Given the severe and prolonged frosts in the United States and the lack of sufficient snow cover, 10% of the soft winter wheat crop and up to 15% of hard winter wheat crop in the US Wheat Belt are expected to be severely damaged.
According to the latest ABARE forecast, the wheat production in Australia will be 33.3 million tons in 2020/21, which is 5% higher than the previous record of 31.8 million tons set back in 2016/17 and 7% more than the previous estimate from December.
Conab has raised its forecast for the soybean production in Brazil by 0.125 million tons to 133.8 million tons. The corn production is projected at 105.48 million tons (102.31 million tons from the January report and 102.51 million tons for the previous year).
Due to the excellent rainfall in India, the wheat production is expected to reach record levels. In 2020, the wheat production was 107.6 million tons and this is the current record.
According to MPOB data, palm oil stocks in Malaysia increased by 4.68% to 1.32 million tons in January, palm oil exports reached 947,400 tons (-42.3%) and palm oil production was 1.13 million tons (-15.5%).
According to Statistics Canada, canola stocks in Canada were 12.14 million tons as of 31.12.2020, which is 24% less than the previous year and the lowest level for the last 8 years.
Starting from 01.04.2021, Russia introduces an export tax on wheat at the amount of 70% of the difference between a base price of wheat per ton and 200 USD/ton.
