Grain Highlights 16.03.2021

During the period March 1-15, 315,000 tons of wheat were exported from Russia and wheat exports are expected to reach a total of 950,000 tons for the whole month.

- During the period March 1-15, 315,000 tons of wheat were exported from Russia and wheat exports are expected to reach a total of 950,000 tons for the whole month. A lower monthly level of exports was only in March 2015 - 465,000 tons after the introduction of export taxes back then.

- According to the March MARS report, EU winter crops are in good condition. EU yields are estimated as follows:

  • soft wheat- 5.89 tons/hectare (5.7 in 2020)
  • winter barley- 5.88 tons/hectare (5.38)
  • rapeseed- 3.26 tons/hectare (3.12)

- According to USDA data, as of March 14, 2021, 38% of winter wheat crops are in good and excellent condition in Kansas (+2% compared to the previous week). There is now a lack of moisture on 24% of the areas (47%). There are no changes in the condition of wheat in Texas - 27% of winter wheat crops are in good and excellent condition and in Oklahoma- 57% (+4%).

- Yesterday, commodity funds in Chicago were net buyers of 17,500 corn contracts, 3,750 soybean contracts and 4,750 wheat contracts.

- According to Allendale's forecast, the soybean areas in the United States will reach 90.317 million acres in 2021 compared to 83.1 million acres in 2020. Corn areas will reach 92.82 million acres and wheat areas are projected at 46.4 million acres.

- According to the forecast of the Buenos Aires Grain Exchange, wheat supply in Argentina will reach a total of 19.4 million tons in 2020/21. Exporters and processors have so far purchased 10.9 million tons of wheat, of which 9.2 million tons for export. The total export for the season is expected to reach 10 million tons. During the period of November - March (strongest period for exports) 4.7 million tons of wheat are predicted to be exported, which is 31% less than 2019/20 and is the lowest level since 2015/16.

- According to Conab, as of March 12, 2021, 48.6% of the soybean area in Brazil was harvested (+11% for the last week), which is lower than the previous year - 61.4%. The sowing campaign of the second corn crop was carried out on 71.5% of the areas (+17.4%). The harvest of the first corn crop reached 32.8%.

- Iran has held a tender for the purchase of 30,000 tons of sunseed oil and palm olein with delivery in March-April.

- Pakistan has held a tender for the purchase of 300.00 tons of milling wheat of any origin and delivery in April - August. The best offer was at a price of 323.97 USD/ton C&F with delivery in April and 285.97 USD/ton C&F with delivery in August.