Grain Highlights 21.11.2022

China increases wheat imports from Australia despite diplomatic problems between the countries.

– During the week of November 14-20, 370,000 tons of wheat were exported from the Russian port of Novorossiysk (572,000 a week earlier), including 66,000 tons for Turkey, 63,000 tons for Egypt, 56,000 tons for Yemen and 51,000 tons for Mexico.

– From the beginning of the season to 21.11.2022, 16,239 million tons of grain were exported from Ukraine (23,766 a year earlier). Grain exports in November were 3,036 million tons (4,321). Exported wheat was 6.28 million tons (14.015), barley exports were 1.337 million tons (4.873) and corn exports reached 8.553 million tons (4.59).

– On Friday, Chicago commodity funds were net buyers of 4,500 contracts of soybeans and 500 contracts of corn and net sellers of 1,500 contracts of wheat.

– According to the forecast of the Ministry of Agriculture of Brazil, soybean areas will reach 51.5 million hectares by 2031/32 (+24% compared to 2021/22). Soybean production will reach 179.3 million tons (+32%), and soybean exports are predicted at 115 million tons (+49%). The areas with corn will be 24.6 million hectares (+14%), corn production is estimated at 150 million tons (+32%) and corn exports are projected at 46.3 million tons (+25%). The total production of cereals and oil crops is projected to reach 370.5 million tons by 2031/32 (+37%).

– In 2022 soybean exports from Brazil will reach 78 million tons (75.5 in the previous estimate and 86.3 in 2021) according to Anec’s forecast. In November, exports will be 2.3 million tons (2.4 and 2.1). During the month, the export of soymeal is expected at 1.5 million tons (1.2 in November 2021), and corn exports are estimated at 6.6 million tons (2.7).

– After the rains, the Buenos Aires Grain Exchange raised the good-to-excellent condition for Argentina’s wheat crops to 45% (43% a week earlier and 92% a year earlier). 24% of the planned areas for corn have been sown (+1% for the week and 29% a year earlier), and 72% of the crops are in good and excellent condition (66% and 100%).

– China increases wheat imports from Australia despite diplomatic problems between the countries. The share of Australian wheat in China’s total imports reached 63% in the first ten months of 2022, 28% in 2021 and 15% in 2020. Over the January-October period, wheat supplies to the Asian country were 4.97 million tons.

– In October, China imported 2.8 million tons of soybeans from Brazil (3.3 in October 2021). US shipments were 772,900 tons (775,300). In the first 10 months of 2022, China imported 49.31 million tons of soybeans from Brazil (52.72) and 20.1 million tons from the United States (22.57).

– According to data from the Ministry of Agriculture of India, farmers in the country have sown about 15% more areas with wheat and rapeseed than last season. As of 18.11.2022, wheat areas reach 10.1 million hectares (8.8).

– Over the period of November 1 – 20, 997,200 tons of vegetable oils were exported from Malaysia (909,800 a year earlier). The largest customers are the EU with 257,500 tons of palm oil (206,200), India with 272,500 tons (151,300) and China with 215,300 tons (233,500).

– In their November report, IGC analysts forecast a world corn production of 1.166 million tons (1.166 and 1.218), including 57 million tons in Argentina (60.6 and 57), 353.8 million tons in the United States (353 and 382.9) and 54.1 million tons in the EU (53.5 and 71). World corn exports will be 170.4 million tons (171.6 and 179.4), including 38.3 million tons from Argentina (41 and 36.8). World’s ending corn stocks are projected to reach 257.2 million tons (257.7 and 280.7), including 2.2 million tons in Argentina (2.8 and 3.6) and 30 million tons in the United States (39.8 and 35).

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