Market Perspectives – May 25, 2023

Country News

Brazil: AgroConsult raised its estimate for the safrinha crop to 102.4 MMT despite some being planted outside the ideal window. Paraná’s corn planting was the slowest in history. But the better crop in Mato Grosso offsets the smaller crop in Paraná and Minas Gerais. Deral says 99 percent of the corn in Paraná is now harvested and IMEA says the corn harvest has just begun in Mato Grosso where falling prices are squeezing profit margins. Corn exports have slowed relative to a year ago.  (AgriCensus; Refinitiv)

China: Corn imports slid 54.6 percent in April on a year-on-year basis. (AgriCensus)

EU: Crop conditions in France have dipped and corn planting has slowed. (AgriCensus)

Iran: State buyer SLAL tendered for 120 KMT of South American corn. (AgriCensus)

Mexico: Corn producers are seeking a government price guarantee due to current unprofitable price levels. (AgriCensus)

South Korea: KFA purchased 65 KMT of corn at $248.76/MT C&F from COFCO for October delivery. MFG booked 66 KMT of South American corn at $247.69/MT C&F. (AgriCensus)

Taiwan: MFIG purchased 65 KMT of Brazilian corn for August shipment in an international tender. (Refinitiv)