COARSE GRAINS: WORLD MARKETS AND TRADE

 PRICES:

In November, U.S. corn export quotes averaged $183 per ton while Argentine quotes were $175 per ton. Seasonally, Argentine corn becomes more competitive as its harvest nears although the typical discount has narrowed by more than $10 per ton from last year. In the United States, greater certainty about crop size and quality, combined with slow sales and shipments, is likely to pressure prices further December. 

 TRADE CHANGES IN 2009/10 

Selected Exporters 

·        U.S. corn is down 1.0 million tons to 52.0 million on the continued slow pace of sales and shipments. 

·        Ukrainian corn is boosted 1.0 million tons to 5.0 million on greater production and the extraordinarily strong pace of exports.  

·        Australian barley is up 300,000 tons to 3.8 million on a comparative price advantage vis-à-vis the EU and larger expected production. 

·        EU barley is down 300,000 tons to 2.0 million on the slow pace of export licenses, reflecting the sharp escalation of sales to government intervention at a guaranteed price. 

TRADE CHANGES IN 2008/09 

Selected Exporters 

               Large Adjustments Reflect Reported Shipments: 

·        Indian corn raised 900,000 tons to 1.5 million 

·        Australian barley down 222,000 tons to 3.3 million  

Selected Importers 

      Large Adjustments Reflect Reported Shipments: 

·        Egyptian corn up 200,000 tons to 5.0 million 

·        Iranian corn boosted by 500,000 tons to 3.6 million