Grain Highlights 12.10.2022

On 11/10/2022, Algeria purchased 400,000 – 480,000 tons of milling wheat of any origin and price of 380 – 384 USD/ton C&F.

- In Russia, 13.1 million hectares were sown with winter cereals (13.8 a year earlier). Rusagrotrans expects the areas for the season to be 0.5 million hectares less than the previous year, which will be the lowest level for the last five years.

- As of 11.10.2022, there were 14,600 wagons waiting at the Ukrainian border leaving for the EU (16,000 a week earlier).

- The Ministry of Agriculture of France lowered its forecast for the corn production in the country to 11.15 million tons (11.33 in the previous estimate and -26.6% compared to 2021/22).

- As of 10/09/2022, 31% of corn areas in the United States have been harvested (+11% for the week, 39% a year earlier and 30% on average for the last five years). Soybean has been harvested on 44% of the areas (+22%, 47%, 38%). The sowing campaign of winter wheat was done on 55% of the planned areas (+15% for the week and 58% on average for the last five years).

- Chicago commodity funds were net buyers of 1,250 soybean contracts and net sellers of 3,500 corn and 27,500 wheat contracts yesterday.

- Authorities in China have completed purchases of various crops from local farmers earlier than usual. By the end of September, 58.84 million tons of wheat (+0.93 compared to last year), 6.28 million tons of early varieties of rice (+0.41) were purchased.

- According to Oil World data, wheat exports from India reached 9.59 million tons in 2021/22 (3.89 in 2020/21). The biggest customers were Bangladesh with 3.83 million tons (2.49), Indonesia with 1.05 million tons (0.19) and UAE with 0.81 million tons (0.3).

- On 11/10/2022, Algeria purchased 400,000 – 480,000 tons of milling wheat of any origin and price of 380 – 384 USD/ton C&F. According to market operators, a significant part of the quantity will be delivered from Russia and at least one batch from France in November.

- Jordan has again canceled a tender for the purchase of 120,000 tons of milling wheat of any origin.

- Egypt's strategic wheat stocks are sufficient to meet domestic consumption for the next 6.6 months. Stocks of sugar, soy and sunseed oil are sufficient enough for 5.6 months. The country itself satisfies its rice needs with a production of 5.6-6 million tons.

- Turkey has bought 250,000 tons of feed barley at a price of 332.57 USD/ton C&F and delivery within 25.11 – 20.12.2022.