Grain Highlights 31.08.2021

In their August forecast, StatsCan lowered its estimate for the wheat production in Canada to 22.9 million tons in 2021/22, which is 34.8% less than 2020/21 (35.2 million tons) and is the lowest level for the last 14 years.

- According to Rusagrotrans forecast, 4.75 - 4.8 million tons of wheat were exported from Russia in August (4.9 million tons in August 2020).

- Yesterday, commodity funds in Chicago were net sellers of 16,000 contracts of corn, 11,500 contracts of soybeans and 6,500 contracts of wheat.

- In their August forecast, StatsCan lowered its estimate for the wheat production in Canada in 2021/22 to 22.9 million tons, which is 34.8% less than 2020/21 (35.2 million tons) and is the lowest level for the last 14 years. The latest USDA forecast indicates for a wheat production in Canada of 24 million tons. The canola production is projected to reach 14.7 million tons (19.5), soybean production is estimated at 5.8 million tons (-8.4%) and the corn production is expected at 13.7 million tons (13.6). Heavy rainfall has fallen in Canada over the previousweek and it has slowed down the harvesting campaigns of wheat and canola. If the heavy rainfall continues, it will most likely lead to a lower grain quality.

- Pakistan is increasing imports given the current situation in Afghanistan. Demand for food and prices are rising rapidly. The government has announced tenders for the supply of 500,000 tons of sugar and 550,000 tons of wheat.