Grain Highlights 06.02.2023

Egypt's state company GASC has bought 60,000 tons of corn from Ukraine at 323 USD/ton C&F (308 USD/ton FOB + 15 USD/ton freight) with delivery in March.

- According to data from Rosstat, the grain production in Russia was 153.8 million tons in 2022, including wheat production of 104.4 million tons, corn production of 11.8 million tons (15.2 in the previous estimate) and sunseed production of 14.486 million tons (15.342).

- In January, 1,896 million tons of grain were exported from the Russian port of Novorossiysk, including 1.87 million tons of wheat and 26,300 tons of barley. 443,000 tons of wheat were sent to Turkey, 290,000 tons to Egypt, 169,000 tons to Kenya. The entire amount of barley was for Turkey.

- SovEcon predicts a wheat production in Russia in 2023 of 86 million tons, despite unfavorable weather conditions in January.

- According to ProZerno's forecast, the grain production in Russia will be 127.6 million tons in 2023 (-17% compared to 2022), including wheat production of 80.1 million tons, barley production of 19.5 million tons and corn production of 15 million tons.

- On Friday, Chicago commodity funds were net sellers of 2,000 soybean contracts and 2,000 wheat contracts and net buyers of 1,000 corn contracts.

- According to Safras&Mercado data, as of 27.01.2023 in Brazil, 4.4% of soybean areas were harvested (11.3% a year earlier and 6.2% on average for the last five years), including 14% in Mato Grosso.

- Indonesia will limit palm oil exports by requiring producers to sell 450,000 tons of oil domestically by April (300,000 now). At the end of January, export quotas for 5.9 million tons of palm oil were granted.

- Algeria has announced two tenders for the purchase of at least 50,000 tons of milling wheat with delivery in April.

- Algeria has bought 30,000 tons of corn most likely from Argentina at 339 USD/ton C&F and delivery in March.

- Egypt's state company GASC has bought 60,000 tons of corn from Ukraine at 323 USD/ton C&F (308 USD/ton FOB + 15 USD/ton freight) with delivery in March.