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S.
corn futures rising in price, mainly due to a surge in export sales, weakening seasonal harvest pressure, and corn planting in Argentina delayed due to dry weather
.
However, the extension of the Black Sea grain corridor agreement, international crude oil futures fell sharply, and the dollar index strengthened, putting pressure
on feed prices.
Chicago Board of Trade (CBOT) March 2022 corn futures closed at about $6.
70/bu on Friday, up 1.
1%
from a week ago.
The spot price of Meiwan 2 yellow corn for the December schedule was $7.
9725 a bushel, down 1.
5%
from a week ago.
March 2023 corn futures on the EURONEXT exchange closed at around 306.
75 euros/mt, down 4.
1%
from a week ago.
FOB quotations for Argentine corn on the upper river were $298/mt, down 0.
7%
from a week ago.
70/bu on Friday, up 1.
1%
from a week ago.
The spot price of Meiwan 2 yellow corn for the December schedule was $7.
9725 a bushel, down 1.
5%
from a week ago.
March 2023 corn futures on the EURONEXT exchange closed at around 306.
75 euros/mt, down 4.
1%
from a week ago.
FOB quotations for Argentine corn on the upper river were $298/mt, down 0.
7%
from a week ago.
International crude oil futures fell for the second week in a row this week as the prospect of a Fed rate hike and the epidemic in China raised concerns about a weaker
outlook for the economy and energy demand.
The West Texas Intermediate (WTI) January contract on the New York Mercantile Exchange (NYMEX) closed at $80.
11 a barrel on Friday, down 9.
1%
from a week ago.
Brent crude futures, the global benchmark, for January, were at $87.
62 a barrel, down 8.
7 percent
from a week ago.
The ICE dollar index closed at 106.
826 on Friday, up 0.
6 percent
from a week ago.
outlook for the economy and energy demand.
The West Texas Intermediate (WTI) January contract on the New York Mercantile Exchange (NYMEX) closed at $80.
11 a barrel on Friday, down 9.
1%
from a week ago.
Brent crude futures, the global benchmark, for January, were at $87.
62 a barrel, down 8.
7 percent
from a week ago.
The ICE dollar index closed at 106.
826 on Friday, up 0.
6 percent
from a week ago.
On November 17, UN Secretary-General António Guterres said in a statement that the parties agreed to continue the Black Sea Grain Initiative and extend the Black Sea grain export agreement for 120 days to facilitate safe navigation of Ukrainian grain, food and fertilizer exports, while the United Nations will also work to remove remaining obstacles
to Russian grain and fertilizer exports.
The extension of the agreement helped ease concerns about
disruptions to Black Sea grain exports.
However, Russia says its own demands have not been fully met and wants more support
for fertilizer exports.
Ukraine, for its part
, called for an extension of the initiative for at least one year and included the port of Mykolaiv in southern Ukraine.
The port of Mykolaiv is the second largest grain export terminal
in Ukraine.
Since the signing of the agreement at the end of July, Ukraine has exported about 11.
1 million tons of agricultural products, including 4.
5 million tons of maize and 3.
2 million tons of wheat
, from three Black Sea ports (Chernomosk, Odessa and Yuzhne).
to Russian grain and fertilizer exports.
The extension of the agreement helped ease concerns about
disruptions to Black Sea grain exports.
However, Russia says its own demands have not been fully met and wants more support
for fertilizer exports.
Ukraine, for its part
, called for an extension of the initiative for at least one year and included the port of Mykolaiv in southern Ukraine.
The port of Mykolaiv is the second largest grain export terminal
in Ukraine.
Since the signing of the agreement at the end of July, Ukraine has exported about 11.
1 million tons of agricultural products, including 4.
5 million tons of maize and 3.
2 million tons of wheat
, from three Black Sea ports (Chernomosk, Odessa and Yuzhne).
The USDA's weekly crop progress report shows that the U.
S.
corn harvest is nearing its end, ahead of previous years' levels
.
As of Nov.
13, the U.
S.
corn harvest was 93 percent, compared to 90 percent a year ago and a five-year average of 85 percent
.
