Grain Highlights 08.10.2021

Heavy rainfall in France are slowing down the harvesting campaign of corn. As of 04.10.2021, 7% of the corn areas have been harvested (+5% for the week and 47% a year earlier).

- In the week of October 13-19, the export tax on wheat from Russia will be 58.7 USD/ton compared to 57.8 USD/ton a week earlier. The export tax on barley will be 49.4 USD/ton (43.1) and the export tax on corn will be 47.2 USD/ton (45.2).

- Heavy rainfall in France are slowing down the harvesting campaign of corn. As of 04.10.2021, 7% of the corn areas have been harvested (+5% for the week and 47% a year earlier). Dry weather conditions and campaign progress are expected in the new week. The sowing of the new wheat crop has been carried out on 4% of the areas (5% a year earlier) and 9% of the planned areas for barley (5%).

- On Thursday, commodity funds in Chicago were net sellers of 3,000 contracts of wheat and net buyers of 1,000 contracts of corn and 3,000 contracts of soybeans.

- According to Oil World, 4.8 million tons of soybeans were exported from Brazil in September (6.5 in August and 4.2 in September 2020). 3.4 million tons of soybeans (4.5) were exported to China and 0.45 million tons (0.7) to the EU. Over the period of January - September, soybean exports reached 77.5 million tons (78.8), including 53.5 million tons for China (57.4), 8.09 million tons for the EU (7.5), 2.5 million tons for Thailand (2.4), 2.08 million tons for Turkey (1.9), 1.6 million tons for Pakistan (1.2) and 1.2 million tons for Mexico (0.8). In September, exports of soyoil from Brazil were 137,000 tons (163,000 and 37,000), including 91,000 tons for India. Soymeal exports reached 1.3 million tons (1.54 and 1.57), including 777,000 tons for the EU (523,000 in August), 74,000 tons for Thailand (361,000), 37,000 tons for Vietnam (123,000) and 59,000 tons for South Korea (125,000).

- According to FAS USDA, corn imports in China will be 20 million tons in 2021/22 and the corn production is projected at 272 million tons. The USDA expects corn imports of 26 million tons and a corn production of 273 million tons in China (260.7 years earlier).

- According to a CONAB forecast, the soybean production in Brazil will be 140.7 million tons in 2021/22. Sowing rates are above last year's. Soybean exports are expected to reach a record 87.43 million tons and soybean processing in the country is estimated at 52.62 million tons (+6.12% per year given the increased rates of blending in biodiesel). The corn production is projected to reach 116.3 million tons.

- As of 07.10.2021, 21% of the planned areas are sown with corn in Argentina (+4% for the week) and 29% with sunseed (+2%). The slow sowing campaign are due to drought and low temperatures.

- Turkey has received many offers for the supply of barley at prices of 316.50 - 338.00 USD/ton and delivery within November 5 - 25. 310,000 tons of barley are wanted for purchase. 310,000 tons were purchased at prices within the range of 310.00 - 321.40 USD/ton.

- The Taiwan Mill Association purchased 48,000 tons of wheat (protein 11% - 14.5%) from the United States at a price of 367.83 - 404.47 USD/ton and freight cost of 66.15 USD/ton.

- Tunisia has bought 100,000 tons of durum at prices within 677.29 - 685.89 USD/ton and delivery within November - December.