Country News
Argentina: The Buenos Aires Grain Exchange raised its 2021/22 corn production estimate by 6 percent to 52 MMT based on the corn planting area being 5.5 percent larger at 7.7 million hectares. However, the corn planting area for the upcoming season will decline 2.6 percent due to lower profitability versus alternative crops. (Refinitiv)
Brazil: The safrinha corn crop is now 90 percent harvested and CONAB is predicting an upcoming 2022/23 corn crop of 125.5 MMT as the planted area of the first crop drops 0.6 percent but the second safrinha crop expands 8.2 percent more in area than the crop just now completing harvest. Agriculture Minister Montes expects corn to ship to China within weeks. (Reuters; AgriCensus)
EU: The EU is the fourth largest producer of corn and this year’s maize crop output was reduced to 59.3 MMT, down almost 10 percent from last month’s estimate and 16 percent below the 5-year average. It raised maize imports for 2022/23 to 20 MMT from 16.5 MMT a month ago. However, some private estimates have the current crop at just 50 MMT. (EU MARS; Bloomberg; Reuters)
Jordan: A purchase of 120 KMT of barley was made from a tender that was won by two different companies, each supplying 60 KMT with delivery split between January and February 2023. With shipment it was $328/MT CFR. (Refinitiv)
Philippines: Non-ASEAN corn was purchased by a private buyer via tender. (AgriCensus)
Russia: The export tax on corn and barley was raised slightly. (AgriCensus)