Grain Highlights 27.06.2021

26 Jun, 2021
Grain Highlights 27.06.2021
The European Commission has lowered its forecast for the wheat production in the EU in 2021 to 125.8 million tons (126.2 million tons in the previous estimate and 117.2 million tons in 2020).

- Over the week of 30.06 - 06.07.2021, the export tax on wheat from Russia will be 41.3 USD/ton. The export tax on barley will be 39.6 USD/ton and the export tax on corn will be 50.5 USD/ton.

- SovEcon has raised its forecast for the wheat production in Russia in 2021 by 2.2 million tons compared to the previous estimate to a total of 84.6 million tons. The wheat production estimate for Ukraine has been increased by 0.3 million tons to 29.2 million tons. Some analysts expect the wheat production in Ukraine to reach 30 million tons.

- The European Commission has lowered its forecast for the wheat production in the EU in 2021 to 125.8 million tons (126.2 million tons in the previous estimate and 117.2 million tons in 2020). Wheat exports estimate remained unchanged at 30 million tons (27). The ending wheat stocks in the EU are projected at 10.1 million tons (10.8 and 8.8). The barley production is estimated at  53.5 million tons (-1 million tons compared to the previous estimate) and ending stocks of barley are expected to reach 8.4 million tons (6.8). The corn production will reach 70.6 million tons (-0.4) while corn imports estimate remained unchanged at 15 million tons. Oilseed production forecast remained unchanged at 16.7 million tons and imports are expected to reach 6.2 million tons (+0.4).

- On Thursday, commodity funds in Chicago were net sellers of 2,500 contracts of corn, 6,500 contracts of soybeans and 6,000 contracts of wheat.

- According to data from the Buenos Aires Grain Exchange, as of June 23, 2021, 70.9% of the planned areas for wheat have been sown in Argentina. 55% of the wheat crops are in good and excellent condition (59% a week earlier and 21% a year earlier). Corn has been harvested on 47.6% of the corn areas (78.3% a year earlier).

- According to data from the Buenos Aires Grain Exchange, 45.3 million tons of soybeans were harvested in Argentina, which is 11% less than the previous year. The average yield reaches 2.67 tons/hectare, which is the lowest level since 2017/18.

- Turkey has purchased 320,000 tons of feed barley with delivery within July 2 - 18 at a price of 264.9 - 274.4 USD/ton C&F. At the previous tender back in January, Turkey bought 130,000 tons of barley.