Grain Highlights 07.07.2022

The Union of Grain Exporters in Russia predicts that the wheat production in the country will reach 87.35 million tons in 2022, and wheat exports are projected to reach 40.3 million tons.

- The Union of Grain Exporters in Russia predicts that the wheat production in the country will reach 87.35 million tons in 2022, and wheat exports will reach 40.3 million tons. The total grain production will be 133.16 million tons. Barley production will reach 19.39 million tons and barley export will be 4.18 million tons. Corn production is expected to reach 14.96 million tons and corn exports are estimated at 3.8 million tons.

- According to an FAO forecast, the shortage of wheat on world markets will be 3 million tons in 2022/23. If exports from Ukraine are above expectations now, then wheat prices will drop significantly.

- According to data from Oil World, in the second quarter of the year, the world export of vegetable oils reached 17.54 million tons (20.2 million tons a year earlier), including palm oil exports of 10.1 million tons (-15.5% or 11.97), soyoil exports of 3.7 million tons (3.9), sunseed oil exports of 2.51 million tons (2.7) and rapeseed oil exports of 1.22 million tons (1.64). Over the period of October - June, the indicator is at the lowest level for the last 6 years - 55.5 million tons, including palm oil exports of 33.3 million tons (-9.5%), sunseed oil exports of 8.46 million tons (-6.8%), rapeseed oil exports of 3.88 million tons (-21.6%) and soyoil exports of 9.85 million tons (-1%).

- According to official data, 10.1 million tons of soybeans were exported from Brazil in June. Due to the strong demand for Brazilian soybeans and the reduced production, the price is high.

- According to Anec's forecast, 5.4 million tons of corn will be exported from Brazil in July (1.7 in June and 3.04 in July 2021). The export of soybeans will reach 6.5 million tons (10.2 and 7.9). Soymeal exports are expected at 1.9 million tons (2.2 and 1.7).

- In 2022/23, corn areas in Brazil are projected to reach a record 22.5 million hectares, according to the USDA forecast. Compared to 2021/22, the growth is +0.8 million hectares. Corn production will be 120 million tons, and corn exports are estimated at 46.5 million tons (+2).

- Egypt's state-owned company GASC has purchased 15,000 tons of soyoil from the domestic market at a price of USD 1,441/ton and delivery in August. No purchase of sunseed oil was made. Sunseed oil accounts for about 50% of the total oil consumption in Egypt.

- According to the forecast of the Ministry of Agriculture of Morocco, the production of cereals in the country will reach 3.2 million tons in 2022/23, which is 69% less than the previous season, including wheat production of 2.5 million tons and barley production of 663,000 tons.

- Jordan has bought 60,000 tons of feed barley at USD 360.5/ton C&F and delivery in October.