Grain Highlights 09.08.2022

The buyer of the first ship that left a Ukrainian port days ago, loaded with 26,000 tons of corn, has refused the purchase due to the long delay. Now the cargo is looking for a new buyer.

- Since the beginning of the season, Ukraine has exported 2 million tons of grain (3,869 a year earlier), and since the beginning of August, they totaled 387,000 tons (832,000). 1,404 million tons of wheat (467,000), 1,392 million tons of barley (180,000), 1,343 million tons of corn (1,055) were exported.

- Yesterday, commodity funds in Chicago were net sellers of 2,000 contracts of corn and 3,000 contracts of soybeans and net buyers of 2,500 contracts of wheat.

- According to data from Oil World, 284,000 tons of canola were exported from Canada in June (349,000 in May and 682,000 in June 2021), which is the lowest level for the last 10 years. Since the beginning of the season, exports reached 4.3 million tons (8.2), including 584,000 tons from the EU (1.347), 992,000 tons from China (2.178) and 1.1 million tons from Japan (1.7).

- According to an estimate by Safras&Mercado, as of early August, Brazilian farmers have sold 17% of their 2022/23 soybean production (16% a month earlier and 21% on average over the past five years). 80% of the 2021/22 production has been realized so far (+6% for the month and 83% on average for the last five years).

- According to Conab, as of 08/06/2022, 80% of the second corn crop areas have been harvested in Brazil (+19% for the week and 62% a year earlier).

- In June, 2.8 million tons of wheat were exported from Australia, which is 18% more than in May - 2.36 million tons. The biggest buyers were China with 707,400 tons (4.8 million tons over the period October - June), Indonesia with 251,900 tons (2.4), the Philippines with 186,600 tons (1.8).

- The Philippines has announced a tender for the purchase of 120,000 tons of wheat and 120,000 tons of feed barley with October-January delivery. Last week, similar tenders were canceled due to high prices.

- The authorities in Indonesia have lowered the threshold for charging palm oil export taxes from 750 USD/ton to 680 USD/ton.