Grain Highlights 10.01.2022

According to official data from China, the corn production in the country was 273 million tons in 2021, which is 12% more than in 2020. In the first 10 months of 2021, corn imports in the country totalled 26 million tons (7.8 years earlier).

- From 01.02.2022 the export tax on Russian sunseed oil will be 251.4 USD/ton (280.8 in January, 276.7 in December, 194.5 in November, 227.2 in October, 169.9 in September).

- According to Anec's forecast, 3.4 million tons of soybeans will be exported from Brazil in January 2022 (2.5 in December and 53,600 tons in January 2021). Exports of soymeal will be 1.8 million tons (1.5 and 986,800). Corn exports are expected to reach 2.6 million tons (2.2 and 3.3).

- This week, the weather in Argentina will be dry and hot with temperatures above 40 degrees. At the end of the week, cooling is expected, accompanied by precipitation of 10 - 50 l/sqm, which will fall on significant parts of the country.

- According to official data from China, the corn production in the country was 273 million tons in 2021, which is 12% more than in 2020. In the first 10 months of 2021, corn imports in the country totalled 26 million tons (7.8 years earlier). In 2017, the authorities announced the use of a mandate for ethanol E10, which was subsequently repealed after the increase in the corn price. This mechanism can very easily be reintroduced in order to regulate the country's corn stocks.

- According to the USDA forecast, palm oil production in Malaysia will be 18 million tons in 2021/22 compared to a previous estimate of 18.2 million tons. The decline is due to lack of manpower.

- According to the MRL, at the end of December, palm oil stocks in Malaysia were 1.58 million tons (+12.88% compared to November), the lowest level since July 2021. Palm oil production in December reached 1.45 million tons (-11.26%), which is the lowest level for the last 9 months. Palm oil exports reached 1.41 million tons (-3.38%) and domestic consumption was 373,100 tons (+ 31%).

- According to Oil World, soyoil imports to Iran reached 620,000 - 630,000 tons in 2021 compared to only 200,000 tons in 2020. Deliveries from Argentina were 420,000 - 430,000 tons, and the rest came from Brazil, Turkey and Russia. From March 2022, the government will ban the import of soyoil in the country in order to stimulate soybean processing in the country. The capacity for soybean processing in Iran is 4 - 4.5 million tons, but only 2 - 2.1 million tons were processed in 2021.

- According to Oil World, Turkey imported 93,00 tons of soybean oil in November, which is twice as much as in October. Deliveries from Russia were 81,000 tons and deliveries from Ukraine were 11,000 tons. Sunseed imports reached 45,000 tons (87,000 in November 2020). Over the period of September - November, the sunseed oil imports were 156,000 tons (115,000) and sunseed imports reached 80,000 tons (124,000).