S.
corn harvest is nearing its end, ahead of previous years' levels
.
As of Nov.
13, the U.
S.
corn harvest was 93 percent, compared to 90 percent a year ago and a five-year average of 85 percent
.
U.
S.
net corn sales for 2022/23 were 1.
17 million mt in the week ended Nov.
10, 2022, up from about 270,000 mt a week earlier,
according to the USDA's weekly export sales report.
Year-to-date, U.
S.
corn export sales (including exported and unloaded contracts) totaled 15.
9 million mt, down 51.
8%
year-on-year.
For comparison, the USDA forecasts U.
S.
corn exports for the year at 54.
61 million tonnes, down 13%
year-on-year.
U.
S.
corn exports declined this year, mainly due to high U.
S.
corn prices and a sharp decline
in exports to China and Mexico.
S.
net corn sales for 2022/23 were 1.
17 million mt in the week ended Nov.
10, 2022, up from about 270,000 mt a week earlier,
according to the USDA's weekly export sales report.
Year-to-date, U.
S.
corn export sales (including exported and unloaded contracts) totaled 15.
9 million mt, down 51.
8%
year-on-year.
For comparison, the USDA forecasts U.
S.
corn exports for the year at 54.
61 million tonnes, down 13%
year-on-year.
U.
S.
corn exports declined this year, mainly due to high U.
S.
corn prices and a sharp decline
in exports to China and Mexico.
Argentina's 2022/23 corn planting schedule has been delayed
due to continued dry weather.
The early corn planting window in Argentina closed this week, with late corn planting starting
in early December.
Early corn yields are generally better than late corn.
Argentina's 2022/23 corn planting was 23.
6 percent complete as of Nov.
16, up 0.
2 percent from a week ago and 5.
6 percent
lower than a year earlier, according to the Buenos Aires Grain Exchange (BAGE).
The exchange estimates that 7.
3 million hectares of corn will be planted in Argentina in 2022/2023, 400,000 hectares or 5.
3% less than the previous year, as drought prompts farmers to convert corn fields to soybeans
.
About three-quarters of Argentina's corn this year will be sown late
.
Due to the adverse weather of corn planting and early growth, it also limited farmers' interest
in pre-sale.
Argentine farmers had pre-sold 6.
24 million mt of 2022/23 corn as of Nov.
9, down from 10.
12 million mt
a year earlier, according to the agriculture ministry.
due to continued dry weather.
The early corn planting window in Argentina closed this week, with late corn planting starting
in early December.
Early corn yields are generally better than late corn.
Argentina's 2022/23 corn planting was 23.
6 percent complete as of Nov.
16, up 0.
2 percent from a week ago and 5.
6 percent
lower than a year earlier, according to the Buenos Aires Grain Exchange (BAGE).
The exchange estimates that 7.
3 million hectares of corn will be planted in Argentina in 2022/2023, 400,000 hectares or 5.
3% less than the previous year, as drought prompts farmers to convert corn fields to soybeans
.
About three-quarters of Argentina's corn this year will be sown late
.
Due to the adverse weather of corn planting and early growth, it also limited farmers' interest
in pre-sale.
Argentine farmers had pre-sold 6.
24 million mt of 2022/23 corn as of Nov.
9, down from 10.
12 million mt
a year earlier, according to the agriculture ministry.
Frosty weather also damaged barley production in Argentina
.
The Buenos Aires Grain Exchange lowered barley production for 2022/23 to 4 million mt, 200,000 mt lower than earlier expected due to frosts in late October and early November that damaged
crops.
Yields in parts of the province of Buenos Aires could be 35 to 50 percent
lower than the five-year average.
.
The Buenos Aires Grain Exchange lowered barley production for 2022/23 to 4 million mt, 200,000 mt lower than earlier expected due to frosts in late October and early November that damaged
crops.
Yields in parts of the province of Buenos Aires could be 35 to 50 percent
lower than the five-year average.
In Brazil, the first corn planting progress is lower than last year
.
As of Nov.
