Grain Highlights 05.10.2022

05 Oct, 2022
Grain Highlights 05.10.2022
According to the forecast of the USDA attaché in Beijing, China's corn production will be 270 million tons in 2022/23 (-4 compared to the official estimate and -2.5 compared to the previous FAS USDA forecast).

- SovEcon raised its forecast for wheat exports from Russia in 2022/23 to 43.4 million tons (43.1 in the previous estimate). The estimate for the wheat production remains unchanged at 100 million tons. Over the July-September period, exports were 10.2 million tons (-22% compared to last year and -14% compared to the average five-year level).

- Chicago commodity funds were net sellers of 2,000 wheat contracts and net buyers of 4,000 corn and 5,000 soybean contracts yesterday.

- According to data from Oil World, soybean processing in the United States in August was 4.74 million tons (4.93 in July and 4.57 in August 2021). In 2021/22, soybean processing in the US was 60 million tons (+1.7 compared to 2020/21). At the end of the season, soyoil stocks in the country fell to the lowest level for the season of 0.95 million tons thanks to the growth in the consumption of biodiesel - 1 million tons (+16% for the year). In August, soymeal consumption reached 3 million tons (+0.1 compared to August 2021), stocks fell to the lowest level for the last 11 months - 317,000 tons (475,000 at the end of July and 348,000 at the end of August 2021).

- According to data from the Ministry of Foreign Trade of Brazil (Secex), the country's corn exports reached 6.8 million tons in September (2.9 a year earlier). The export of soybeans was 4.3 million tons (4.8).

- According to the forecast of the USDA attaché in Beijing, China's corn production will be 270 million tons in 2022/23 (-4 compared to the official estimate and -2.5 compared to the previous FAS USDA forecast). Corn imports will remain at 18 million tons (23 in 2021/22) and consumption will decrease by 1%.

- Egypt's state company GASC has purchased 38,000 tons of vegetable oils, including 11,000 tons of sunseed oil at USD 1,285/ton C&F and 27,000 tons of soyoil at USD 1,320/ton C&F.

- Due to payment problems, 800,000 – 900,000 tons of wheat have accumulated in Egypt's ports.

- Tunisia has announced a tender for the import of 150,000 tons of soft wheat and 100,000 tons of durum wheat with delivery within November - December.