Grain Highlights 17.11.2022

Egypt's state-owned company GASC has bought 300,000 tons of Russian wheat at 362 USD/ton C&F (about 312-315 FOB) and delivery within December-January.

- According to a forecast of the Oilseeds Association, rapeseed areas in Germany will increase by 50,000 hectares to 1.1 million hectares in 2023/24.

- According to a forecast by the University of Illinois, the income of farmers in the USA will decrease in 2023. In 2020, the average farm income reached 225,000 USD, and in 2021 it was 446,000 USD. Over the period of 2014 – 2019, the average income was 78,000 USD. For 2022, the income is expected to be 350,000 USD.

- In the past week, ethanol production in the United States was 1.011 million barrels (-40,000 compared to the previous week and -49,000 compared to the previous year). At the end of the week, ethanol stocks were 21.298 million barrels (-894,000 and +1,217,000).

- Chicago commodity funds were net sellers of 2,000 contracts of corn, 11,000 contracts of soybeans and 5,000 contracts of wheat yesterday.

- During the month, corn price in Indonesia decreased from 300 USD/ton to 230-240 USD/ton. The decrease is due to weak consumption - the lowest level for the last five years.

- Tunisia has announced a tender for the purchase of 100,000 tons of feed barley with delivery within 20.12.2022 – 25.01.2023.