Grain Highlights 11.10.2022

Turkey is assisting the UN with increasing grain exports from Russia. The Turkish president has confirmed the possibility of Russian exports passing through Turkey.

- The Russian Union of Grain Exporters proposed to keep the export quota for production in the new season, but to increase it to 25 million tons. Separately, no distinction should be made between different types of grain, but the quota should be applied to all types. The government has responded that they will consider this option.

- As of 10.10.2022, the harvesting campaign in Kazakhstan is at the final stage. 15.9 million hectares were harvested with cereals (99.5% of the area), 21.6 million tons of grain bunker weight were harvested at an average yield of 1.35 tons/hectare (1.01 in 2021).

- After deepening of two sections of the Mississippi River, navigation along it has been resumed. About 60% of US wheat, corn and soybeans are exported along this artery.

- Yesterday, Chicago commodity funds were net buyers of 11,000 contracts of corn, 4,500 contracts of soybeans and 19,500 contracts of wheat.

- As of 07.10.2022, 14% of the planned corn areas in Argentina have been sown (+7% are the week and 21% a year earlier). The early varieties of corn are sown over the period of September - October, and the late varieties are sown during December - January. If sufficient seeds and fertilizers are available, farmers generally prefer to sow late varieties.

- Brazilian farmers planted 9.6% of the planned soybean area (10.1% a year earlier). In the southern parts of the country, rainfall delays sowing, and in Mato Grosso, the lack of moisture also delays the process.

- Heavy rainfall in the southern regions of Australia will significantly reduce the quality of the new wheat crop.

- At the end of September, palm oil stocks in Malaysia reached a three-year high of 2.32 million tons (as of October 2019), which was also above expectations of 2.27 million tons.