WORLD MARKETS AND TRADE :
COMMENTARY AND CURRENT DATA
COARSE GRAINS: WORLD MARKETS AND TRADE
Morocco’s imports are likely to continue at a rapid pace to offset lower
production and relatively poor pasture conditions in 2005. In May, the
government temporarily abolished the 7 percent value-added tax and the 35
percent import duty on barley through December. A similar measure was taken in
2001 and imports consequently reached 700,000 tons for the year, the second
highest level in over a decade. There are already indications that purchases
have been strong throughout the first half of the 2005/06 marketing year.
Sorghum: A data series for Bolivia was added this month.
Domestic: September export bids for #2 yellow corn
averaged nearly $96/MT, down $3 from August. September export bids for #2 yellow
sorghum (Texas Gulf) dropped about $3 to average just over $97 /MT (See
PDF version for chart).
Sorghum and corn prices remain similar and are close to those
of a year ago. Harvest pressure has reduced prices.
TRADE CHANGES IN 2005/2006
- Argentina corn is down 300,000 tons to 13.2 million due to a reduction
- Brazil corn is cut by 200,000 tons to 800,000 as rising domestic
consumption reduces exportable supplies.
- South Africa corn is reduced 200,000 tons to 1.8 million based on a
smaller crop forecast.
- Ukraine corn is raised 500,000 tons to 1.6 million due to larger crop
- Turkey barley is raised 100,000 tons to 200,000 based on recent
- Brazil corn is raised 200,000 tons to 1.0 million because of
increasing feed demand.
- Zimbabwe corn is up 100,000 tons to 300,000 based on a smaller crop
- Morocco barley is raised 200,000 tons to 600,000 because of strong
demand and the temporary elimination of barley import taxes.
TRADE CHANGES IN 2004/2005
- China corn is raised 300,000 tons to 7.3 million based on pace
- Canada barley is raised 200,000 tons to 1.5 million based on
continued strong sales.
- Russia barley is raised 300,000 tons to 1.3 million on strong sales to
the Middle East and North Africa.
- South Korea corn is up 200,000 tons to 8.5 million on the basis of
- Syria corn is increased 200,000 tons to 1.6 million based on shipments
- Morocco barley is raised 100,000 tons to 500,000 with strong demand in
expectation of a sharply reduced new crop.
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Thursday, October 13, 2005