Grain Highlights 10.06.2022

11 Jun, 2022
Grain Highlights 10.06.2022
Rusagrotrans has lowered its forecast for the wheat production in Russia in 2022/23 by 0.3 million tons to 85.7 million tons due to the dry weather in the southern parts of the country.

- The export quota for Russian grain operating over the period of 15.02.2022 - 30.06.2022 will be fulfilled only at 82% to 9 million tons at a nominal level of 11 million tons. 0.75 million tons of wheat will be exported in June. A total of 6.7 million tons of the quota will be exported (8).

- From 16.06.2022 the export tax on Russian wheat will be 131.6 USD/ton (129.2 weeks earlier). The export tax on barley will be 75.6 USD/ton (92.8) and the export tax on corn will be 84 USD/ton (78.7).

- According to ICAR's forecast, ending sunseed stocks in Russia will be 1.3 million tons, which is a record for the last 20 years.

- Over the period of June 1-10, 372,000 tons of grain were exported from Ukraine. Grain exports since the beginning of the season totaled 47,471 million tons. Since the beginning of the year, wheat exports are 18.626 million tons (28,000 over June 1 - 10), barley exports reach 5.726 million tons (10,000) and corn exports amounted to 22.649 million tons (332,000).

- The Ministry of Agriculture of France forecasts a winter barley production in the country in 2022/23 of 8.25 million tons (+0.4% compared to 2021/22) and a winter rape production of 3.87 million tons (+17.8%). The areas with sunseed will be 797.00 hectares and wheat areas will be 4.76 million hectares (-4.5%). Corn areas are projected to reach 1.36 million hectares (-7%).

- Stratégie Grains has lowered its forecast for the EU wheat production by 1.8 million tons to 124.4 million tons (-6.1 compared to 2021). The durum wheat production is expected to reach 7.4 million tons (-0.2 and -0.3). The barley production will reach 50.3 million tons (-1.4 and -1.7). The corn production is estimated at 66.8 million tons (+0.1 and 69.5).

- According to FranceAgriMer, as of 06.06.2022, 66% of winter soft wheat crops (67% a week earlier and 81% a year earlier) and 64% of durum wheat are in good and excellent condition in France (62% and 70%). According to various estimates, the soft wheat production in France in 2022 will reach 33-34 million tons (35.5 in 2021). 90% of the corn crops (88% and 90%) are in good and excellent condition.

- In the first 41 weeks of 2021/22, 12 million tons of wheat were exported from Canada, which is about 50% less than last year. Exports of soft wheat reached 9.7 million tons (-43%) and durum wheat exports were 2.2 million tons (-60%).

- In May, the supply of cereals and oilseeds in China was 15.91 million tons (13.22 in April), including 9.67 million tons of soybeans (8.08). In 2021, grain imports were 164.53 million tons (134.75 in 2020).

- Conab has lowered its forecast for soybean exports from Brazil in 2021/22 by 1.8 million tons to 75.2 million tons, which is 10.5 million tons below the 2020/21 level. The ending soybean stocks in the country increased by 1.3 million tons to 4.9 million tons (6.2). Soybean production is projected to reach 124.3 million tons (+0.4 and 138.2) and domestic consumption is estimated at 51.2 million tons (+0.9 and +0.2). The corn production will be 115.2 million tons (+0.6 and 87.1) and the wheat production is expected at 8.4 million tons (+0.2 and 7.7).

- The Rosario Grain Exchange has lowered its forecast for the wheat production in Argentina in 2022/23 to 18.5 million tons (19 in the previous estimate). So far, 17% of the planned areas have been sown.