Grain Highlights 04.01.2023

04 Jan, 2023
Grain Highlights 04.01.2023
In December, India increased palm oil imports by 94% compared to December 2021 to a record level for the month of 1.1 million tons given the fall in the palm oil price.

- In January, the export tax on sunseed oil from Russia remained zero. The export tax on sunseed meal will be 1,826.9 rubles/ton (79.8 in December).

- According to data from the European Commission, over the period of 26.12.2022 - 01.01.2023, the import of rapeseed in the EU was 180,000 tons (99,700 a week earlier). The main recipients were Germany with 70,000 tons and Spain with 54,000 tons. Since the beginning of the season, imports reached 3.73 million tons (+1 million tons compared to the previous year). Deliveries were 2.4 million tons from Ukraine (1.5), 1.05 million tons from Australia (0.53) and 136,000 tons from Canada (419,000).

- As of 31.12.2022, 87% of the planned areas have been sown with first corn crop in Brazil (+1% for the week and 90% a year earlier). Soybeans have been sown on 98% of the planned areas - no changes compared to the two previous periods.

- According to data from the Grain Exchange in Córdoba (Argentina), about 40% of the total amount of corn in the country is grown in the province of Córdoba, and currently 72% of the planned areas of a total of 3.3 million hectares are sown. Due to the drought, there is a lag compared to last year by 13%. 35% of the crops are in poor and satisfactory condition. There is hope that late crops may improve if rainfall increases.

- The Government of India is considering the possibility of selling 2.1 million tons of wheat on the domestic market, with the aim of lowering food prices. The authorities have ended the program for the free distribution of milling wheat, and this has led to a surplus in the state reserves of 2.1 million tons. By April, the surplus will grow to 3 million tons.

- In December, India increased palm oil imports by 94% compared to December 2021 to a record level for the month of 1.1 million tons given the fall in the palm oil price. In November, the import was 1.14 million tons. 850,000 tons of palm oil are expected to be imported in January. In December, soyoil imports were 252,000 tons (-36%), and sunseed oil imports reached 190,000 tons (-26%).