Market Perspectives – March 31, 2022

Country News

Argentina: The Buenos Aires Grain Exchange reduced its corn production estimate by 2 MMT due to drought. (AgriCensus)

Brazil: The exporters’ association Anec lowered the corn export estimate for March as availability will remain low through June. However, safrinha corn crop conditions are favorable. (AgriCensus)

Jordan: The government agency MIT purchased 60 KMT of barley for July delivery. (AgriCensus)

Russia: The export tax on corn was increased for the period March 30 – April 5. (AgriCensus)

South Africa: The Crop Estimates Committee increased its forecast of 2022 corn production to 14.68 MMT. Despite higher values for corn, the increased cost of inputs means that production in 2022/23 will be up only 3 percent. Exports will be maintained at 2.5 MMT. (AgriCensus; USDA/GAIN)

South Korea: MFG bought 137 KMT of corn at $383.33/MT CFR for delivery in July, and KFA paid $399.45/MT for 120 KMT of corn with July delivery. NOFI acquired 137 KMT of corn. (AgriCensus)

Tunisia: The government agency ODC bought 100 KMT of barley for April-June delivery but had to pay $13/MT more for barley than the cost of wheat. (AgriCensus)

Turkey: Government grain board TMO had multiple tenders with 100 KMT of corn restricted to delivery on an ex works basis, 175 KMT paid at $401.96/MT also EXW. (Reuters)

Ukraine: Corn is being planted by consultancy APK-Consult says production will be down 56 percent to 18.5 MMT. Meanwhile, the government removed corn export restrictions but 13 MMT of exportable supply is stranded due to the war. (Reuters; AgriCensus)