Market Perspectives – April 21, 2022

Country News

Argentina: The Rosario Grains Exchange increased its forecast for corn production 1.5 MMT to a total of 49.2 MMT based on a larger production area and better yield outcome. (Reuters)

Brazil: The safrinha corn crop is confronted with overly dry conditions ahead of the reproduction and fill periods and that could diminish the crop to be harvested in June and July. IMEA says Mato Grosso will harvest 50.57 MMT of corn in 2021/22. (Gro Intelligence; AgriCensus)

China: Corn imports in March were 2.41 MMT, a 5.5 percent increase year on year and a 25 percent increase from the month before. Corn imports from Ukraine in March were up 64 percent year-on-year but that product shipped before the war broke out. (Reuters; AgriCensus)

Jordan: The state grain buyer tendered for 120 KMT of feed barley. (Reuters)

Ukraine: Corn production may be cut in half to 22 – 22.5 MMT, but the real supply impact will be felt later this year. Odesa-based trader Viktor Korobko says farmers will shift away from corn since it lacks a good export outlet and instead plant food crops needed locally like sunflowers, wheat and barley. The Ministry says about 17 MMT of corn was exported before the war but that leaves potentially 15 MMT of corn is stuck in storage or at port terminals unable to leave. Exports are at one-tenth their level before the war. (World Grain; Reuters; FarmWeek)

Vietnam: Corn consumption will increase by 300 KMT to 14.5 MMT in imports will increase due to larger feed demand against reduced domestic production and a lower feed wheat supply. (FAS GAIN)