Country News
Brazil: Corn prices have finally turned after having fallen for eight consecutive weeks due to favorable weather and a weaker Real. Instead, low moisture in southern growing areas is now a concern. The potential for La Nina damage to the new crop has livestock growers concerned about the level of corn being exported. However, corn is being exported due to lackluster domestic demand. StoneX estimates the total 2021/22 corn crop at 120.1 MMT with the second crop share hitting 88.87 MMT. IMEA reports that high ethanol prices are boosting the crushing of corn to make the fuel. (SP Global Platts; Reuters; AgriCensus)
Jordan: Government buying agency MIT purchased 60 KMT of barley for delivery in June 2022. (AgriCensus)
South Africa: The Crop Estimates Committee pegs the corn crop at 16.23 MMT. Production is threatened by high input costs with fertilizer prices double that of a year ago, but it is boosted by producers’ productivity gains from the uptake of improved technologies. (AgriCensus; FAS GAIN)
South Korea: While KFA passed on making a purchase of corn, NOFI executed a purchase of corn. (AgriCensus)
Tunisia: Government buying agency ODC made another attempted tender to purchase barley. AgriCensus)
Ukraine: The corn harvest is now 87 percent complete with 35.06 MMT gathered. However, the delay in harvesting and high energy costs have made corn too expensive to export at this time. More than 31.5 MMT of the record 40 MMT of corn produced for MY 2021/22 could be exported but either local prices must fall, or global prices must rise. Recent bids were $279 to $288/MT FOB Black Sea. Ukraine exported 23 MMT of the 30.3 MMT of corn produced last year. (Reuters)