Country News
Bulgaria: Lack of moisture for winter wheat is prompting farmers to replant areas to corn, which is seen as more profitable. Corn plantings were up 11 percent over the same period compared to last year, and the higher area and yields is expected to result in 3.1 MMT in output. (USDA/FAS)
China: Fears of tight corn supplies due to ASF drove Dalian futures to a six-month high ($290.63/MT). The FAO says that AFS is now endemic in two provinces and that a fifth of the nation’s pig herd has been removed as a result of the disease. The government is scheduled to begin corn auctions this week but with low volumes and floor prices above the physical market, the market has low expectations. (Reuters; Bloomberg)
EU: Despite earlier dry and cool weather, corn yields are on track. The grain trade association Coceral raised its forecast for EU maize production to 62.9 MMT from its 61 MMT estimate in March. A 1.2 MMT increase in output by Romania and Germany spurred the higher overall estimate. The consultancy Strategie Grains says the EU maize crop will be 62.9 MMT, a slight decline from the earlier 63.1 MMT estimate. Corn panting in France has been slowed due to cold weather.
It says the barley crop will be 60.3 MMT, a drop from the earlier estimate of 61 MMT due to drought in Hungary, plus smaller acreages in Denmark and the Czech Republic. The grain trade association Coceral pegs the barley crop at 59 MMT, down from the 59.4 MMT estimate in March. Beneficial rains have boosted output expectations and both barley and corn production will be greater than last year. (Reuters; AgriCensus).
India: State-run trading company MMTC has for the third time rescheduled a corn import tender, this time delaying it until 6 June. Bids to supply non-GMO corn were originally due 8 May, and then 15 May, and 22 May. (Reuters)
Philippines: The government has approved the importation of 300 KMT of corn. (AgriCensus)
South Africa: The outlook for maize production this season has been strained but the lack of an early frost is heartening. (AgriCensus)
Taiwan: MFIG received an offer for corn pegged at 98 cents over Chicago December futures. (AgriCensus)
Ukraine: Corn exports for 2018/19 are close to 26 MMT, pushing CPT prices higher. However, expectations for 2019/20 corn exports are dampened by the increase in EU maize plantings, and the likely shift to barley in feed rations. (AgriCensus; Reuters)