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S.
corn demand was under pressure
.
Chicago Board of Trade (CBOT) March corn futures closed at about $6.
54 a bushel on Friday, down 3.
6% from a week ago; The January shipment of Meiwan No.
2 yellow corn was quoted at $7.
605 per bushel, down 3.
6% from a week ago; March corn futures on the EURONEXT exchange closed at about 290.
50 euros/mt, down 1.
7%
from a week ago.
FOB quotations for Argentine corn on the upper river were $304/mt, down 2.
6%
from a week ago.
54 a bushel on Friday, down 3.
6% from a week ago; The January shipment of Meiwan No.
2 yellow corn was quoted at $7.
605 per bushel, down 3.
6% from a week ago; March corn futures on the EURONEXT exchange closed at about 290.
50 euros/mt, down 1.
7%
from a week ago.
FOB quotations for Argentine corn on the upper river were $304/mt, down 2.
6%
from a week ago.
International crude futures fell for the first time in four weeks this week amid growing concerns that an imminent global recession could hurt the outlook
for fuel demand.
West Texas Intermediate (WTI) crude on the New York Mercantile Exchange (NYMEX) closed at $73.
77 a barrel, down 8.
1 percent
from a week ago.
Brent crude futures, the world's benchmark for March, were at $78.
57 a barrel, down 8.
5 percent
from a week ago.
The ICE dollar index closed at 103.
646 on Friday, up 0.
37%
from a week ago.
for fuel demand.
West Texas Intermediate (WTI) crude on the New York Mercantile Exchange (NYMEX) closed at $73.
77 a barrel, down 8.
1 percent
from a week ago.
Brent crude futures, the world's benchmark for March, were at $78.
57 a barrel, down 8.
5 percent
from a week ago.
The ICE dollar index closed at 103.
646 on Friday, up 0.
37%
from a week ago.
From the point of view of
US corn demand.
In the week ending Dec.
30, average ethanol production fell for the fourth straight week to just 844,000 barrels, which is also the lowest level
since February 2021, according to the U.
S.
Energy Information Administration.
US corn demand.
In the week ending Dec.
30, average ethanol production fell for the fourth straight week to just 844,000 barrels, which is also the lowest level
since February 2021, according to the U.
S.
Energy Information Administration.
US net corn sales for 2022/23 were 319,200 tonnes in the week ended Dec.
29, 2022, down from 951,600 tonnes
a week earlier, according to the USDA's weekly export sales report.
Year-to-date, U.
S.
corn sales totaled 21.
74 million tons, down 47% year-on-year, of which sales to China totaled 3.
725 million tons, down 69.
7%
year-on-year.
In its December 2022 supply and demand report, the USDA projected China's corn imports in 2022/23 to be 18 million mt, down 17.
7%
year-on-year.
In addition to the drought's transportation difficulties on the Mississippi River, U.
S.
farmers face stiffer competition from Brazil, which already exported a record 43.
6 million mt of corn in 2022 and is expected to reach a new high
in 2023 with additional support from the Chinese market.
29, 2022, down from 951,600 tonnes
a week earlier, according to the USDA's weekly export sales report.
Year-to-date, U.
S.
corn sales totaled 21.
74 million tons, down 47% year-on-year, of which sales to China totaled 3.
725 million tons, down 69.
7%
year-on-year.
In its December 2022 supply and demand report, the USDA projected China's corn imports in 2022/23 to be 18 million mt, down 17.
7%
year-on-year.
In addition to the drought's transportation difficulties on the Mississippi River, U.
S.
farmers face stiffer competition from Brazil, which already exported a record 43.
6 million mt of corn in 2022 and is expected to reach a new high
in 2023 with additional support from the Chinese market.
Since China opened its market to Brazilian corn, Chinese buyers have actively sourced Brazilian supplies, putting pressure on U.
S.
corn export sales, as supplies of Brazilian corn are cheaper, dampening the attractiveness
of U.
S.
corn.
Brazilian corn exports in January 2023 are expected to reach 4.
33 million mt, almost double the 2.
2 million mt in the same period last year, although down from 5.
83 million mt
in December, according to the Brazilian Association of Grain Exporters (ANEC).
If the forecast materializes, it would be the highest since January 2016 when exports reached 4.
5 million mt
.
For the full year 2022, Brazilian corn exports were a record 43.
17 million mt, up from 20.
6 million mt
in 2021.
In addition to Brazil's bumper second crop corn harvest in 2021/22, China's opening of its market to Brazilian corn due to the disruption of Black Sea exports due to the conflict in Ukraine contributed to the growth
of Brazilian corn exports.
Since the beginning of December, 20 ships carrying corn have left Brazilian ports for China
.
Brazil shipped more than 1 million tonnes of corn to China in the past month, accounting for nearly 20 percent
of Brazil's total corn exports, according to shipping agency Williams.
