November 12, 2007

 

USDA issues monthly report on world coarse grains

 

 

US corn export prices averaged US$172 per tonne in October, up over US$5 from September prices, as strong export demand and indications of a smaller crop have kept prices firm, the US Department of Agriculture said Friday in its monthly Coarse Grains: World Markets and Trade Report posted on the Foreign Agricultural Services Web site.

 

Sorghum prices remain high (although down US$12) at US$201 per tonne because of solid foreign demand.

 

Selected exporters

 

India corn is doubled to 500,000 tonnes because of improved crop prospects.

 

South Africa corn is boosted by 200,000 tonnes to 1.0 million. New crop supplies will find strong regional demand.

 

Australia barley is slashed 300,000 tonnes to 2.0 million due to a cut in production.

 

EU-27 barley is up 200,000 tonnes to 4.2 million because of steady demand from North Africa and limited competition.

 

United States barley is up 500,000 tonnes to 1.0 million, the highest in 7 years, because of strong sales to Japan.

 

Argentina sorghum is boosted by 200,000 tonnes to 1.0 million due to strong demand from EU- 27 as evidenced by new-crop export registrations.

 

United States sorghum is raised 400,000 tonnes to 7.0 million, the highest in 16 years, due to strong demand from EU-27.

 

Selected importers

 

Canada corn is boosted by 300,000 tonnes to 2.3 million because of strong purchases. Corn is very competitive against other grains, which have attractive international prices and are being exported.

 

Japan corn is raised 200,000 tonnes to 16.3 million reflecting a more gradual slowdown in meat production.

 

South Korea corn is cut by 300,000 tonnes to 8.8 million (following a similar cut with final trade data for 2006/07). Although corn is continuing to substitute for scarce feed-quality wheat, other non-grain feed ingredients (e.g., distiller's grains and tapioca) are reducing the need for corn.

 

Venezuela corn is boosted by 200,000 tonnes to 500,000 in light of strong poultry production.

 

Saudi Arabia barley is boosted 200,000 tonnes to 6.0 million as imports are not expected to be effected by high prices (2006/07 was increased 300,000 tonnes based on updated trade data).

 

United States barley is raised 150,000 tonnes to 300,000 because of tight stocks resulting in an increased need for Canadian malting barley supplies.

 

EU-27 sorghum soars by 700,000 tonnes to a record 3.7 million. Import licenses and outstanding purchases of US sorghum reflect the shortage of feed grains.

 

Mexico sorghum is cut by 500,000 tonnes to 2.0 million, the lowest in over a decade, due to a higher crop estimate, the slow pace of sales, and availability of US corn.

 

TRADE CHANGES IN 2006/2007

 

Selected Exporters

 

Argentina corn is up 500,000 tonnes to 15.5 million as shipments continue at a record pace.

 

Paraguay corn is raised nearly 250,000 tonnes to 2.0 million, a record, with final trade data. The country has expanded trade with Brazil. (Brazil's imports are raised 150,000 tonnes to 1.2 million, the highest in 7 years.)

 

Selected Importers

 

Egypt corn is raised 200,000 tonnes to 4.8 million based on near-final trade data.

 

South Africa corn is raised 200,000 tonnes to 1.0 million, the highest in over a decade, amid reports of tightening supplies.

 

China barley is dropped 173,000 tonnes to 1.1 million based on final trade data and reflects tightness in the global malting barley trade because of reduced Australian exportable supplies.