Grain Highlights 12.04.2021

SovEcon raised its forecast for the wheat production in Russia in 2021 once again to 80.7 million tons, which is 1.4 million tons more than in March and 4.5 million tons more than in February.

- SovEcon raised its forecast for the wheat production in Russia in 2021 once again to 80.7 million tons, which is 1.4 million tons more than in March and 4.5 million tons more than in February. ICAR's forecast is for a wheat production of 81 million tons compared to 79.8 million tons in the previous estimate.

- In the period of September-February, 783,000 tons of sunseed oil were exported from Ukraine to China, which is 96% more than the previous year. Thus, the share of Ukrainian oil in Chinese imports reaches 74% (56%). Deliveries of sunseed oil from Russia were 250,000 tons (-4%) with a share of 23% (36%). According to Oil World, in the period September-February, sunseed oil imports in China reached a total of 1.1 million tons (+49%).

- According to data from FranceAgriMer, as of April 5, 2021, 87% of soft wheat crops in France are in good and excellent condition (87% a week earlier and 62% a year earlier). Sowing campaign of corn was carried out on 9% of the planned areas (2% and 4%).

- According to the April forecast of the USDA, world's sunseed oil production will reach 19.3 million tons in 2020/21, which is 10% less than the previous year. The sunseed production is projected at 49.6 million tons (50.14 million tons in the March forecast and 54.68 million tons in 2019/20). Soymeal production will reach 20.72 million tons compared to 22.13 million tons in 2019/20.

- On Friday, commodity funds in Chicago were net buyers of 3,500 contracts of corn and 7,500 contracts of wheat and net sellers of 6,000 contracts of soybeans.

- After the weak export of soybeans from Brazil in February, in March the figure reached 13.5 million tons compared to 10.9 million tons in March 2020. In the first two months of the season exports exceeded last year's 700,000 tons, which was a record for the country. Last year's record of 14.9 million tons is likely to be exceeded in April.

- According to estimates by the Australian Bureau of Statistics, 929,850 tons of barley were exported from Australia in February, which is 6.5% more than in January - 872,890 tons, including 870,570 tons of feed barley and 59,280 tons of malted barley. The largest customer during the month was Saudi Arabia with 501,870 tons. During the period of January-February, barley exports reached 1.803 million tons.

- Egypt has announced another tender for the purchase of 30,000 tons of soybeans and 10,000 tons of sunseed oil with delivery within 1-20 June. Earlier in the day, a tender for the purchase of domestic oils was canceled.

- The Malaysian Palm Oil Council has raised its estimate for palm oil stocks in the country at the end of March to 1.45 million tons, which is 10.7% more than the February estimate and is the highest level for the last 4 months. Palm oil production in March was 1.42 million tons (+28.4%) and exports reached 1.18 million tons (+ 31.8%).