Grain Highlights 07.12.2022

Due to bad weather conditions, 2.5 million tons of sunseed remain unharvested in Russia.

- Due to bad weather conditions, 2.5 million tons of sunseed remain unharvested in Russia. The European Commission lowered its forecast for the sunseed production in the EU by 1.26 million tons. Kyrgyzstan has banned the export of sunseed until 10.05.2023. Kazakhstan remains the only supplier of sunseed for the countries of Central Asia. There is a shortage of 500,000 tons of seeds in the region. From 05.12.2022, Kazakhstan imposed a duty of 20% on the export of sunseed, but not less than 100 EUR/ton.

- According to the forecast of the Grain Union, grain exports from Russia will be 4.5 million tons in December (3.4 in December 2021). Thus, in the first half of the season, exports will reach 26 million tons (23.6). According to SovEcon, the export of wheat during the month will be 4-4.2 million tons, which will be at the level of the record set in 2017. In the first half of the season, wheat exports are expected to reach 22.8 million tons.

- During the week starting on 07.12.2022, the export tax on Russian wheat is 2,806.8 rubles/ton (2,788 a week earlier). The export tax on barley will be 2,315 rubles/ton (2,308.6) and there will be no export taxes for corn.

- On 07.12.2022, 4 ships loaded with 149,300 tons left Ukrainian ports along the grain corridor.  20 ships with 613,200 tons of production are loaded in Odessa port.

- As of 03.12.2022, 29% of the planned soybean areas have been sown in Argentina (+9.6% for the week, 48% last year and 50% on average for the last five years). In the largest productive areas, sowing campaign was carried out on 35-40% of the areas (-35%). Rainfall is expected next week.

- According to data from the Customs Service of China, soybean imports into the country in November were 7.35 million tons (-14% compared to 2021). Since the beginning of the year, imports reached 80.53 million tons (-8.1%).

- South Korea has bought 50,000 tons of wheat from the United States with protein 8.5 – 14% at a price of 320 – 390 USD/ton C&F and delivery within 16.02 – 15.03.2023.

- According to CEE data, Egypt managed to import, unload and transport to consumers in the country 52,000 tons of soybeans and 32,000 tons of corn. Over the period of 16.10 - 01.12.2022, corn imports were 643,000 tons and soybean imports reached 317,000 tons. The authorities have liberalized the exchange rate of the national currency and it is gradually falling.