Grain Highlights 09.11.2022

The Ministry of Agriculture of France again lowered its forecast for the corn production in the country in 2022/23 by 0.4 million tons to 10.7 million tons (-4.5 compared to 2021/22).

- As of November 9, 2022, 14,628 million tons of grain were exported from Ukraine (20,983 a year earlier), including 1,426 million tons in November (1,538). Exports of wheat reached 5.56 million tons (12,976), barley exports were 1,176 million tons (4,589) and corn exports were 7,834 million tons (3,145).

- The Ministry of Agriculture of France again lowered its forecast for the corn production in the country in 2022/23 by 0.4 million tons to 10.7 million tons (-4.5 compared to 2021/22). The soft wheat production is projected at 33.7 million tons (-1.7), durum wheat production is estimated at 1.3 million tons (-0.3), barley production is expected at 11.4 million tons (-0.1), triticale production is projected to reach 1.6 million tons (-0.2). Rapeseed production is predicted at 4.5 million tons (+1.2) and sunseed production is expected to reach 1.8 million tons (-0.1).

- Chicago commodity funds were net sellers of 5,500 contracts of corn, 2,000 contracts of soybeans and 6,000 contracts of wheat yesterday.

- Iran's grain storage capacity reaches 21.41 million tons, which is twice the country's needs.

- In the current year, Pakistan will face a deficit of 2.5 million tons of wheat, the import of which will cost the country 1.3 billion dollars.

- Algeria bought 480,000 tons of milling wheat mainly from Russia at 367 – 368.5 USD/ton C&F and delivery in December.

- According to Oil World data, soybean exports from the six largest exporters in the world reached 16.7 million tons in October (7.6 in September and 15.7 in October 2021). Exports from the United States were 9.9 million tons (2.1 and 10.7), 1.95 million tons from Argentina (1.1 and 0.36) and 4.06 million tons from Brazil (4.80 and 3.29). China imported 7.4 million tons of soybeans from the United States (7.5 last year), 3.2 million tons from Brazil (2.6) and 1.8 million tons from Argentina (0.3). In October, the total supply of soybeans to China was 4.15 million tons (5.11).