Country News
Brazil: Winter corn planting is complete in the Center-South region and the harvesting of the summer corn crop is 56 percent complete. (Bloomberg)
China: Chinese corn futures on the Dalian Exchange have been falling ($242.36/MT close on March 29) based on the rumored impending sale of government surplus stocks. Corn prices in the south have been rising ($251.07/MT; 1,730 yuan/MT) and the government may sell corn from reserves in April at prices expected to be at $210 to $217 per ton. There is no official confirmation but market talk says the price could go as low as $159/MT (1,100 yuan/MT), which would be 32 percent below the May futures contract. Heilongjiang produces a lot of corn with few users and the government sold corn in the province last year at $174/MT (1,200 yuan/MT). (Bloomberg)
Separately, the Dalian Exchange plans to begin offering corn options contracts if the soymeal options contract launching on March 31 is a success.
Malaysia: Brazil is the typical supplier of corn to Malaysia, but due to last year’s drought the U.S. has now supplied 162,000 MT of corn to the country. These are the first sales by the U.S. in five years. (Feedstuffs)
South Africa: The Crop Estimates Committee forecasts this year’s corn production at 14.3 MMT, an 83 percent increase over last year’s drought-stricken crop. Ample rainfall means this year’s crop may yield the most production in 36 years. (Bloomberg)
Turkey: Ankara imposed high duties on Russian supplied wheat, corn and sunflower starting in mid-March. The economy ministers for the two countries plan to hold discussions on Russia’s supply of grain to Turkey in early April. (Reuters)
Ukraine: Export shipments of corn are up 6.7 percent thus far in this marketing year. Top buyers include the EU, Iran, Egypt, and South Korea. (Bloomberg)