Russia: Grains and soybean market overview - August 2021

HIGHLIGHTS Mainly due to lower than previously estimated harvests of wheat and barley in Canada, Russia and the United States, the forecast for global grain production (wheat and coarse grains) in 2021/22 has been reduced by 12 Mt / m / m (by month) to 2,283 million, up 3% yoy (yoy). Consumption forecast has been reduced by 7 million tons. m / m, mainly due to lower feeding rates for wheat and barley amid tighter supply prospects. Despite weaker-than-anticipated demand, wheat and barley stocks are declining, causing projected total grain stocks to decline by 5 million tonnes m / m.World grain trade (July / June) is 415 million tonnes, 4 million tonnes lower m / m, including the reduction in wheat, corn and barley reports oilworld.ru with reference to IGC. Tied to smaller-than-expected supplies from South America to Asia, soybean trade forecast for 2020/21 (Oct / Sep) declines further, 166 MT, -3% YoY Due to understated forecasts for US, Argentina and India, global production in ...