Market Perspectives – April 7, 2022

Country News

Argentina: The Buenos Aires Grain Exchange said an early frost could cause further losses to the 2021/22 corn crop. Farmers have thus far sold 20.7 MMT from the new crop, a sharp increase from a year earlier. (Reuters)

Brazil: CONAB increased its estimate of the 2021/22 corn crop by over 3 MMT to 115.602 MMT, largely due to increases in the winter crop, which is up 45.8 percent from a year ago. (Reuters)

China: Major purchases of corn were made from the U.S. and more may occur as the gap created by the war in Ukraine is filled. While pork production contracts along with feed demand, the demand for corn in feed will rise by 6 MMT or 2.8 percent. MY 2022/23 imports will include 20 MMT of corn, but MY 2021/22 corn imports will be 24 MMT, a reduction of 2 MMT. Barley and sorghum imports in 2022/23 will remain robust. (AgWeb; FAS GAIN)

EU: Italy reports that it will not incur a shortfall in corn supplies in the short-term. France reports that barley conditions are stable, and corn and barley exports slowed this past week. (Reuters)

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

Russia: The export duty for April 6 through April 12 was increased by $7.50/MT to $65.80/MT and lowered for barley by $0.20 to $75.40/MT. (Reuters)

South Korea: KFA and FLC made a private purchase of corn for July-August delivery. (AgriCensus)

Ukraine: APK-Inform says spring planted crops will fall by 39 percent in area with decreases in high-margin crops like corn as farmers focus on commodities needed for food security like peas, barley and oats.