Grain Highlights 08.02.2022

In January, wheat exports from France to non-EU countries were at their lowest level for the last five months, reaching 775,000 tons (808,200 in December and 546,000 in January 2021).

- The largest importers of French wheat in January were Morocco with 317,600 tons and China with 281,600 tons. Since the beginning of the season, exports to these countries reach 5.32 million tons (7.42).

- Yesterday, commodity funds in Chicago were net buyers of 19,000 contracts of corn, 17,000 contracts of soybeans and 2,500 contracts of wheat. Now the long position in soybeans is at its highest level in recent years.

- Egyptian authorities plan to buy 4 million tons of wheat from local farmers this year, which is 0.4 million tons more than in 2021. Egypt's storage capacity reaches 4.6 million tons of grain and the harvesting campaign begins in April.

- China will buy whatever amount of soybeans they possibly can from Brazil, according to analysts. Farmers in the country are now holding back sales in anticipation of even higher prices. Soybean supplies from Argentina to Brazil are low due to the low level of the Parana River.

- Jordan bought 60,000 tons of barley at a price of 301.25 USD/ton C&F and delivery in early July.

- Turkey has purchased 325,000 tons of corn at prices within 304.70 - 315.80 USD/ton C&F and delivery over the period of 25.02 - 15.03.2022. The previous tender took place back in November 2021 and 300,000 tons of corn were purchased back then.

- Iraq is likely to reduce its domestic wheat production to 3 million tons this season. During the season, wheat areas have decreased by 50% compared to the previous year. Usually, wheat imports in Iraq are 4.5 - 5 million tons, but now a higher value is expected.