Grain Highlights 10.04.2021

Conab has raised its forecast for the corn production in Brazil in 2020/21 to a record 108.9 million tons from 108.1 million tons in the March estimate.

- As of 08.04.2021, 853,260 hectares or 11% of the forecast have been sown with spring crops in Ukraine. 77,700 hectares (1%) were sown with sunseed and 1,000 hectares (0.02%) with corn.

- During the week of March 29 - April 4, 2021, 24,300 tons of rapeseed oil were exported from the EU compared to 33,900 tons a week earlier. Since the beginning of the season, exports have reached 443,100 tons (142,900). 193,900 tons were shipped to China and 165,000 tons to Norway.

- On Thursday, commodity funds in Chicago were net buyers of 35,000 contracts of corn, 4,000 contracts of soybeans and 10,500 contracts of wheat.

- According to Oil World, 13.49 million tons of soybeans were exported from Brazil in March, compared to 10.85 million tons in March 2020. Soybean exports to China reached 9.7 million tons (+1.6) and 1.3 million tons to the EU (1.05). Exports of soyoil were 118,000 tons, including 57,000 tons for China. Soymeal exports reached 1.23 million tons (1.51), including 569,000 tons for the EU. According to Anec, soybean exports from Brazil in March were 14.9 million tons (13.3). According to Conab, however, soybean exports were 13.4 million tons (+ 24%), which is a record achievement. Anec projects soybean exports in April at 16.3 million tons (14.2) and a total of 86.8 million tons of soybean exports in 2021 (82.3).

- Conab has raised its forecast for the corn production in Brazil in 2020/21 to a record 108.9 million tons from 108.1 million tons in the March estimate. Domestic consumption of corn will be 72.1 million tons and corn exports will reach 35 million tons. The soybean production will reach 135.5 million tons (+0.4), domestic consumption of soybeans is projected at 50.4 million tons (45 - 49), which is increasing due to higher meat production. The wheat production will be 6.3 million tons (+0.1) and the sowing campaign will start in April.

- According to data from the Buenos Aires Grain Exchange, the soybean harvesting campaign has started in Argentina and by 07.04.2021 610,500 hectares or 3.6% of the area have already been harvested. 1.89 million tons of soybeans were harvested at an average yield of 3.11 tons/hectare. The soybean production forecast has been reduced by another 1 million tons to 43 million tons. Corn has been harvested on 754,000 hectares (12% of the area or +4.1% for the week). More than 6 million tons of corn have been harvested and the forecast for the corn production is 45 million tons.

- The Association of Feed Producers in Thailand purchased 58,000 tons of feed wheat of any origin at a price of USD 275/ton C&F and delivery in June.