Grain Highlights 22.09.2022

According to a forecast by Rusagrotrans, the grain production in Russia will be 153 million tons in 2022 (+17.5 compared to the record from 2017), including a record corn production of 16 million tons, a record wheat production of 100 million tons and a barley production of 23.1 million tons.

- According to the MARS forecast, the average corn yield in the EU will be 6.39 tons/hectare in 2022 (6.63 in the previous estimate), which is 19% less than in 2021.

- According to Fediol data, the processing of rapeseed in the EU in August was 1.8 million tons (+60% compared to July and +8% compared to August 2021). Processing of soybeans was 1 million tons (-20% and -8%), and of sunseed 295,000 tons (-10% and +56%). In the first eight months of the year, the processing of oil crops was 24.6 million tons (-2%).

- Yesterday, Chicago commodity funds were net sellers of 4,000 contracts of corn and 6,000 contracts of soybeans and net buyers of 3,000 contracts of wheat.

- According to a forecast by Safras & Mercado, the wheat production in Brazil will be 10.935 million tons in 2022, which is a new record for the country (7.745 current record from 2021). Traditionally, Brazil imports about 6 million tons of wheat per year.

- According to data from the Ministry of Agriculture of Argentina, farmers in the country have sold 62% of their 2021/22 soybean crop. Over the week of September 8-14, sales reached 2.3 million tons, a week earlier they were 2.1 million tons, and two weeks earlier they were 268,000 tons.

- The Rosario Grain Exchange forecasts a corn production in Argentina in 2022/23 of 56 million tons (58 in the previous estimate). Wheat production will be 16.5 million tons (17.7), and soybean production is expected at 48 million tons (47).

- According to Oil World data, 707,000 tons of vegetable oils were imported into China in August (661,000 in July), including palm oil imports of 522,000 tons (450,000) and sunseed oil imports of 26,000 tons (7,000). Oil meal imports were 661,000 tons (487,000), including rapeseed meal imports of 216,000 tons (169,000). Exports of sunseed meal were 125,000 tons (53,000).

- At the end of 2022, Malaysian palm oil stocks could reach 2.5 million tons, the highest level since April 2019. During the year, production will be 18.5 million tons (18.1 in 2021).

- The Philippines has announced a tender for the purchase of 45,000 tons of feed wheat of any origin and delivery within December-February.

- In 2022/23, imports of palm oil in India will reach 8.4 million tons (7.7 in 2021/22), sunseed oil imports are projected at 2.5 million tons (+15%), soyoil imports are expected at 3.5 million tons (4.1), and the total import of oils will reach 14.1 million tons (13.8).

- According to government data from Egypt, wheat stocks in the country are sufficient to meet domestic consumption for the next 5.4 months.

- According to FAO data, the wheat production in Syria will be 1 million tons in 2022 (-75% compared to 2021).