Grain Highlights 17.03.2021

According to USDA data, the deficit of soil moisture is very high in the US Corn Belt now. In Iowa, air temperatures are very high, there is a strong drought in 10% of the areas and a particularly strong drought in 55%.

- As of March 1, 2021, Russian farmers held wheat stcoks of 10,082 million tons, which is 22.5% more than the previous year and 17.2% more than the average level for the last five years.

- The Association of Farmers' Cooperatives in Germany projects the wheat production in the country in 2021 at 22.34 million tons, which is 1% more than in 2020. The corn production is expected to reach 3.89 million tons (-3.3%).

- In February, soybean crush reached 4.22 million tons in the United States, which is 6% less than in February 2020 and is the lowest level in the last 17 months.

- Yesterday, commodity funds in Chicago were net buyers of 10,000 corn contracts, 2,500 soybean contracts and 1,500 wheat contracts.

- According to USDA data, the deficit of soil moisture is very high in the US Corn Belt now. In Iowa, air temperatures are very high, there is a strong drought in 10% of the areas and a particularly strong drought in 55%. Particularly severe drought occurs in 72% of the area in Kansas, 4% in Illinois, 12% in Missouri, 92% in Wisconsin, 6% in Texas. Drought is severe in 80% of South Dakota. Moderate drought can be seen in 80% of the area in Nebraska, 44% in Minnesota and 9% in Indiana.

- On March 16, 2021, China bought 1.16 million tons of corn from the United States from the old crop. This is the biggest purchase since January. Since the beginning of the season, China has purchased a record of 19.89 million tons of corn from the United States and has already delivered 7.41 million tons, which is also a record achievement.

- Algeria has announced a tender for the purchase of 40,000 tons of feed barley of any origin and delivery at the end of April.

- The Malaysian government has raised the reference price for palm oil in April to 4331.48 ringgit/ton compared to 3977.39 ringgit/ton in March. The export tax remains unchanged at 8%.

- Tunisia has announced a tender for the purchase of 117,000 tons of wheat and 75,000 tons of feed barley with delivery in April-May.

- Turkey has bought 750,000 tons of Brazilian soybeans. According to USDA data, in 2020/21 the country's soybean imports will reach 3 million tons and domestic consumption- 3.15 million tons.