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Global feed market: Argentina drought affects planting, Brazilian maize is expected to set a record

 Last Update: 2022-12-29
 Source: Internet
 Author: User

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Foreign media news on December 17: In the week ending December 16, 2022, global feed food prices were mixed
.
Drought in Argentina affected corn planting, and international crude oil futures rebounded, supporting corn prices; However, U.
S.
corn exports are generally weak, and European corn production is expected to return to growth, which will play a role
in limiting price increases.

Chicago Board of Trade (CBOT) March 2022 corn futures closed at about $6.
53/bu on Friday, up 1.
4%
from a week ago.
The spot quotation of Meiwan No.
2 yellow corn for January shipping schedule was $7.
665 per bushel, up 1.
3%; March 2023 corn futures on the EURONEXT exchange closed at about 283.
75 euros/mt, down 1.
0%.

FOB quotations for Argentine corn on the upper river were $315/mt, up 2.
6%.

International crude oil futures rose
this week.
West Texas Intermediate crude (WTI) on the New York Mercantile Exchange (NYMEX) closed at $74.
66 a barrel, up 4.
33 percent
from a week ago.
The ICE dollar index closed at 104.
661 on Friday, down 0.
13%
from a week ago.

U.
S.
corn exports picked up last week, but the overall pace remained slow

U.
S.
corn export sales were 959,000 mt in the week ended Dec.
8, up from 690,000 mt a week earlier and in line with
market expectations, according to the USDA's weekly export sales report.
Year-to-date, U.
S.
corn sales totaled 20 million tons, down 48.
1%
year-on-year.
Among them, the sales volume to China was 3.
72 million tons, a year-on-year decrease of nearly 70%.

On Thursday, U.
S.
private exporters reported sales of 100,000 mt of corn to Mexico, with deliveries
in 2022/23, which began on Sept.
1.

France raised its corn production forecast for 2022

French corn production in 2022/23 is expected to be 8.
887 million mt, up from 8.
753 million mt forecast in November but 29.
3%
lower than the previous year, according to a report released Wednesday by FranceAgriMer, the French Agriculture Ministry's agricultural office (FranceAgriMer).
Imports are expected to be 500,000 tonnes, up from 350,000 tonnes forecast last month and up 2.
3 percent
from the previous year.
French corn ending stocks are expected to be 2.
23 million mt, up from 2.
04 million mt forecast last month and 2.
7%
lower than the previous year.

Strategic Grains expects a return to maize production growth in the EU

Strategic Grains initially forecasts EU27 cereal production of 282.
1 million mt in 2023/24, up from 263.
9 million mt this year, as weather will be better than in
2022.
This summer's sweltering heat and dry weather led to a disastrous reduction in corn production
.
Strategic Grains expects EU maize production to reach 63.
7 million mt in 2023/24, up 26.
1%
from 50.
5 million mt in 2022/23.
Barley production will rise to 52.
5 million tonnes, up 2%
from 51.
3 million tonnes this year.

Strategic Cereals said the expected increase in next year's production is based on better
weather next year.
But higher production costs, especially fertilizer costs, may lead some farmers to adjust their inputs
.

Strategic cereals forecast for 2023/24 global maize production will increase by 4.
8% year-on-year to 1.
17 billion tonnes, but barley production is expected to decline by 2.
4% to 146.
8 million tonnes
.

Ukraine's corn production was lowered and exports raised

On Friday, the U.
S.
Department of Agriculture cut Ukraine's corn harvest to 27 million tons from 31.
5 million tons forecast last month, down 36 percent from the previous year but similar
to the 10-year average.
This week, the U.
S.
agricultural counselor in Kiev lowered Ukraine's corn production forecast to 23.
1 million mt from 25.
8 million mt
.
As of the beginning of the month, about 40% of the corn had not been harvested because of excessive moisture, expensive or unavailability of drying services for grain
.
Despite the more pessimistic production outlook, the USDA and U.
S.
Agricultural Counselors are more optimistic
about Ukrainian corn exports.

On Friday, the USDA raised Ukraine's corn exports for 2022/23 to 17.
5 million mt, up from 15.
5 million mt forecast in November and 9 million mt
in July.
The U.
S.
agricultural counselor also raised corn exports to 20.
2 million mt from 13.
9 million mt forecast last month, largely due to the extension
of the Black Sea export deal.
This means that exports account for 87% of production, an all-time high
.

Brazilian corn exports are strong and on track to hit a new high for the full year

Brazil's corn exports performed strongly
in December 2022, according to data released by Brazil's Foreign Trade Secretariat (Secex).
Brazil exported 1,515,526.
9 mt of corn in the first two weeks of December, compared to 216,503.
8 mt per day, up 46%
from 148,287 mt a year earlier.

Brazilian corn exports are expected to reach 6.
716 million mt in December 2022, up from an estimated 5.
43 million mt last week, also up from 5.
269 million mt in November and 3.
321 million mt
in December, the Brazilian Association of Grain Exporters (ANEC) said.
For the full year of 2022, corn exports will reach a record 43.
88 million mt, up from 20.
615 million mt
in 2021.

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