Grain Highlights 07.11.2022

StoneX raises its forecast for the 2022/23 US corn production by 1.3 million tons to 358.4 million tons at an average yield of 11 tons/hectare.

– Rusagrotrans predicts wheat exports from Russia in November of 5.1 million tons. Similar quantities were last exported in August and September 2020.

– The export tax on Russian wheat in the week of November 9-16 will reach 3,012 rubles/ton (2,923.2 a week earlier). The export tax on barley will be 2,495.6 rubles/ton (2,414.3), and the export tax on corn will be 1,114.3 rubles/ton (1,637.3).

– According to the data of APC – Inform, over 2.3 million tons of rapeseed (+1% compared to the previous year) were exported from Ukraine over the period of July – October, which is almost 80% of the forecast for the season. About 90% of the quantity was intended for the EU.

– StoneX raises its forecast for the 2022/23 US corn production by 1.3 million tons to 358.4 million tons at an average yield of 11 tons/hectare. Refinitiv Commodities Research has also raised its forecast to 353.1 million tons. In 2021/22 the production was 382.9 million tons (11.1 tons/hectare).

– Yesterday, Chicago commodity funds were net sellers of 8,000 contracts of corn and 20,000 contracts of wheat and net buyers of 3,000 contracts of soybeans.

– According to data from the Ministry of Agriculture of Argentina, during the week of October 20-26, farmers in the country sold 323,100 tons of the 2021/22 soybean crop and 642,700 tons of the 2021/22 corn. The total amount of soybeans sold reached 31.3 million tons (33.1 a year earlier), and total corn sales reached 41.6 million tons (43.7). Sales of the 2022/23 soybean crop were 74,200 tons, for a season total of 1.7 million tons (2.6), and corn sales were 321,500 tons, or a total for the season of 5.9 million tons (8.9).

– In the current year, the production of unrefined palm oil in Indonesia will reach 48.23 million tons, and the export will reach 23.95 million tons, according to the forecast of the Palm Oil Association in the country. Oil consumption for biodiesel production is estimated at 9.59 million tons.

– Indonesia may switch to using B40 biodiesel from the current B30. This will increase palm oil consumption to 15 million kiloliters per year from the current 11.15 million kiloliters.

– Pakistan will buy 300,000 tons of Russian wheat at a price of 372 USD/ton and delivery within November-January.

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