Market Perspectives – June 23, 2022

Country News

Brazil: Despite the drought, a record safrinha corn crop is expected. The consultancy AgroConsult pegged the safrinha crop at 89.3 MMT, a 1.7 MMT increase over its previous forecast. Meanwhile, IMEA says the harvest is going the fastest in five years and AgRural reports that country-wide it is 11 percent complete. However, one constraint is the price of trucking fuel which is up 36 percent from a year ago. (Reuters; AgWeb; AgriCensus; SPGlobal)

China: Data from China’s General Administration of Customs reveals that May imports of corn from Ukraine were 126.7 KMT, versus 1.26 MMT for the same period a year ago. (Refinitiv)

EU: The drought has impacted corn more than barley with the summer maize crop lowered by 0.6 percent to 5.73 MMT, but spring barley increased by 0.2 percent to 4.19 MMT. The winter barley crop estimate is now 5.73 MMT, a 0.9 percent reduction from the May estimate. (MARS)

Japan: MAFF reports that the ratio of corn in animal feed compounds fell slightly from a year earlier to 47.3 percent in April. Meanwhile, the share of barley in feed rose slightly to 3.9 percent. (Reuters)

Jordan: Government agency MIT purchased 120 KMT of barley for October-November shipment. (AgriCensus)

South Korea: MFG took advantage of the drop in futures and purchased 185 KMT of corn for September delivery. (AgriCensus)

Malaysia: The government suspended import fees on livestock grains and feed. (AgriCensus)

Tunisia: Government agency ODC booked 50 KMT of barley for July-August delivery. (AgriCensus)

Ukraine: Corn exports reached 585 KMT in first-half June, though still less than half of total grain exports. Meanwhile, winter barley harvesting has begun. (AgriCensus)