Grain Highlights 24.10.2022

The Buenos Aires Grain Exchange has once again reduced its forecast for the wheat production in Argentina to 15.2 million tons (16.5 in last week's forecast).

- During the period of October 1-23, 4.13 million tons of wheat (+57% compared to last year), 261,000 tons of barley (370,000) and 24,400 tons of corn (181,000) were exported from Russia.

- Over the week of October 17-23, 414,200 tons of wheat were exported from the Russian port of Novorossiysk, including 110,700 tons for Bangladesh, 94,000 tons for Egypt and 63,000 tons for Saudi Arabia.

- As of October 24, 2022, 11,851 million tons of cereals were exported from Ukraine (3,159 in October and 17,795 a year earlier), including 4.491 million tons of wheat (11.529), 1.017 million tons of barley (4.207) and 6.299 million tons of corn (1.54).

- According to data from FranceAgriMer, as of 10/17/2022, 92% of the corn areas in France have been harvested (+9% for the week and 30% a year earlier). Winter wheat was sown on 46% of the planned areas (+25% and 36%), and winter barley was sown on 67% of the planned areas (+30% and 54%).

- Stratégie Grains raised their forecast for the wheat production in the EU by 1.6 million tons to 132.7 million tons. The estimate for ommon wheat production was increased by 1.4 million tons to 125.5 million tons (-4.3 compared to 2021/22). Barley production is projected at 51.4 million tons (+0.4 and -0.4), and corn production is estimated at 50.4 million tons (-2.6 and 70.2).

- DRV has lowered its forecast for the 2022/23 corn production in Germany by 0.1 million tons to 3.5 million tons (-0.9 compared to 2021/22). The wheat production will reach 22.7 million tons (+1.3 compared to 2021/22), barley production is expected at 11.3 million tons (+0.4).

- According to data from the customs service of China, soybean imports into the country reached 7.72 million tons in September (+12% compared to September 2021 and 7.17 in August 2022), including 1.15 million tons from the United States (+169,400) and 5.58 million tons from Brazil (5.9). In the first nine months of the year, imports decreased on an annual basis by 6.6%.

- The Buenos Aires Grain Exchange has once again reduced its forecast for the wheat production in Argentina to 15.2 million tons (16.5 in last week's forecast). The sowing of corn was carried out on 17% of the planned areas, and the forecast for total corn areas was reduced by 3% for the last month to 7.3 million hectares.

- Algeria has announced a tender for the import of at least 50,000 tons of milling wheat with delivery within November-December.

- The state company of Egypt GASC has announced a tender for the import of 40,000 tons of vegetable oils, including 30,000 tons of soyoil and 10,000 tons of sunseed oil with delivery in December.

- Turkey bought 470,000 tons of milling wheat with the largest amount coming from Russia at prices of 326.8 – 354 USD/ton C&F and delivery within November – December.