Grain Highlights 19.05.2022

SovEcon has raised its forecast for the wheat production in Russia in 2022/23 to 88.6 million tons (+1.2 compared to the previous estimate and 76 in 2021/22) given the excellent condition of crops.

- According to SovEcon, the average wheat yield in Russia is expected at 4 tons/hectare in 2022/23 (+0.05), which is the second highest level in the history of the country.

- Over the period of 01.07.2021 - 19.05.2022, 46.512 million tons of grain were exported from Ukraine, including 18.542 million tons of wheat, 5.676 million tons of barley and 21.828 million tons of corn. Over the period of May 1-19, grain exports reached 643,000 tons.

- By the end of April, Ukraine had exported 240,000 tons of grain through Romania. Last year, more than 25 million tons of grain were exported from Constanta, making the port a major grain export hub in Europe.

- According to Oil World, over April - July, imports of sunseed in the EU increased significantly, which increases the forecast for its processing by 1.3 - 1.4 million tons (8.1 in 2021). The largest growth in processing is expected in Romania, Hungary, France, Spain and Bulgaria. In March, EU sunseed imports reached 100,000 tons (40,000 in February and 27,000 in March 2021), the highest level in 15 months. 75,000 tons of sunseed were delivered from Moldova and 14,000 tons from Ukraine. In April, sunseed exports from Ukraine amounted to 105,000 tons, most of which were imported into the EU. In April-June, deliveries from Argentina are projected within 120,000 - 130,000 tons. Over the period of August - March, imports were 413,000 tons (710,000).

- Yesterday, commodity funds in Chicago were net sellers of 20,500 contracts of corn, 8,000 contracts of soybeans and 15,000 contracts of wheat.

- China has lifted restrictions on Canadian canola imports that were introduced three years ago.

- Turkey has announced a tender for the purchase of 325,000 tons of feed corn with delivery in June.

- Indonesia lifts the ban on palm oil exports, which was supposed to take effect on 23.05.2022.