Market Perspectives – April 1, 2021

Country News

Argentina: Late season rains will aid wheat and barley planting in May/June but arrived too late to help corn and soybean yields. Chinese buying of barley has been aggressive as it has shut off imports from Australia. (Reuters)

Brazil: Safras reports that the Safrinha crop in Matto Groso is 100 percent planted, making weather in May/June a critical factor. AgRural report planting mostly complete in the center-south of the country. The brokerage StoneX reduced its forecast for total corn production from 108.5 MMT last month to 105.06 MMT. The consultancy Datagro mad a more modest reduction in its estimate for the corn crop, reducing it from 109.62 MMT t 109.3 MMT. (Reuters)

China: China National Grain and Oils Information Center expects the tight corn supply situation to ease based on substitutions. (AgriCensus)

Colombia: Assuming normal weather conditions, corn production in 2021/22 is expected to remain unchanged at 1.5 MMT. Planted area expanded by 5 percent last season and yields have become more consistent due to better genetics. Meanwhile, consumption will rise 2.4 percent to 7.6 MMT based on the economic recovery. (FAS GAIN)

Jordan: State grain buying agency MIT purchased 60 KMT of barley for October delivery at $253/MT CFR Aqaba. (AgriCensus)

Russia: Weekly barley exports dropped 33 percent due to the tax being imposed. (AgriCensus)

South Africa: The Grain Information Service forecasts ending stocks at 3.43 MMT (2.3 MMT of white corn, and 1.133 MMT of yellow corn), a nearly 22 percent decrease from its January estimate. Corn exports were said to be 2.642 MMT. (Reuters)

South Korea: Kocopia passed on a corn tender for July arrival. (AgriCensus)

Ukraine: A survey of farmers by APK-Inform indicates 18 percent of farmers plan to reduce their sowing of corn this season due to last year’s drought, and 13 percent plan to increase planted area. A total of 24 MMT of production is expected in 2020/21. Meanwhile, the Economy Ministry increased its forecast for barley exports this year from 3.815 MMT a month ago to 4 MMT. (Refinitiv)