Market Perspectives – December 30, 2021

Country News

Argentina: The Buenos Aires Grain Exchange (BAGE) still forecasts the country’s corn crop at 57 MMT, unchanged from its prior estimates despite growing drought concerns. Private firms have started paring back production estimates, however, due to expected drought impacts. Some estimate that 27 percent of Argentina’s corn is silking amid hot, dry conditions this week. Heat stress caused conditions ratings to fall, with the BAGE rating 58 percent of the crop in good/excellent condition, down from 76 the prior week. (DTN, AgriCensus, Reuters)

Canada: Barley exports for the week ending 19 December totaled 127,900 MT, which was five times greater than the prior week. The country’s marketing year-to-date barley exports now total 1.46 MMT. (AgriCensus)

China: The Middle Kingdom is seeking public comments on three additional genetically modified (GM) corn varieties in a move that could lead to their eventual commercial cultivation approval. The GM varieties were developed by China National Tree Seed Corp. and the China Agricultural University, Hangzhou Ruifeng Biotech Co., and Beijing Dabeinong Technology Group Co., according to the agricultural ministry’s website. (Reuters)

Iran: The state-owned animal feed importer SLAL purchased 300,000 MT of feed corn and 240,000 MT of soymeal in a tender that closed this week. (ADMIS)

Jordan: The country’s state grain buyer issued a tender to secure 120,000 MT of feed barley. This is the country’s second feed barley purchase in as many weeks and followed the purchase of 60,000 MT at $305.25/MT in a tender that close 23 December 2021. (ADMIS)

Russia: The country harvested 120.7 MMT of grain in 2021, down from 133.5 MMT in 2020. Of this year’s crop, barley production totaled 20.9 MMT (up from 2020 production of 17.9 MMT) and corn output reached 14.6 MMT (up from 13.9 MMT in 2020). (APK-Inform, Reuters)

Turkey: The country’s cereal production decreased 14.3 percent in 2021 versus the prior year. Barely production fell 30.7 percent to 5.8 MMT while corn production rose 3.8 percent to 6.8 MMT. (Turkish Statistical Institute, Reuters)