Grain Highlights 16.02.2022

Local analysts from Brazil lowered their forecast for the soybean production in the country by 6 million tons to 124 million tons.

- Winter crops are developing very intensively in the southern and central parts of Russia and Ukraine. Estimates show that the vegetation is 15% more advanced than last year.

- Yesterday, commodity funds in Chicago were net sellers of 25,000 contracts of corn, 14,500 contracts of soybeans and 13,000 contracts of wheat.

- According to USDA data, soybean processing in the United States was 5 million tons in January, which is 70,000 tons less than in December. Soyoil stocks in the United States were 0.9 million tons (0.9 in December and 0.8 a year earlier).

- Anec predicts that corn exports from Brazil will be 171,200 tons in February (350,000 in the previous estimate and -158,400 compared to February 2021). Soybean exports are projected to reach 7.1 million tons (-0.4 and 5.5).

- Local analysts from Brazil lowered their forecast for the soybean production in the country by 6 million tons to 124 million tons. The estimate for Argentina's soybean production has also been lowered by 2 million tons to 40 million tons. The total soybean production (Brazil, Argentina, Paraguay, Uruguay and Bolivia) is expected to reach 174.6 million tons (-24.2 compared to the previous season).

- At the tender today, the Egyptian company GASC bought 28.5 thousand tons of sunseed oil at a price of 1,463 USD/ton C&F and 6 thousand tons of soyoil at a price of 1,567 USD/ton C&F with delivery within April 05 - 25 2022.

- Turkey has announced a tender for the purchase of 6,000 tons of unrefined sunseed oil with delivery in March.