Grain Highlights 08.12.2021

Farmers in Ukraine have almost completed the harvesting campaign of corn and immediately increased sales. The larger volume of corn on the market pushes prices down. Corn price for December range within 258 - 260 USD/ton and prices for January are within 260 - 262 USD/ton.

- According to ICAR data, the total oilseed production in Russia reached a record 24 million tons in 2021, including sunseed production of 15.15 million tons, soybean production of 4.7 million tons and rapeseed production of 2.8 million tons. The wheat production is expected to reach 76.5 million tons, barley production is estimated at 18.2 million tons (20.9 years earlier) and corn production is projected at a record of 15.6 million tons (13.9). The total 2021 grain production was 122.7 million tons (133.5).

- Farmers in Ukraine have almost completed the harvesting campaign of corn and immediately increased sales. The larger volume of corn on the market pushes prices down. Corn price for December range within 258 - 260 USD/ton and prices for January are within 260 - 262 USD/ton.

- Yesterday, commodity funds in Chicago were net buyers of 2,000 contracts of corn and 2,000 contracts of wheat and net sellers of 5,500 contracts of soybeans.

- According to Anec, corn exports from Brazil will reach 2 - 3.47 million tons in December (2.72 in November and 3.82 in December 2020). Soybean exports are projected at 2.58 million tons (2.22) and soymeal exports are estimated at 1.66 million tons (1.19 ).

- The Chinese State Information Center forecasts soybean processing in China in 2021/22 of 101 million tons, which is 1.85 million tons more than the previous year. 1.6 million tons of Chinese soybeans and 99.4 million tons of imported soybeans will be processed. The total consumption of soyoil will be 19.2 million tons, including domestic production of 18.3 million tons and imports of 900,000 tons. The domestic production of soymeal is estimated at 79.33 million tons. Soymeal consumption is expected at 76.6 million tons. Total rapeseed supply is expected at 16.95 million tons, including domestic production 14.45 million tons. Imports of palm oil will reach 7 million tons (6.82 in 2020/21).

- The Taiwanese group MFIG bought 130,000 tons of corn from Argentina with delivery in February and at a price of 314 - 319 USD/ton C&F with offers from the United States at prices of 335 USD/ton C&F and offers from South Africa for 330 USD/ton C&F.

- Bangladesh received offers to sell wheat with the lowest price being from India - 404.11 USD/ton C&F. Other offers were priced within 425 - 432 USD/ton C&F.