Grain Highlights 18.03.2021

According to the latest forecast of SovEcon, the wheat production in Russia will reach a total of 79.3 million tons in 2021, which is 3.1 million tons more than the previous estimate.

- According to data from Russian sources, from 01.07.2021 the export tax on sunflower, rapeseed and soybeans from Russia will be 50%, but not less than 320 EUR / ton.

- According to the latest forecast of SovEcon, the wheat production in Russia will reach a total of 79.3 million tons in 2021, which is 3.1 million tons more than the previous estimate. The wheat production in Ukraine is estimated at 27.8 million tons (+0.8).

- As a result of the decline of 100 USD/ton to 1,580 - 1,620 USD/ton in the FOB price of sunseed oil in Ukraine, the price of sunseed at an oil factory reached 850 - 870 USD/ton with VAT (-50-60 USD / ton).

- Over the last week, export prices of Ukrainian milling wheat have fallen by 9-10 USD/ton to 255-263 USD/ton. Export prices of feed wheat dropped by 8-9 USD/ton to 252-260 USD/ton CPT.

- According to data from German ports, ships with 120,000 tons of wheat for Algeria have been loaded.

- Yesterday, commodity funds in Chicago were net buyers of 2,500 corn contracts and net sellers of 5,500 soybean contracts and 4,500 wheat contracts.

- Abiove has raised its forecast for the soybean production in Brazil in 2020/21 from 132.6 million tons to 134.8 million tons and soybean exports to 84 million tons (83 million tons in the previous estimate and 82.97 million tons in 2019). Domestic consumption of soybeans is expected to reach 47 million tons (46.3 and 46.85) and ending stocks- 3.79 million tons (2.91).

- According to data from the Ministry of Agriculture of Argentina, farmers in the country have already sold 11.89 million tons of the new soybean crop, the harvesting campaign of which will start soon. Forward sales of corn reached a total of 19.1 million tons.

- According to Oil World's forecast, sunflower crush in Argentina will reach 2.58 million tons in 2020/21 compared to 2.67 million tons in 2019/20. Sunflower oil production is projected at 1.1 million tons (1.14) and sunseed meal production is estimated at 1.07 million tons (1.09).

- On March 18, 2021, China bought another large amount of corn from the United States - 696,000 tons of the old crop. On March 16, 2021, 1,156 million tons of corn were purchased and on March 17, 2021, another 1,224 million tons were purchased. Thus, in three days the total quantity of corn that was purchased reached 3,076 million tons. Since the beginning of the season, Chinese purchases of US corn have reached 21.1 million tons.

- On March 18, 2021, Turkey purchased 115,000 tons of feed corn of any origin.

- Taiwanese feed producer, MFIG, has purchased 65,000 tons of Argentinian feed corn at a price of 299.65 USD/ton C&F and delivery within 27.05 - 15.06.2021.