Grain Highlights 31.01.2023

Over the period of January 1-30, 4.39 million tons of grain were exported from Russia (+100% compared to last year), including wheat exports of 3.74 million tons (+120%), corn exports of 492,000 tons (+58%) and barley exports of 124,000 tons (102,000).

- In January, the export of wheat from Russia will reach 4 million tons, with the largest customers being Turkey, Egypt, Iran, Saudi Arabia, Algeria, Pakistan. In February, 4 million tons of wheat are also expected to be exported.

- As of 29.01.2023, in the American state of Kansas, 21% of wheat crops were in good and excellent condition (19% at the beginning of the month and 30% a year earlier), as well as 69% in Illinois (68% and 42%), 22% in Nebraska (18% and 36%), 22% in South Dakota (16% and 31%), 38% in Colorado (50% and 20%), 17% in Oklahoma (38% and 16%), 16% in Montana ( 22% and 14%) and 41% North Dakota (48% and 16%).

- Yesterday Chicago commodity funds were net buyers of 1,000 contracts of corn, 9,500 contracts of soybeans and 1,500 contracts of wheat.

- After the introduction of a biodiesel mandate in Indonesia B35 will not have a significant impact on the market because the growth in palm oil consumption will be offset by reduced exports to the EU.

- According to an estimate by the Ministry of Agriculture of India, the wheat production in the country will be at a record level of 112 million tons in 2023/24 (+5.2 compared to 2022/23).

- After sales of wheat by the State Fund of India, domestic prices on 30/01/2023 reached USD 347.11/ton, down 13% from the previous week's record high.

- At the oil purchase tender in Egypt, the country's state-owned company GASC received the lowest offer to sell sunseed oil at USD 1,199.4/ton C&F and soyoil at USD 1,300/ton C&F.

- On 02.01.2023, Egypt will hold a tender for the purchase of wheat with delivery within 26.02 - 10.03.2023 and 11.03 - 20.03.2023.