Grain Highlights 03.02.2021

Chinese importers started large-scale purchases of barley from France and Canada given the import tax on Australian barley.

- According to the European Commission, in the week of Jan 25-31, EU rapeseed imports reached 65,000 tons compared to 859 tons a week earlier. EU soybean imports were 369,100 (270,800) and sunseed imports reached 6,600 tons (5,200).

- In 2021, Mexico will reduce corn imports by 1.5 million tons due to the fact that the authorities limit the consumption of GM corn and will develop its own corn production. By 2024, imports are projected to decrease by 30%. In the period January-November, imports totaled 13 million tons.

- Chinese importers started large-scale purchases of barley from France and Canada given the import tax on Australian barley. In 2020/21, the import of French barley will be 2 million tons. In the period July - January, imports of barley from the EU amounted to 1,444 million tons (entirely French barley) and 1.5 million tons were imported from Canada. Analysts expect barley imports in China to reach 5.8 - 10 million tons for the season.

- According to Oil World, Indonesia reduced palm oil exports to 2.9 million tons in December from 3.07 million tons a year earlier. During the period October - December, total exports reached 7.9 million tons (8.2).

- South Korea announced a tender for the purchase of 32,000 tons of wheat from the United States and Canada with delivery in June. Durum wheat with protein 12-14% and soft wheat with protein 9-10.5% are planned to be purchased.

- On Tuesday, palm oil prices fell after India raised import taxes on palm oil and rainfall in Brazil and Argentina continues. In 2021, palm oil production in Indonesia and Malaysia is expected to increase by 2.5 million tons compared to 2020 to a total of 67.9 million tons. The drop in palm oil price will definitely affect soybean and sunseed oil prices.

- On Jan 22, 2021, Saudi Arabia purchased 660,000 tons of barley, incl. 600,000 tons from Australia.

- In 2020, soybean imports to Turkey were 2.956 million tons, incl. 2.13 million tons from Brazil and 0.587 million tons from Ukraine.

- On 02.02.2021, Jordan bought 60,000 tons of feed barley of any origin with delivery in the second half of July and price of 258 USD/ton C&F.