Grain Highlights 12.01.2023

12 Jan, 2023
Grain Highlights 12.01.2023
The Rosario Grain Exchange has lowered its forecast for the 2022/23 soybean production in Argentina by 12 million tons from the December estimate to 37 million tons (the third lowest result in the last 15 years). The estimate for the corn production was lowered by 10 million tons to 45 million tons.

- Chicago commodity funds were net buyers of 500 contracts of corn, 3,500 contracts of soybeans and 4,000 contracts of wheat yesterday.

- According to Agroconsult's forecast, the corn production in Brazil will be 130.9 million tons in 2022/23 (+5.1 compared to the previous forecast), including first corn production of 29.6 million tons (+4.6) and second corn production of 101.3 million tons (+15.4). The soybean production is projected reach 153.4 million tons (+27.9 compared to 2021/22), and soybean exports will reach 93.6 million tons.

- According to Anec data, since the beginning of January, China has purchased over 1 million tons of corn from Brazil, which will make the export record for the month. Estimates point to exports of 5.02 million tons of corn (4.32 in the previous estimate).

- According to Deral data, in the Brazilian state of Parana, the sowing of the second 2022/23 corn crop has started. As of 09.01.2023, 1% of the planned areas have been sown. 79% of the first corn crops are in good and excellent condition (32% a year earlier).

- According to information from market operators, the South Korean company NOFI has announced a tender for the import of 138,000 tons of feed corn of any origin, but excluding Eastern Europe and Paraguay. Delivery will be over the period of April 15-25.

- India will end the duty-free import of unrefined soyoil into the country from 04/01/2023. In May 2022, duty-free imports of 2 million tons of soyoil from the 2022/23 crop and 2 million tons from the 2023/24 crop were allowed, but duty-free imports will continue for the new soyoil crop.

- According to the Ministry of Internal Affairs and Communications, Malaysia exported 15.7 million tons of palm oil in 2022, including 3.53 million tons in the first quarter, 3.63 million tons in the second, 4.02 million tons in third and 4.49 million tons in fourth. The total oil production is 18.4 million tons, including 5.11 million tons in fourth quarter. At the end of the year, palm oil stocks in the country were 2.19 million tons (1.58 at the end of 2021).