Grain Highlights 10.11.2022

The Rosario Grain Exchange again lowered its forecast for the 2022/23 wheat production in Argentina to 11.8 million tons (-1.9 compared to the previous estimate).

- As of November 9, 2022, 152.2 million tons of grain were harvested in Russia (+30 compared to 2021/22). Harvested wheat reached 105 million tons (78). 7.7 million tons of corn have been harvested (12.7) with an average yield of 5.77 tons/hectare (5.38). 11.5 million tons of sunseed (15) were harvested at an average yield of 1.82 tons/hectare (1.6).

- FranceAgriMer expects soft wheat exports from France to countries outside the EU of 10 million tons (-0.1 compared to the previous estimate and +14% compared to 2021/22). Deliveries to Tunisia will be 250.00 tons. Ending wheat stocks in the country will reach 2.6 million tons (+0.5 and -9%). Barley exports to countries outside the EU will be 2.4 million tons (-0.1 and -26%), and ending barley stocks are expected at 1.8 million tons. Corn exports outside the EU are expected to reach 0.4 million tons (-39%), and ending corn stocks are estimated at 2 million tons (-9%).

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

- The authorities in Mexico have banned the import of GM corn from the United States. The decision has been welcomed by small and medium farmers in the country.

- In November, corn exports from Brazil will reach 6.02 million tons according to Anec's forecast (6.24 in October and 3.28 in November 2021). Soybean exports will be 2.43 million tons (3.59 and 2.15), and soymeal exports are projected at 1.45 million tons (1.76 and 2.25).

- Argentine farmers have sold 72% of their 2021/22 soybean crop or 31.7 million tons. Over the week of 27.10 - 02.11.2022, 248,000 tons of soybeans were sold (75,000 tons a year earlier).

- The Rosario Grain Exchange again lowered its forecast for the 2022/23 wheat production in Argentina to 11.8 million tons (-1.9 compared to the previous estimate). This will be the lowest production since 2015/16, when it was 10.9 million tons.

- Saudi Arabia has announced a tender for the purchase of 595,000 tons of wheat of any origin and delivery within April - June 2023.