Grain Highlights 18.12.2021

AgRural expects the new corn production in Brazil to reach 114.4 million tons, which is 1.1 million tons below the previous estimate.

- In the week starting from 28.12.2021, the export tax on Russian wheat will reach 94 USD/ton compared to 91 USD/ton a week earlier. The export tax on barley will be 84.8 USD/ton (78.7) and the export tax on corn will be  55 USD/ton (54.4).

- Over the period of September - November, exports of sunseed oil from Ukraine reached 1.35 million tons (1.59 years earlier). Exports to India were 413,000 tons (466,000), exports to China reached 252,300 tons (503,500) and exports to the EU were 409,700 tons (320,700).

- Strategie Grains raised its forecast for wheat exports from the EU in 2021/22 by 1.1 million tons to 31.5 million tons. It is noted that the decline in wheat prices has increased its demand. There is also growth in corn exports mainly due to strong data from Romania and Bulgaria. The EU wheat production estimate has increased from 67.8 million tons to 68.3 million tons.

- According to the British Ministry of Agriculture, the wheat production in the country reached 13.99 million tons in 2021 (+44.8% compared to 2020). The rapeseed production reached 981,000 tons (-5.5%) and the barley production was 6.96 million tons (-14.2%).

- On Thursday, commodity funds in Chicago were net buyers of 6,000 contracts of corn, 10,500 contracts of soybeans and 8,500 contracts of wheat.

- AgRural expects the new corn production in Brazil to reach 114.4 million tons, which is 1.1 million tons below the previous estimate. The reduction is mainly due to the drought in the state of Rio Grande do Sul. The soybean production is projected at 144.7 million tons (-0.7) due to lower yields in the state of Paraná.

- Iran has bought 500,000 tons of wheat of any origin at a price of 365 - 368 EUR/ton and delivery within January - February 2022. Iran traditionally buys grain in euros, not US dollars.