Grain Highlights 03.03.2021

03 Mar, 2021
Grain Highlights 03.03.2021
According to the FAS USDA forecast, in 2020/21 the soybean production in Argentina will reach 47.5 million tons, which is 2.5 million tons less than the previous estimate and 0.5 million tons less than the official forecast of the USDA.

- Yesterday, commodity funds in Chicago were net buyers of 17,500 contracts of corn, 15,500 contracts of soybeans and 10,000 contracts of wheat.

- According to Rosstat, in January Russia produced 150,000 tons of refined sunseed oil, which is 26% less than in December and is the lowest monthly result since October 2018. During the period of September - January, the production reaches 1 million tons of refined oil (-10%).

- According to the FAS USDA forecast, in 2020/21 the soybean production in Argentina will reach 47.5 million tons, which is 2.5 million tons less than the previous estimate and 0.5 million tons less than the official forecast of the USDA . The sunseed production is projected at 2.65 million tons (-0.25 million tons against the USDA).

- In 2020, imports of palm oil in India will decrease by 24% to 7.51 million tons, including 4.79 million tons (5.05) from Indonesia and 2.23 million tons (4.14) from Malaysia.  Imports in 2021 will be about 7 million tons. The imports of sunseed oil in 2020 were 2.44 million tons (2.51), incl. 1.86 million tons (2.07) from Ukraine and 451,000 tons (170,000) from Russia.

- In January, exports of palm oil from Indonesia reached 2.34 million tons (+0.45 million tons compared to January 2020) and were 0.95 million tons (-0.27) from Malaysia. In the period of  January - March, exports from Indonesia is expected to reach 7.1 million tons (6.17), and exports from Malaysia will decrease because in February the figure was only 1 million tons.

- In 2021, the production of crude palm oil in Malaysia will reach 19.6 million tons, which is 0.5 million tons more than in 2020. Exports will increase to 4.8 million tons, and domestic consumption will require 14.8 million tons, as part of it will be satisfied by imports - 0.5 million tons. Ending crude palm oil stocks will remain low throughout the year at about 1.5 million tons.

- A group of companies from the Philippines are looking to buy 75,000 tons of feed wheat and 70,000 tons of milling wheat of any origin and delivery in April - June.

- On March 2, 2021, Jordan purchased 120,000 tons of feed barley of any origin at price of 261.25 - 261.50 USD/ton C&F and delivery in September.

- The tender held in Pakistan for the purchase of 300,000 tons of milled wheat had the following offers:

  • 114,000 tons of wheat of any origin at a price of 332.44 USD/t C&F;
  • 105,000 tons of wheat from the EU or Serbia at a price of 335.99 USD/t C&F;
  • 106,000 tons of wheat from Russia at a price of 336.90 USD/t C&F;
  • 100,000 tons of wheat of any origin at a price of 338.34 USD/t C&F;
  • 100,000 tons of wheat from Russia at a price of 345 USD/t C&F;
  • 100,000 tons of wheat from Russia at a price of 350 USD/t C&F;
  • 114,000 tons of wheat from Russia or any origin at a price of 352.95 USD/t C&F.