Market Perspectives – November 2, 2023

Country News

Argentina: The FAS attached reduced estimates for barley and corn production due to weather conditions. The Rosario Grains Exchange says farmers received 50-60 mm (2-2.4 inches) of rain in recent hours, providing badly needed relief to corn farmers. (AgriCensus; Reuters)

Brazil: The scarce rainfall may require replanting soybeans, which will adversely impact the planting of second crop corn (the safrinha crop). Brokerage Stonex lowered its forecast for the 2023/24 corn crop by 8 percent to 128 MMT. Anec raised its estimate for October corn exports, which reached 8.448 MMT. However, that was down 3.5 percent from September, though up 24.5 percent year-on-year. Conab pegs national corn sowing at 37.2 percent. (Refinitiv; Reuters)

South Korea: KFA purchased 125 KMT of corn for February arrival. MFG purchased up to 132 KMT of corn for February-March delivery. (AgriCensus)

Russia: The export tax on barley was left at zero and it was lowered on corn. (AgriCensus)

Tunisia: State agency ODC booked 75 KMT of barley for November-December delivery. (AgriCensus)