Market Perspectives – October 13, 2022

Country News

Brazil: Corn exports in the first week of October hit 1.8 MMT as farmers proceed with planting the new summer crop amid some weather delays. With 45 facilities in Brazil already pre-approved, corn exports to China are expected to begin in December. (Bloomberg; AgriCensus)

China: The agriculture ministry increased forecasted corn production by almost 0.3 percent to 273.31 MMT. The National Development and Reform Commission announced that the corn tariff rate import quota for 2023 will be 7.2 MMT, the same level as in 2022. (Refinitiv)

EU: Field work across Europe is revealing the damage to maize caused by this summer’s drought and heat waves. France AgriMer reports that French farmers had collected 67 percent of their maize crop by October 3. EU corn imports totaled 7.88 MMT since 1 July, double the level from 2021. (Reuters; Refinitiv)

Taiwan: MFIG issued a tender and purchased 65 KMT of corn for delivery in December-January. (Reuters)

Turkey: TMO is tendering for barley with stiff competition amongst bidders. First round offers included 495 KMT offered at $328.90/MT C&F. (Reuters)

Zambia: A national debt crisis prevents the government’s Food Reserve Agency from acquiring the funds necessary to pay for grain delivered during the 2020-21 marketing year. The country produced a record 3.6 MMT in 2021-22 but the lack of payment may prevent farmers from being able to acquire seed and fertilizer for the next crop. This is especially true for farmers not in the Farmer Input Support Program. It is hoped that exporting some of the 1.5 MMT of surplus corn will raise the necessary money, though surplus supplies of maize in neighboring countries makes demand weaker than normal. (World Grain)