OVK Weighbridge, 26 June 2020

The Weekly Weighbridge

26 June 2020

Important facts for the week

• According to the Indian government, the country has authorised imports of 500 000 MT of maize this year at a concessional 15% import tax as it tries to supplement supply of maize for the poultry industry. India, the world's seventh-biggest maize producer, normally imposes a 60% import tax on maize.

• According to French consultancy Agritel, the wheat harvest in Russia is expected to reach 77.5 MMT this year, which is 4% higher than 2019 and the second largest crop on record despite varied results throughout the country. This wheat crop estimate was lower than the estimate from IKAR which increased its estimate to 79.5 MMT from a previously expected 78.5 MMT.

• The sales of US soybeans to China have finally started to bear a resemblance to the pre-trade war era, but among massive Brazilian soybean shipments and the record accumulation in Chinese soybean stocks, it seems possible that China will not need as much soybeans as the US hopes to export later in the year to the country. As of 11 June 2020, China had already bought 3.05 MMT of US soybeans for delivery in 2020-21.