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Market Perspectives – March 28, 2019

Contents

  1. Chicago Board of Trade Market News
  2. CBOT May Corn Futures
  3. U.S. Weather/Crop Progress
  4. U.S. Export Statistics
  5. FOB
  6. Distiller's Dried Grains with Solubles (DDGS)
  7. Country News
  8. Ocean Freight Markets and Spread
  9. Ocean Freight Comments

Country News

Brazil: A Reuters survey of 10 forecasters indicates that the second crop of corn will hit 66.22 MMT, a one percent rise over the previous month due to favorable weather. (Reuters)

Canada: Barley exports are at risk as the diplomatic fight with China could worsen. (FarmLead)

China: After a long hiatus from the American market, China purchased 66 KMT of sorghum and 300 KMT of corn. (USDA/FAS)

EU: Corn imports were down 29 percent last week. (AgriCensus)

Kenya: Reduced planted area and inadequate domestic supplies against growing demand means there will be a 43 percent increase in Kenya’s corn imports during 2019-20. Corn production will drop 11.1 percent year-on-year due to the government reducing its price incentives. (USDA/GAIN)

Malaysia: Growing demand for poultry feed means that corn imports will rise 3.75 percent to 4.15 MMT in 2019-20. (USDA/GAIN)

Saudi Arabia: After being absent from the market since November, falling new crop prices prompted Saudi Arabia to tender for barley. SAGO purchased 730 KMT of barley at $211.86/MT. (AgriCensus; Reuters) 

South Africa: The government’s Crop Estimates Committee raised its estimate for 2019 corn production by 0.5 percent to 10.56 MMT but a Refinitiv survey of traders and market analysts expects a crop of 10.5 MMT. (Bloomberg; Refinitiv) 

Southern Africa: The UN says the region harmed by last week’s cyclone damaged 500,000 hectares of crops just as farmers were about to harvest corn already damaged by drought. (Bloomberg)