's annual domestic consumption is projected within 2.5 - 3 million tons.

- Yesterday, Chicago commodity funds were net sellers of 3,500 soybean contracts, net buyers of 3,500 wheat contracts and neutral on corn.

- According to Conab's forecast in 2022/23, the production of cereals and oil crops in Brazil will reach 308 million tons, including 150.36 million tons of soybeans (124 in 2021/22) and 125.5 million tons of corn (+10.8 compared to 2021/22). The first corn production will be 29 million tons (25), and the second corn production will reach 94.5 million tons (87.4). Corn exports will reach 44.5 million tons (+7), domestic consumption is expected at 81.8 million tons (+4.7), and ending corn stocks are projected at 10.5 million tons (+0.8). Domestic soybean consumption will be 51.2 million tons (47.9), soybean exports are estimated at 92 million tons (75.2), and ending soybean stocks are predicted at 9.9 million tons (6).

- According to data from Oil World, over the period of January - July, the export of soyoil from Argentina reached 2.8 million tons (3.9 a year earlier), including 317,000 tons in July, which is the lowest level since 2011. Soymeal exports reached 16.5 million tons (18.1).

- The South Korean Millers Association has purchased 50,000 tons of wheat from the United States at prices within 333–377 USD/ton FOB and delivery in November.

- In the northern parts of India, the price of milling wheat has increased in recent days from 24 rupees/kg to 25.5 rupees/kg. The price is expected to continue to rise despite government statements that no imports will be required.