Country News
EU: A study conducted by Stanford University has predicted that European barley production may fall more than 20 percent by 2040 due to an expected warming of the climate by 3.6 degrees Fahrenheit, according to Bloomberg News. Barley is sensitive to warm temperatures and negatively impacts yields. Corn production reduction is expected to be 10 percent, but the study found that improved irrigation practices could lessen this.
South Africa: Yellow corn has fallen to its lowest level in 15 months due to a combination of declining U.S. corn prices and the rand strengthening against the dollar, which has made imported corn a cheaper alternative, according to Bloomberg News. Yellow corn for July delivery fell by 1 percent to $192/MT.
Russia: Russian research firm Ikar has indicated that Russian grain exports will likely be unaffected by potential future sanctions from the EU or U.S., reports Bloomberg News. The EU sources less than 10 percent of its grain from Russia, while the U.S. imports no Russian grain. USDA has predicted that Russia will export 3.5 MMT this year, which would make it world’s fifth largest corn exporter.