Grain Highlights 21.03.2023

21 Mar, 2023
Grain Highlights 21.03.2023
According to StoneX's forecast, in the current year the consumption of soyoil in Brazil will reach 8.5 million tons (+12% compared to 2022).

- Over the period of March 1-20, the export of wheat from Russia reached 2.706 million tons (+230% compared to the previous year), corn exports were 370,000 tons (+240%), barley exports reached 91,000 tons (-8.2%). Total grain exports for the period reached 3.167 million. tons (+220%).

- The Government of Russia has adopted a decision to ban the export of rapeseed until 31.08.2023. In 2022, the production was 4,515 million tons (2,794 in 2021).

- Over the period of 01.07.2022 - 21.03.2023, 35.81 million tons of grain were exported from Ukraine, including 3.513 million tons in March. Exported wheat was 12,285 million tons (947,000), barley exports were 2,229 million tons (179,000) and corn exports reached 20,981 million tons (2,377).

- According to data from Fedoil, the processing of oil crops in the EU reached 3.14 million tons in February (-5% compared to January). Soybean processing was 1 million tons (-4% compared to January and -7% compared to February 2022), rapeseed processing reached 1.6 million tons (-5% and +5%) and sunseed processing was 458,000 tons (-9% and -6%).

- According to the MARS forecast, the average yield of cereals in the EU will be 5.6 tons/hectare in 2023 (+2% compared to 2022), including soft wheat yield. of 5.99 tons/hectare (+3%), durum wheat yield of 3.53 tons/hectare (+1%) and winter barley yield of 5.91 tons/hectare (+2%).

- Yesterday Chicago commodity funds were net sellers of 2,000 contracts of corn and 5,000 contracts of wheat and net buyers of 3,000 contracts of soybeans.

- Over the January-February period, the import of American soybeans to China reached 11.59 million tons (10.04 a year earlier), and soybean imports from Brazil totalled 2.24 million tons (-36%). Total deliveries to China were 16.2 million tons.

- According to StoneX's forecast, in the current year the consumption of soyoil in Brazil will reach 8.5 million tons (+12% compared to 2022). Consumption for biodiesel production will be 5.8 million tons (+24%). Soyoil production in Brazil is expected to reach 10.4 million tons (+2%), and soyoil exports are projected to reach 1.8 million tons (-31%).