Grain Highlights 10.08.2022

Rusagrotrans raises its forecast for the wheat production in Russia in 2022 to 96.1 million tons.

- Over the period of 01.07 - 08.08.2022, 4.72 million tons of grain were exported from Russia (5.127 a year earlier), including wheat exports of 4.161 million tons (-6.2%), barley exports of 404,000 tons (-31%) and corn exports of 124,000 tons (-9%). For the period of August 1-8, exports reached 1,586 million tons (+16.4%), including wheat exports of 1.357 million tons (+7.9%) and barley exports of 223,500 tons (95,000 tons).

- Rusagrotrans raises its forecast for the wheat production in Russia in 2022 to 96.1 million tons. The barley production will reach 7.255 million tons (+0.15) and corn production will be 15.1 million tons (unchange). The total grain production will reach 145.1 million tons, according to Rosstat's forecast.

- In July, Ukraine exported 2.66 million tons of grain and oil crops (without rapeseed), which is 492,700 tons more than in June. Exports of wheat were 412,000 tons, barley exports were 183,000 tons and corn exports reached 1.1 million tons. Exports of soybeans were 141,550 tons and sunseed exports totaled 307,000 tons.

- Over the period of 01.07 - 10.08.2022, 2,212 million tons of grain were exported from Ukraine, including 599,000 tons in August. A year earlier, exports were 4,606 million tons, including wheat exports of 1.569 million tons. In this season, the export of wheat reached 562,000 tons (1,818), barley exports were 192,000 tons (1,621) and corn exports reached 1,448 million tons (1,148).

- During the first 9 days of an open grain export corridor from Ukraine, 370,000 tons of grain were exported to 7 countries.

- Yesterday, Chicago commodity funds were net buyers of 8,000 contracts of corn, 13,000 contracts of soybeans and 1,000 contracts of wheat.

- Abiove estimates soybean production in Brazil in the current 2021/22 season at 126.6 million tons, which is 12.3 million tons less than the previous season. Soybean exports will be 76.8 million tons (-9.3 million tons), and ending soybean stocks are expected at 3.6 million tons (-1.7). In the current season, soybean processing in Brazil will reach 48.6 million tons (+0.8), soymeal production is projected at 37.2 million tons (36.8) and soyoil production is expected at 9.9 million tons (9.6). Soymeal exports will reach 18.6 million tons (17.2), and soyoil exports are projected to reach 2.2 million tons (1.7).

- In July, palm oil stocks in Malaysia reached 1.77 million tons (+7.7% for the month), which is the highest level for the last 8 months. Palm oil production increased to 1.57 million tons (+1.84%), and exports have gone up to 13.2 million tons (+10.72%).

- Iran has announced a tender to import 60,000 tons of wheat with delivery in September. On 08/04/2022, the country purchased 180,000 – 240,000 tons of most likely Russian wheat.

- Jordan has canceled a tender for the purchase of 120,000 tons of milling wheat.