Country News
Argentina: The WASDE cut Argentine corn production by 0.5 MMT to 47 MMT but kept exports steady at 34 MMT as domestic feeding gets reduced. The increase in harvesting has boosted farmer selling. Meanwhile, the Buenos Aires Grain Exchange has raised its estimate of the crop by 1 MMT to 46 MMT. (Reuters)
Brazil: AgRural reduced its estimate for second crop corn production to 80.1 MMT. The consultancy said a further reduction could occur if the second half April moisture situation does not improve. The dryness is impacting both late planted corn and plants going into the reproductive stage. Domestic corn prices surged as a 1,400-mile transit route opened for corn. (Reuters)
China: The Chinese Agriculture Supply and Demand Estimates doubled the 2020/21 corn import estimate to 22 MMT. A marketing year record 600 KMT of sorghum was bought from the U.S. (AgriCensus; Reuters)
EU: FranceAgriMer raised its forecast for barley exports and French corn imports are behind by 27 percent as tighter stocks cause a price premium to occur. The concerns mount that crops in the center and south were hurt by a late frost. The frost is expected to reduce barley output as farmers replant with corn and sunflower. (Reuters; Bloomberg)
Indonesia: An expanded production area and improved economic conditions are expected to boost corn production in 2021/22 to 12 MMT. Increased feed milling capacity and demand are expected to result in 1.3 MMT in corn imports. (USDA/FAS/GAIN)
Russia: Weekly corn and barley exports were at zero but Andrey Sizov at the consultancy Sovecon says a delayed spring is not expected to hurt crop production as farmers expedite planting. (Reuters)
Ukraine: Weekly corn exports were stable, but the movement of barley fell. Corn production will dominate 2021 spring sowing with an expected area expanded to 5.3 million hectares. (AgriCensus; Reuters)