Market Perspectives – May 4, 2023

Country News

Brazil: A record harvest of 131.6 MMT of corn is expected for 2022/23 by grain broker StoneX. Conab says recent rains have been favorable for the corn crop. However, Deral reports that safrinha corn production in the state of Paraná is down. (AgriCensus)

Egypt: The Food & Agriculture Organizations says Egypt is considering approving corn imports from South Africa. (AgriCensus)

EU: Importing corn and three other crops from Ukraine into the five member states bordering that country is banned until 5 June as a safeguard measure. After that date, the EU will facilitate Ukrainian exports to other EU members and third countries via solidarity lanes. (Reuters)

Jordan: Government agency MIT purchased 60 KMT of barley for October shipment. (AgriCensus)

Russia: The grain export tax has been lowered for the 4-11 May period. (AgricCensus)

Ukraine: Corn exports as of 1 May for MY 2022/23 are 2.5 MMT and barley exports are 2.5 MMT. Exports in MY 2023/24 are expected by the agriculture ministry to slump lower. (Refinitiv)