WORLD MARKETS AND TRADE :

COMMENTARY AND CURRENT DATA

MONTHLY HIGHLIGHTS: See PDF version for charts

Domestic: October export bids for #2 yellow corn soared by over $20 per ton to $142, the highest in over 10 years. The escalation results from expanding domestic demand, strong exports, and high wheat prices.

• United States corn is down 1.5 million tons to 55.5 million due to reduced production and high prices.

• Australia barley is lowered 300,000 tons to 2.7 million as production is expected to fall to less than half last year’s level.

• Brazil corn is raised 1.0 million tons this month to 3.0 million because of high international prices and a reduction in the U.S. crop.

• Russia barley is raised 300,000 tons to 2.5 million on higher production and less competition from Ukraine.

• Ukraine barley is lowered 500,000 tons to 4.7 million as government export policy has reduced shipments in recent months.

• South Korea corn is down 400,000 tons to 8.5 million based on likely shifts to less expensive imported feedstuffs..

• United States corn is down 300,000 tons to 56.2 million based on near-final trade data.

• Argentina corn is up 500,000 tons to 10.5 given a surge in late-season trade.

• Paraguay corn is raised nearly 1 million tons to a record 1.3 million based on final trade data. The increase is mostly late-season trade with Brazil (with corn imports there raised 500,000 tons to 950,000, a 6-year high).

• Final corn trade data is used to adjust exporters Brazil, China, South Africa, and Thailand; and importers China, Japan, South Africa, South Korea, and Thailand.

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Last modified: Monday, November 13, 2006