Grain Highlights 11.05.2021

AgRural lowered its forecast for the second corn crop in Brazil in 2020 to 69.6 million tons from 75.1 million tons in their previous estimate.

- According to a forecast by the Russian government, the grain production in Russia will reach 120 million tons in 2021 compared to 133 million tons in 2020.

- According to data from the Ministry of Agriculture of France, as of 01.05.2021, 4,891 million hectares have been sown with soft wheat in the country (+14.8% compared to 2020 and +0.9% compared to the average level for the last 5 years). 1.796 million hectares (-8.9% and -5.5%) were sown with barley and 1,442 million hectares (-10.4% and +0.4%) were sown with corn.

- According to an estimate by Safras & Mercado, as of 07.05.2021, Brazilian farmers have sold 16.7% of their new 2021/22 soybean crop compared to 32% a year earlier and 20% on average for the last 5 years. 71.4% of the old 2020/21 soybean crop have been sold (85.2% and 64%). Farmers are in no hurry to sell because they are worried about the drought in the United States. Now, the price of the new soybean crop from a Brazilian producer varies in the range of 12.4 - 13.2 USD/bushel compared to 5.2 - 7.05 USD/bushel a year earlier.

- South Korean FLC has purchased 60,000 tons of feed wheat from the Black Sea region at a price of 329.90 USD/ton C&F + 2 USD/ton for unloading and delivery until 10.08.2021.

- Egypt's state-owned company GASC has announced a tender for the purchase of 30,000 tons of soyoil and 10,000 tons of sunseed oil with delivery on July 11-13.

- Indonesia has announced a tender for the purchase of 180,000 tons of feed wheat with delivery within June - August.

- From 15.05.2021, the authorities in Morocco will increase the import taxes of soft wheat to 135% and import taxes of durum wheat to 170%. The grain production in the country in 2021 is projected at 9.8 million tons, which is 206% more than 2020. The soft wheat production is expected at 4.82 million tons, durum wheat production is estimated at 2.34 million tons and barley production is projected at 2.6 million tons.