Market Perspectives – October 7, 2021

Country News

Argentina: The government has suspended new corn export licenses with sales standing at 38.6 MMT, versus USDA’s forecast of 37.5 MMT. The chamber of exporters says September export revenues set a record. The Buenos Aires Grain Exchange says corn planting is 16.5 percent completed. (Reuters; AgrCensus)

Brazil: Corn exports in September were 2.855 MMT, down 55 percent from a year earlier. Corn imports in September were up 176.5 percent from last year. CONAB says first crop corn plantings hit 24.2 percent as of 2 October, up from 20.6 percent a year ago. It predicts corn production at 116.313 MMT for 2021/22, versus 86.998 MMT in 2020/21. Deral says Parana corn planting is at 75 percent completed. (Reuters; S&P Global)

China: The 2022 corn import quota was left unchanged, but imports of barley are keeping the port of Rouen busy. Corn imports in 2021/22 will be 20 MMT, versus 30 MMT a year ago. Corn production will be 272 MMT, a 1 MMT decline from the previous projection. Natural disasters in the North China Plain were not fully offset by higher yields in Northeast China. (FAS GAIN; AgriCensus)

Japan: Tenders have been issued to import 100 KMT of barley with loadings in January. (AgriCensus)

Mexico: Grupo Consultor De Mercados Agrícolas says that corn imports during January – August totaled 11.86 MMT. The consultancy predicts that corn imports in 2021 will total 17.9 MMT. (AgriCensus)

Russia: The government increased the barley export tax but lowered the tax on corn exports. (AgriCensus)

South Africa: The Crop Estimates Committee pegs the corn crop at 16.21 MMT, a nearly 6 percent increase over a year earlier. (Reuters)

Tunisia: The government’s ODC paid more to purchase 50 KMT of barley. (AgriCensus)

Turkey: Government agency TMO tendered for 310 KMT of barley to be delivered in November. There is also a tender for 325 KMT of corn for delivery in November-December. (AgriCensus)

Ukraine: Farmers have thus far harvested 9.6 MMT of barley and 1.9 MMT of corn with the latter now just 7 percent completed. Farmers are waiting for corn to dry down due to very wet weather. (Reuters)

Vietnam: Corn consumption in 2020/2021 will remain at 14.5 MMT but 2021/22 corn consumption is revised down to 14.35 MMT due to lower demand in the second half of the marketing year. However, the corn import estimate for 2020/21 was raised to 13 MMT while 2021/22 imports were lowered to 11.2 MMT on higher stocks. (FAS GAIN)