Grains And Oilseeds News In Brief

24 Sep, 2017
Grains And Oilseeds News In Brief
On September 20, 2017 Egypt's GASC purchased 31,000 tonnes of sunflower oil at 813 USD/mt and 60,000 tonnes soybean oil at 840.5 USD/mt.

Deliveries will be made between November 1 and 20, 2017. With these supplies, the country's strategic oil reserves will be enough to meet domestic demand for 3.5 months.

According to FAS USDA forecast, in 2017, the wheat crop in Egypt is 8.1 million tonnes, which is at the level of last year. Import of wheat will reach 11.7 million tonnes, 2.6% more than the previous season. Corn crop is estimated at 6 million tonnes - no change from 2015 to 2016. Import will grow to 8.8 million tonnes (8.6).

Due to the expected low wheat crop in Australia, farmers are slowing sales and prices are rising. Now the price of Australian, standard, white wheat, new crop is available in the South Asian markets at USD 245 / mt, C & F, North American at the same price of 235 USD / mt and 215 USD / mt - wheat from the Black Sea region. The situation is atypical for this season.

According to the forecast of Oil World, in 2017 - 2018, Iran will actively import sunflower oil against the backdrop of large sunflower crop in the Black Sea region and low product prices. Import will reach 0.55 million tonnes (0.43 million tonnes in the previous season). The import duty on sunflower oil in Iran is 20% and on palm oil 40%. In 2017 - 2018. it may happen that for the first time the sunflower oil is the second largest volume used in the country after soybean oil.

In Ukraine the harvest of sunflower goes off. As of September 20, 2017. 2.155 million hectares are harvested or 36% of the areas (5.937 million hectares). 3.976 million tonnes of sunflower were harvested at an average yield of 1.84 tonnes / ha (-13% over last year).

453,700 hectares under soybean cultivation are harvested, 790,900 tonnes are harvested, with an average yield of 1,74 mt/ ha (-17%).

In its September forecast, analysts of COCERAL raised their forecast for EU wheat crop to 142.135 million tonnes, up nearly 5% over 2016. The production of hard wheat was lowered to 8.739 million tonnes (-10% compared to 2016-2017). Barley production will be 58.133 million tonnes (-2.6%) and of corn 59.26 million tonnes (-2.5%).