Grain Highlights 08.10.2022

StoneX lowered its forecast for the 2022/23 corn production in the United States by 2.8 million tons from the previous estimate to 357 million tons (382.9 in 2021/22).

– StoneX lowered its forecast for the 2022/23 corn production in the United States by 2.8 million tons from the previous estimate to 357 million tons (382.9 in 2021/22). The estimate for the soybean production was decreased by 2 million tons to 120.9 million tons (121.5).

– Yesterday Chicago commodity funds were net sellers of 5,000 soybean contracts and 500 wheat contracts and net buyers of 2,000 corn contracts.

– StoneX forecast a 2022/23 wheat production in Brazil of 10 million tons (9.67 in the previous estimate). Wheat exports are projected to reach 2.8 million tons (2.5), while imports remain unchanged at 6.2 million tons. Since the beginning of 2022, 2.4 million tons of wheat have been exported, which is almost twice as much as the previous year.

– According to data from the Ministry of Agriculture of Argentina, over the period September 22-28, farmers in the country sold 1.8 million tons of soybean from the 2021/22 crop, and a week earlier they managed to sell 1.7 million tons. The total sales of the 2021/22 crop reached 30.4 million tons, which is 0.6 million tons less than in 2020/21. Sales of the new 2022/23 soybean crop reach 1.5 million tons (2). Sales of corn from the 2021/22 crop are 40.2 million tons (41.8), and sales of the new 2022/23 corn crop totaled 4.9 million tons (7.6). Sales of the old 2021/22 wheat crop reach 22.2 million tons (16.3) and sales of the new 2022/23 wheat crop amount to 5.3 million tons (7.4).

– In October, soybean imports into China will be around 5 million tons, which is the lowest level since March 2020.

– POST lowered its forecast for Malaysia’s 2021/22 palm oil production to 18.2 million tons due to lack of sufficient labour. Exports will be 16 million tons (-0.5).

– Iraq has held a tender for the purchase of 50,000 tons of milling wheat. The following offers were received on C&F terms – a price of 386 USD/ton from Ukraine, 551.8 USD/ton from the United States, 498.5 USD/ton from Canada, 490 USD/ton from Australia, 424 USD/ton from Romania, 479 USD/ton from Lithuania and 475 USD /ton from Poland. Bids for Russian wheat are not accepted according to the terms of the tender.

– Tunisia bought 150,000 tons of soft wheat at a price of 383 – 388 USD/ton C&F, 100,000 tons of durum wheat at a price of 505 – 522 USD/ton C&F and 100,000 tons of feed barley at a price of 350 – 352 USD/ton C&F.

– According to data from Oil World, the global export of palm oil reached a record 5.7 million tons in August. Indonesia exported 3.88 million tons of palm oil (2.36 in July and 3.61 in August 2021). India imported 1.3 million tons of palm oil (0.65 and 1.28), China imported 0.77 million tons (0.41 and 0.73) and the improted EU 0.48 million tons (0.33 and 0.46).

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