Grain Highlights 24.09.2021

In its September report, analysts from the IGC forecast a world's corn production in 2021/22 of 1.208 million tons (1.202 in August and 1.127 in 2020/21).

- In its September report, analysts from the IGC forecast a world's corn production in 2021/22 of 1.208 million tons (1.202 in August and 1.127 in 2020/21). Corn production in the United States will be 380.3 million tons (+5.6), 38.5 million tons in Ukraine (+1.2), 16.5 million tons in South Africa (+0.4), 68.4 million tons in the EU (-0.8 and 64.9 in 2020), 63.3 million tons in Argentina and 117.4 million tons in Brazil. World's corn exports are expected to reach 179.4 million tons (+0.2 and 189), including 63.5 million tons from the United States (+0.5), 31.5 million tons from Ukraine (+0.5) and 3 million tons from the EU (-0.1). World's ending corn stocks will be 281.5 million tons (270.1 and 273.7), including 186.9 million tons in China (182.4 and 193.9), 34.5 million tons in the United States (27.5 and 30), 5.9 million tonsin Brazil (5.8 and 4.1), 6.2 million tons in the EU (6.8 and 6), 4 million tons in South Africa (3.8 and 3.3) and 1.9 million tons in Ukraine (1.5 and 2.1).

- According to the forecast of Rusagrotrans, the grain production in Russia will reach 118.7 million tons in 2021, including wheat production of 74.7 million tons (85.9 in 2020), barley production of 17.8 million tons (20.9) and corn production of 14 million tons (13.9).

- Over the week 29.09 - 05.10.2021, the export tax on Russian wheat will be 53.5 USD/ton (50.9), 35.3 USD/ton on barley (31) and 46.3 USD/ton on corn (47.8).

- According to FranceAgriMer, as of 20.09.2021, 1% of the corn areas was harvested in France compared to 15% a year earlier. 89% of the crops are in good and excellent condition (58% a year earlier).

- Yesterday, commodity funds in Chicago were net buyers of 4,500 contracts of corn, 1,000 contracts of soybeans and 9,000 contracts of wheat.

- Over the period of July - September, soybean exports from Argentina are projected at 3.05 million tons (1.85 quarter earlier and 2.2 years earlier). In August, soybean exports reached 1.47 million tons (0.99 in August 2020), including 1.26 million tons for China. In August, soyoil exports reached 493,000 tons (+8% per month) and soymeal exports were 2.67 million tons (+1%). In August, exports of sunseed oil were 128,000 tons (122,000 and 55,000) and sunseed meal exports reached 157,000 tons (60,000 and 55,000).

- Chinese importers have bought about 2 million tons of Australian wheat. Chinese buyers have refused earlier purchases from France due to problems with the quality. In 2021/22, the wheat production in China is estimated at 136.9 million tons with a domestic consumption of 149 million tons. The wheat production in Australia in 2021/22 will be 32.6 million tons, which is below the level of 2020/21.

- In 2021/22, imports of palm oil in India will decrease by 9% compared to 2020/21 against the background of greater domestic supply of oils and larger oilseed areas. Imports of palm oil will be 7.6 million tons (8.35). The total import of vegoils in the country will be 13.3 million tons (13.7).  Oil consumption in India will reach 21.8 million tons (+2%). Imports of sunseed oil will increase by 28% to 2.5 million tons, and soyoil imports estimate remains unchanged at 3.3 million tons.

- Pakistan bought 575,000 wheat at an average price of 383.5 USD/ton C&F and delivery within November - December.