Over the week, export prices of crude sunseed oil from Ukraine rose by 65 - 70 USD/ton, given rumors that Russia will limit exports of the product. At the same time, demand for exports remained rather weak.
According to the forecast of Agriculture and Agri-Food Canada, wheat production in Canada will reach 32.7 million tons in 2021/22, which is 1 million tons less than the previous estimate. Wheat production was 35.2 million tons in 2020/21.
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%).
