Grain Highlights 07.02.2023

According to AgRural data, as of 02/02/2023, the harvesting campaign of soybeans in Brazil was carried out on 9% of the areas (+4% for the week and 16% a year earlier).

- At the beginning of 2023, stocks of cereals in the Russian processing enterprises of Russia were 19.4 million tons, including wheat stocks 13.9 million tons.

- Over the period of 01.07.2022 - 06.02.2023, 27.69 million tons of grain were exported from Ukraine (39.21 a year earlier), including 714,000 tons in February (740,000). Wheat exports were 9,897 million tons (17,207), barley exports reached 1,835 million tons (5,484) and corn exports were 15,851 million tons (16,095).

- Indicative prices for Ukrainian feed corn with delivery in February rose to 255-280 USD/ton FOB.

- Chicago commodity funds were net sellers of 5,500 soybeans and 2,000 wheat contracts and net buyers of 1,000 corn contracts yesterday.

- According to AgRural data, as of 02/02/2023, the harvesting campaign of soybeans in Brazil was carried out on 9% of the areas (+4% for the week and 16% a year earlier). 14 million tons of soybeans were harvested. 12% of the planned areas were sown with second corn crop (24% a year earlier).

- According to data from the Ministry of Agriculture of India, wheat areas in the country will be 34.32 million hectares in 2022/23 (34.18 a year earlier). The areas with oil crops could be 9.8 million hectares (+7.4%).

- South Korean MFG has bought 138,000 tons of feed corn from South America and other countries at prices of 339.50 - 339.83 USD/ton C&F and delivery in May.

- Pakistan has approved the import of 300,000 tons of wheat as the aim is to reduce the tension in the domestic market. The first batch of deliveries must be in the country by February 15, 2023. Until 31.03.2023, import is duty-free.