- According to ProZerno's forecast, as a result of the export taxes imposed on grain exports from Russia, wheat exports will fall by 4 million tons compared to initial expectations to 36-37 million tons or in the worst case 33-34 million tons. Corn exports from Russia are also expected to drop by 1 million ton. At the beginning of February, 2.9 million tons of wheat were exported from Russia. After the introduction of the export tax of 25 EUR/ton, exports fell to 400,000 tons and after March 1, 2021 at a tax of 50 EUR/ton exports are expected to go down to 0.
- According to FranceAgriMer, as of 22.02.2021, 86% of soft wheat crops in France are in good and excellent condition (86% a week earlier and 64% a year earlier). 88% (89% and 67%) of durum crops and 83% (83% and 63%) of barley are in good and excellent condition. 20% of the planned areas are sown with spring barley (+3% for the week and 28% in 2020).
- Last week, export sales of soybeans from the United States fell to 168 thousand tons, which is the lowest level since the beginning of the season. Expectations were for sales of 200,000 - 800,000 tons. The largest buyers were:
- the Netherlands- 139,100 tons
- Japan- 77,700 tons
- Germany- 75,200 tons
- Bangladesh- 58,200 tons
- Spain- 57,500 tons
An unknown buyer gave up previously purchased 300,800 tons of soybeans. China has bought only 70,800 tons of soybeans from the new 2021/22 crop.
- According to a statement by the Ministry of Agriculture of China, corn areas in the country will be expanded by 667,000 hectares in 2021, mainly in the northeastern parts of the country. Areas with high yield potential are selected. The goal is to achieve high and stable domestic corn production.
- Over the previous week, the prices of Australian premium white wheat in Southeast Asia were quoted at 318 - 320 USD/ton C&F compared to 310 USD/ton a few weeks earlier. Australian standard wheat is priced at USD 314/ton C&F and durum wheat at USD 325/ton C&F. Wheat of the new crop from the Black Sea region with delivery in August is quoted at prices of 280 USD/ton C&F in Southeast Asia.
- The European Commission has raised its forecast for wheat exports from the EU in 2020/21 by 1 million tons to 27 million tons. The ending wheat stocks will be 9.5 million tons, which is 0.4 million tons less than 2019/20. Wheat imports will be 2.4 million tons (-400,000). Corn imports will reach 16.5 million tons (-2) with a decrease in domestic consumption of 1 million tons. Thus, the ending corn stocks are estimated at 19.1 million tons (-1). Rapeseed imports will be 6 million tons (+0.5).
- The periodic rise in the price of palm and soybean oils brought sunflower oil in Ukraine closer to the price of 1,500 USD/ton FOB.
- On 25.02.2021, the Philippines held a tender for the purchase of 75,000 tons of feed wheat with delivery in April - June and 70,000 tons of milling wheat with delivery in June. Offered prices were considered high and no purchases have been made.