Grain Highlights 04.02.2022

According to the forecast of Oil World, over the period March - September, Turkey may reduce imports of sunseed oil to 270,000 - 300,000 tons (416,000 a year earlier).

- Over the week of February 9-15, the export tax on Russian wheat will be 93.2 USD/ton (93.9 a week earlier). The export tax on barley will be 73.3 USD/ton (74.6) and the export tax on corn will be 52.7 USD/ton (49.2).

- Over the period of September - December, the export of sunseed meal from Ukraine was at its lowest level for the last 6 seasons and was 17% below the level of the previous season.

- According to data from the Ministry of Agriculture of Ukraine, the grain production in the country reached 83.8 million tons in 2021/22, including wheat production of 32.1 million tons and corn production of 40 million tons.

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

- According to the latest forecast of the Buenos Aires Grain Exchange, the soybean production in the country will reach 42 million tons in 2021/22 (44 in the previous estimate).

- According to the Buenos Aires Grain Exchange, as of 03.02.2022, 37% of soybean crops in Argentina were in good and excellent condition (38% a week earlier and 17% a year earlier). 18% of the crops were in bad and very bad condition (9% a year earlier). 99.1% of the planned areas have been sown with corn, 28% of the corn crops are in good and excellent condition (32% a week earlier and 24% a year earlier) and 28% (9%) are in poor condition.

- Over the week of January 24-30, exports of cereals and oilseeds from China increased to 406,100 tons (326,000 a week earlier). Wheat exports were 238,200 tons (104,600), durum exports were 46,300 tons (41,600) and canola exports reached 100,900 tons (124,800). Since the beginning of the season, total canola exports reach 3.36 million tons (-46%), total wheat exports are at 5.82 million tons (-42%), total durum wheat exports are 1.3 million tons (-56%) and total barley exports reach 1.56 million tons (-23%) .

- According to Indian analysts, wheat production in India will increase to 110 million tons in 2022/23 (108 in the previous season).

- According to the forecast of Oil World, over the period March - September, Turkey may reduce imports of sunseed oil to 270,000 - 300,000 tons (416,000 a year earlier). After the abolition of the import tax at the end of October, 420,000-430,000 tons of oil were imported into the country for the period of November-January. Turkey's sunseed oil stocks are now significant at 400,000-440,000 tons and will continue to grow. Throughout 2021, imports of sunseed oil were 724,000 tons (-35%), including 176,000 tons from Bulgaria, 168,000 tons from Moldova and 26,000 tons from Russia.