Market Perspectives – September 8, 2022

Country News

Brazil: With cheaper Ukrainian corn now on the market, some buyers are seeking washouts on previous purchases of Brazilian corn. Corn exports in August were 7.5 MMT and Conab’s September estimates for 2021/22 corn production and exports were increased from August’s forecast by 1.23 percent and 1.3 percent, respectively. (Reuters; AgriCensus

European Union: France’s corn crop has reached maturity faster due to the drought and harvest has begun 12 days early. (AgriCensus)

North Korea: Pyongyang has ordered its officials posted abroad to send shipments of food including corn in lieu of their required cash contributions to the party. The government is blaming the food shortage on Covid. (Daily NK)

Serbia: Corn exports have been banned amid food security concerns associated with the war in Ukraine. Corn production this year was 7 MMT, leaving an exportable surplus of 2.5 MMT. Barley production was also higher at 576 KMT and an exportable surplus of 150 KMT. (FAS GAIN)

South Korea: Feed mills have been purchasing corn with KFA and NOFI purchasing for December delivery, MFG tendering and Kocopia making a buy of non-GM corn. (AgriCensus)

Uganda: Corn growers and processors are asking the government to ban exports due to reduced production. Corn output is at 2.5 MMT, a cut of 50 percent from a year ago. Last year, Kenya and Burundi didn’t want Ugandan corn due to high mycotoxins. (Bloomberg)

Ukraine: As harvesting progresses, it is revealing that corn yields are down from a year ago. (AgriCensus)