Grain Highlights 03.06.2021

India is likely to reduce import taxes on veg oils given that domestic production prices have reached record high levels.

- In May, 97,000 tons of sunseed oil were exported from Russian ports (-28% compared to April and well below the level of May 2020). The main buyers were Turkey with 34,000 tons, Iran with 23,000 tons and India with 20,000 tons.

- From the beginning of the season until 30.05.2021, grain exports from the EU reached 37.98 million tons (-22.8% compared to the previous season). Grain imports reached 18,118 million tons (-22.3%). Corn imports were 13.337 million tons (-28.6%).

- From the beginning of 2020/21, soybean imports to the EU reached 13.84 million tons (13.86 million tons a year earlier). Soymeal imports reach 15.46 million tons (16.50), palm oil imports add up to 4.79 million tons (5.33) and rapeseed imports totaled 5.88 million tons (5.71).

- Yesterday, commodity funds in Chicago were net buyers of 8,000 contracts of soybeans and net sellers of 17,500 contracts of corn and 4,000 contracts of wheat.

- In May, 16.4 million tons of soybeans were exported from Brazil, which is a record achievement for the month but still 1 million tons below exports in April.

- India is likely to reduce import taxes on veg oils given that domestic production prices have reached record high levels. The price of unrefined palm oil at an Indian port reached 1,173 USD/ton compared to 599 USD/ton a year earlier.

- According to the Association of Biodiesel Producers of Indonesia, over the period of January - April, domestic biodiesel consumption reached 2.669 million kiloliters (2.907 million kiloliters a year earlier). During the period, production increased by 1.4% to 2.95 million kiloliters and exports rose to 16,637 thousand kiloliters (-700%). In 2021, biodiesel consumption in the country is projected at 9.2 million kiloliters and in 2022 it is expected at 9.6 million kiloliters.