Grain Highlights 14.11.2022

Saudi Arabia has bought 1 million tons of wheat (protein 12.5%) of any origin at an average price of 382.65 USD/ton and delivery within April-June 2023.

- During the week of November 7-13, 570,500 tons of grain were exported from the Russian port of Novorossiysk, including 529,900 tons of wheat, 25,600 tons of barley and 15,000 tons of peas. 123,900 tons of wheat were exported to Turkey, 93,000 tons to Egypt, 66,100 tons to the UAE.

- According to data from FranceAgriMer, as of 07.11.2022 in France, 92% of the planned areas were sown with winter soft wheat (+8% for the week and 86% a year earlier). 98% of crops are in good and excellent condition (97% last season). The harvesting campaign of corn is now complete (81% year earlier).

- According to a forecast of the Rosario Grain Exchange, wheat exports from Argentina will reach 7 million tons in 2022/23 (14.5 in 2021/22). Wheat production is projected to reach 11.8 million tons (23), which is the lowest level for the last 7 years.

- Saudi Arabia has bought 1 million tons of wheat (protein 12.5%) of any origin at an average price of 382.65 USD/ton and delivery within April-June 2023. The country rarely buys such a large amount and now it is explained by the deteriorating quality of Australian wheat and the weak production in Argentina.

- The government of Iran has purchased 7.5 million tons of wheat from the 2022 crop from local farmers (4.52 a year earlier).

- According to data from the Ministry of Agriculture of India, 4.5 million hectares of wheat were sown in the country, which is 9.7% more than the previous year.

- In their November report, Oil World analysts forecast a 2022/23 world soybean production of 389.5 million tons (356.28 in 2021/22). The production in Brazil will reach 151 million tons. Soybean production in Argentina is projected at 46.5 million tons (43) and soybean production in the United States is estimated at 118.3 million tons. Soybean exports from the US will be 52.5 million tons.