10, Brazil's first corn crop reached 70 percent of its projected area, 7 percent higher than a week ago but down from 85 percent a year ago, with the slowdown largely due to erratic
rainfall in southeastern Brazil and the state of Goiás, AgRural said.
The first corn planting in southern Brazil is almost complete
.
The Ssafras & Mercado survey showed that the first corn planting progress reached 85.
9 percent as of Nov.
11, compared with 79.
7 percent a week earlier, down from 86.
2 percent a year ago and up from the five-year average of 80.
8 percent
.
.
As of Nov.
10, Brazil's first corn crop reached 70 percent of its projected area, 7 percent higher than a week ago but down from 85 percent a year ago, with the slowdown largely due to erratic
rainfall in southeastern Brazil and the state of Goiás, AgRural said.
The first corn planting in southern Brazil is almost complete
.
The Ssafras & Mercado survey showed that the first corn planting progress reached 85.
9 percent as of Nov.
11, compared with 79.
7 percent a week earlier, down from 86.
2 percent a year ago and up from the five-year average of 80.
8 percent
.
Due to the dry weather, soybean sowing progress also lagged behind the same period last year, and since the second corn season is carried out after the soybean harvest, the sowing of the second corn may also be delayed, resulting in the second crop corn entering the key growing period after the end of the rainy season, thus facing the risk
of a decline in yield potential.
of a decline in yield potential.
The pace of corn sales in Brazil has also been relatively slow
.
As of November 4, the sales progress of the second corn crop in 2022 was 69.
6%, compared with 61.
2% last month, 85% in the same period in 2021 and 81.
7%
in the same period of five years, according to analyst agency Datagro.
Corn prices in Brazil were almost stable during October, and farmers lacked incentive
to accelerate corn sales.
.
As of November 4, the sales progress of the second corn crop in 2022 was 69.
6%, compared with 61.
2% last month, 85% in the same period in 2021 and 81.
7%
in the same period of five years, according to analyst agency Datagro.
Corn prices in Brazil were almost stable during October, and farmers lacked incentive
to accelerate corn sales.
The latest monthly report of the International Grains Council (IGC) showed that the global corn price index fell 3% in October from the previous month, mainly due to the decline in US corn prices, but 12%
higher than the same period last year.
Global maize production in 2022/23 is expected to be 1.
166 billion mt, in line with last month's forecast, as increases in maize production in the European Union and the United States offset declines in Argentina
.
U.
S.
corn production was revised up to 353.
8 million tonnes from 353 million tonnes, though still down from 382.
9 million tonnes
the previous year.
EU production was revised up to 54.
1 million tonnes from 53.
5 million tonnes, but it was still well below the previous year's 71 million tonnes
.
Argentina's production was revised down to 57 million tonnes from 60.
6 million tonnes
.
Global corn trade is expected at 170.
4 million tonnes, down from 171.
6 million tonnes forecast last month, entirely because Argentina's corn exports were revised down to 38.
3 million tonnes from 41 million tonnes
.
Global corn ending stocks are expected to be 257.
2 million tonnes, down 8.
4%
year-on-year from 257.
7 million tonnes forecast last month.
higher than the same period last year.
Global maize production in 2022/23 is expected to be 1.
166 billion mt, in line with last month's forecast, as increases in maize production in the European Union and the United States offset declines in Argentina
.
U.
S.
corn production was revised up to 353.
8 million tonnes from 353 million tonnes, though still down from 382.
9 million tonnes
the previous year.
EU production was revised up to 54.
1 million tonnes from 53.
5 million tonnes, but it was still well below the previous year's 71 million tonnes
.
Argentina's production was revised down to 57 million tonnes from 60.
6 million tonnes
.
Global corn trade is expected at 170.
4 million tonnes, down from 171.
6 million tonnes forecast last month, entirely because Argentina's corn exports were revised down to 38.
3 million tonnes from 41 million tonnes
.
Global corn ending stocks are expected to be 257.
2 million tonnes, down 8.
4%
year-on-year from 257.
7 million tonnes forecast last month.
