Market Perspectives – June 2, 2022

Country News

Argentina: The Buenos Aires Grain Exchange says that just 16 percent of the corn crop is rated good/excellent with 30 percent of the crop harvested. That compares to 50 percent good/excellent this time last year. (Reuters)

Brazil: The second corn crop harvest has begun at a fast pace and exports in 2022 are expected to reach 37-40 MMT. However, some analysts have lowered the overall crop output at 108 MMT, 8 MMT less than USDA and 6.6 MMT less than the forecast by CONAB. (AgriCensus)

China: With an internal corn price the equivalent of $11.20/bushel on the Dalian exchange, there is reason for more corn imports. However, the August FOB price favors Brazil and Argentina. China updated its phytosanitary protocol with Brazil to enable corn imports but also is rumored to look at U.S. corn. (Reuters; Leader Telegram; Grain Central)

EU: Grain association Coceral predicts the 2022 corn crop at 66 MMT, down 1.3 MMT from its previous forecast and below last year’s 67.2 MMT. Meanwhile, barley production is seen at 60 MMT, up slightly from last year’s 59.4 MMT.  (World Grain)

Jordan: The government agency MIT purchased 60 KMT of barley at $445/MT. (AgriCensus)

Ukraine: The country managed to export 200 KMT of corn during 26-30 May. (AgriCensus)