Global corn trade for
2011/12 is up slightly, with Chinese imports
adjusted higher. World production is mostly
unchanged with larger production in the United
States, Ukraine, EU, and Russia mostly offset by
lower crop prospects in Argentina. The
season-average farm price for U.S. corn is
lowered but remains a record.
U.S. corn export quotes rose throughout the past
month, recovering from year-long lows in
mid-December based on stronger U.S. exports and
growing concerns over the Argentine crop. Prices
ended at $278/ton, $20/ton higher than at the
time of the December WASDE release. Argentine
and Brazilian quotes followed suit.
TRADE CHANGES IN 2011/12
U.S. corn is boosted 1.0
million tons to 42.0 million on greater
exportable supplies and lower prices.
Argentine corn is cut 1.0
million tons to 17.5 million as dry conditions
reduce new crop prospects.
Russian corn is raised 400,000
tons to 1.0 million on a rapid export pace and
Paraguayan corn is up 300,000
tons to 1.8 million on strong October-December
Argentine barley is raised
200,000 tons to a record 2.4 million based on
commitments to date.
U.S. sorghum is down 250,000
tons to 1.7 million due to tighter supplies and
high prices. (As a result, Mexican sorghum
imports are lowered 200,000 tons to 1.6
Chinese corn is boosted
1.0 million tons to 4.0 million based on strong
shipments and export commitments.
is lowered 400,000 tons to 1.6 million on a
slower-than-expected import pace due to
disruptive current events.
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