This month, U.S. corn exports are boosted another 1.0 million tons to a new record of 63.0 million tons. China continues to be absent from the market and demand from Asia, particularly South Korea, remains firm. These factors have resulted in U.S. sales and shipments remaining strong. For example, the first quarter of calendar year 2008 saw sales 1.8 million tons above last year and shipments 2.6 million tons above last year. At the same time, expectations for EU-27 imports have climbed yet again leaving the United States virtually the only supplier to many markets that might otherwise import from Argentina and Brazil.

PRICES:

Domestic: U.S. corn export prices averaged $235 per ton in March, up $9 from February. However, the March 31 release of USDA’s Prospective Plantings and Grain Stocks reports, prices shot up and have continued to do so into the first week of April on expectations of tightened supplies. Sorghum prices averaged $237 per ton, up $10 from February. Prices remain firm due to demand from the EU-27. 

• United States corn is raised 1.0 million tons to a new record of 63.0 million.

• Argentina sorghum is up 200,000 tons to 1.2 million on expected EU-27 demand.

• Argentina barley is up 150,000 tons to 650,000 due to increased old-crop production.

• Canada barley jumped 200,000 tons to 2.4 million following high early season purchases from Saudi Arabia and the United States.

• Canada rye jumped 25,000 tons to 125,000 on robust demand from Japan.

• EU-27 corn is boosted by 1.0 tons to 11.5 million, the highest in 25 years, based on the pace of import licenses and reports of new-crop sales and shipments from Brazil and Argentina.

• Egypt corn is cut by 800,000 tons to 4.2 million because of weak demand arising from lingering cases of Avian Influenza and rising prices affecting feed users.

• Indonesia corn is down by 200,000 tons to 600,000. Higher expected production more than offsets increased feed demand.

• Syria corn is reduced by 200,000 tons to 1.8 million.

• EU-27 sorghum is up 200,000 tons to 4.5 million based on the pace of import licenses and expected shipments from Argentina.

• Morocco barley is lowered 200,000 tons to 700,000 because of higher old-crop production.

• EU-27 rye is up 25,000 tons to 75,000 following large purchases from Russia.

• Japan rye is raised 25,000 tons to100,000 due to a strong first quarter pace.