Market Perspectives – May 26, 2022

Country News

Brazil: Frost damage was minimal after temperatures dropped last week and harvesting has begun of the safrinha corn crop. (S&P Global; AgriCensus)

China: Due to the lack of corn from Ukraine, the Ministry of Commerce signed an agreement with Brazil to allow for GMO corn imports from Brazil. (Reuters)

Jordan: MIT purchased 60 KMT of barley for August delivery. (AgriCensus)

Kenya: The government authorized imports of 540 KMT of maize duty free until August in order to address a short supply situation. Drought has hurt the domestic crop. (Refinitiv)

Russia: The consultancy Sovecon reports that barley and maize exports in May were lower than those made in April. (Reuters)

South Korea: NOFI purchased 69 KMT of corn from South America at 245.16 cents/bushel C&F over the Chicago September contract, plus a $2/MT surcharge for additional port unloading. Delivery is around 1 September. (Refinitiv)

Turkey: The government is negotiating with Russia to allow the export of Ukrainian grain via the Bosphorus Straight. (Reuters)

Thailand: TFMA purchased 50 KMT of corn from India at $379/MT, which includes offloading at port. (AgriCensus)