Grain Highlights 15.10.2021

According to Anec's forecast, exports of soybeans from Brazil will reach 3 million tons in October (+0.3 million tons compared to the previous estimate) and corn exports are projected to reach 2 million tons (+0.6).

- In the week of October 20-26, the export tax on Russian wheat will reach 61.3 USD/ton (58.7 weeks earlier). The export tax on barley will be 45.9 USD/ton (49.4) and the export tax on corn will be 48.4 USD/ton (47.2).

- Given the high prices of fertilizers, soybean areas in the United States are expected to increase by 1.254 million hectares in the spring of 2022 at the expense of corn. This will lead to a drop in oil prices and an increase in stocks.

- According to Anec's forecast, exports of soybeans from Brazil will reach 3 million tons in October (+0.3 million tons compared to the previous estimate) and corn exports are projected to reach 2 million tons (+0.6). In September, the country's soybean exports reached 4.7 million tons, and in October 2020 they reached 2.2 million tons. Corn exports were 2.5 million tons and 4.5 million tons, respectively.

- The authorities in China increase the minimum purchase price for wheat in 2022 to 357 USD/ton (+1.8% compared to 2021).

- On 13.10.2021 the Government of India has reduced the import tax of vegetable oils for the fourth time since June. The base tax on unrefined soybean, palm and sunseed oils is reduced from 2.5% to 0%. The base rate for refined oils has been reduced from 20% to 5%. These import taxes will be applied until 31.03.2022.

- Turkey has purchased 325,000 tons of feed corn of any origin with delivery within 15.11 - 06.12.2021 and price within 307.40 - 319.25 USD/ton C&F.

- According to Oil World, 493,000 tons of soybeans were exported from Paraguay in September (526,000 in September), including 289,000 tons for Argentina. Exports of soyoil reached 50,000 tons (87,000) and soymeal exports were 97,000 tons (209,000).