Grain Highlights 09.02.2021

According to traders, vegoils consumption in India may decrease by 5% to 21 million tons in the current season.

- In the week of Feb 1 - 7, barley exports from the EU were only 516 tons compared to 100,300 tons a week earlier. Since the beginning of the season, total barley exports have reached 4.4 million tons (4.7). Wheat exports were 301,200 tons (484,100) for the week Feb 1-7, and since the beginning of the season 15.8 million tons (18.8).

- Yesterday, commodity funds in Chicago were net buyers of 40,000 corn contracts, 16,500 soybean contracts and 12,000 wheat contracts.

- Domestic prices for Russian wheat continue to decline. At the same time, the price of wheat from the new crop is already 40 USD/ton higher than last year's price.

- In 2020, Russia imported 2.07 million tons of soybeans, which is 2.1% more than last year. Imports of palm oil were 1,025 tons (-3.4%).

- The state company of Egypt, GASC, has announced a tender for the purchase of 30,000 tons of soyoil and 10,000 tons of sunseed oil with delivery in the period of 16.03 - 05.04.2021.

- According to AgRural, as of Feb 4, 4% of the soybean areas were harvested, compared to 2% a week earlier and 16% last year. The indicator is currently at the lowest level for the last 10 years.

- According to traders, vegoils consumption in India may decrease by 5% to 21 million tons in the current season. In previous years, vegoils consumption grew by 2-3% annually. Total vegoil imports will be 12.5 million tons (13.2), which will be the lowest level for the last 6 years, incl. palm oil imports of 7.2 million tons, soyoil imports of 3.4 million tons, sunseed oil imports of 1.75 million tons.