S.
corn export sales, as supplies of Brazilian corn are cheaper, dampening the attractiveness
of U.
S.
corn.
Brazilian corn exports in January 2023 are expected to reach 4.
33 million mt, almost double the 2.
2 million mt in the same period last year, although down from 5.
83 million mt
in December, according to the Brazilian Association of Grain Exporters (ANEC).
If the forecast materializes, it would be the highest since January 2016 when exports reached 4.
5 million mt
.
For the full year 2022, Brazilian corn exports were a record 43.
17 million mt, up from 20.
6 million mt
in 2021.
In addition to Brazil's bumper second crop corn harvest in 2021/22, China's opening of its market to Brazilian corn due to the disruption of Black Sea exports due to the conflict in Ukraine contributed to the growth
of Brazilian corn exports.
Since the beginning of December, 20 ships carrying corn have left Brazilian ports for China
.
Brazil shipped more than 1 million tonnes of corn to China in the past month, accounting for nearly 20 percent
of Brazil's total corn exports, according to shipping agency Williams.
Consultancy StoneX this week lowered its 2022/23 Brazilian corn production forecast by 1.
2 million mt to 128.
71 million mt as weather in the south was unfavorable for the first corn crop
.
If the forecast materializes, it will still be record production, up 4.
2%
from the previous year's 123.
5 million tonnes.
StoneX forecasts 2022/23 second-crop corn production of 99.
58 million mt, up 5%
year-on-year.
Analyst João Pedro López said that the current outlook for the second corn production is favorable, but there is still a long way before the harvest, and it is still necessary to pay close attention to the weather, and the production data may be revised
.
StoneX left its 2022/23 Brazilian corn export forecast unchanged at a record 46 million mt, up from 45 million mt
in the previous year.
Domestic demand also remained unchanged at 81 million tonnes
.
2 million mt to 128.
71 million mt as weather in the south was unfavorable for the first corn crop
.
If the forecast materializes, it will still be record production, up 4.
2%
from the previous year's 123.
5 million tonnes.
StoneX forecasts 2022/23 second-crop corn production of 99.
58 million mt, up 5%
year-on-year.
Analyst João Pedro López said that the current outlook for the second corn production is favorable, but there is still a long way before the harvest, and it is still necessary to pay close attention to the weather, and the production data may be revised
.
StoneX left its 2022/23 Brazilian corn export forecast unchanged at a record 46 million mt, up from 45 million mt
in the previous year.
Domestic demand also remained unchanged at 81 million tonnes
.
Barge traffic on the Mississippi River fell to 402,000 tonnes in the week ended Dec.
31 from 626,000 tonnes the previous week, with corn shipments down 38 percent and soybean shipments down 33 percent
, according to the USDA's weekly grain transportation report.
St.
Louis barge freight was $28.
93 per tonne, down $3.
99 from the previous week
.
31 from 626,000 tonnes the previous week, with corn shipments down 38 percent and soybean shipments down 33 percent
, according to the USDA's weekly grain transportation report.
St.
Louis barge freight was $28.
93 per tonne, down $3.
99 from the previous week
.
At the start of 2023, Ukrainian corn traders hope to speed up ship inspections on the Black Sea export corridor to accelerate corn exports, but the prospects for a sharp recovery in exports remain in doubt
, given the accusations and prevarication between Russia and Ukraine.
January and February are typically the busiest months for Ukrainian corn exporters as they rush to ship corn for the autumn harvest but are now weighed down
by the slow pace of vessel inspections.
Since August, Ukraine has exported about 16 million tons of agricultural products
from the ports of Odessa, Nomolsk and Yuzhny under the UN-brokered Black Sea grain agreement.
Ships entering and leaving these ports must be inspected
by a Joint Coordination Group (JCC) composed of representatives from Turkey, Russia, Ukraine and the United Nations.
As at 3 January, only three teams were operating
.
In addition, a potential threat to Black Sea exports is that some insurance companies suspended war risk insurance
for Ukraine and Russia from January 1.
, given the accusations and prevarication between Russia and Ukraine.
January and February are typically the busiest months for Ukrainian corn exporters as they rush to ship corn for the autumn harvest but are now weighed down
by the slow pace of vessel inspections.
Since August, Ukraine has exported about 16 million tons of agricultural products
from the ports of Odessa, Nomolsk and Yuzhny under the UN-brokered Black Sea grain agreement.
Ships entering and leaving these ports must be inspected
by a Joint Coordination Group (JCC) composed of representatives from Turkey, Russia, Ukraine and the United Nations.
As at 3 January, only three teams were operating
.
In addition, a potential threat to Black Sea exports is that some insurance companies suspended war risk insurance
for Ukraine and Russia from January 1.
