Grain Highlights 16.11.2021

Last week, Chinese buyers bought 300,000 - 700,000 tons of corn from Ukraine at a price of 330 - 335 USD/ton C&F and delivery over January - March 2022.

- Over the period of January - October, grain exports through Russian seaports decreased by 11.8% compared to the previous year to 35.6 million tons.

- Yesterday, commodity funds in Chicago were sellers of 1,500 contracts of corn and net buyers of 8,000 contracts of soybeans and 5,500 contracts of wheat.

- Last week, Chinese buyers bought 300,000 - 700,000 tons of corn from Ukraine at a price of 330 - 335 USD/ton C&F and delivery over January - March 2022. The price of corn in China has reached multi-month highs despite a very good corn production. Surprisingly, China bought corn from Ukraine, not the United States, where the price is lower. In September, China canceled supplies of feed barley from the Black Sea region due to weak domestic demand and an expected good corn production.

- According to AgRural data, as of 11.11.2021, 78% of the planned soybean areas in Brazil have been sown (+11% for the week and 70% a year earlier). 85% of the planned corn areas (+10% and 82%) have been sown with first corn crop.

- Algeria has postponed negotiations to buy wheat for several days. The tender was originally announced for 50,000 tons.

- Turkey has announced a tender for the purchase of 6,000 tons of unrefined sunseed oil with delivery within December 1-20.

- According to data from Oil World, the top 4 exporters of soyoil in the world exported a total of 694,000 tons of soyoil in October (729,000 a month earlier and 752,000 in October 2020).

These included: 

  • Argentina - 436,000 tons (526,000 and 574,000);
  • Brazil - 149,000 tons (137,000 and 40,000);
  • Paraguay - 79,000 tons (50,000 and 54,000);
  • the United States - 30,000 tons (16,000 and 84,000).

The main buyers were India with 400,000 tons (283,000 in 2020) and Bangladesh with 105,000 tons (62,000).