Russia Corn exports turned down in April 2017, supplied 307.7 KMT of corn to foreign markets. Half of previous month (622.7 KMT was in March 2017) and in April 2016 (677 KMT). In the first eight months of MY 2016/17, Russia exported 4.2 MMT of corn, or 8% more than at the same time last marketing year. The European Union remains the top importer of Russian corn with a market share of 20%. Vietnam and Iran also managed to enter the top three at this time, with their export shares at 19% and 18%, respectively.
Futures contracts of maize fell on the NCDEX due to profit booking as prices had risen in the past three sessions tracking the spot market. July contract traded down 0.2% from the previous close. The good quality maize and the poor quality crop traded up 20 rupees from previous close. Arrivals of the coarse grain were at around 1,000 tonne, lower than the average arrivals of 2,000 tonne last week.
Corn fell for a fourth consecutive day to a three-week low on an outlook for favorable weather across the U.S. Midwest during the crop critical phase of development. CBOT Corn up 0.1 percent to $3.68-1/4 a bushel, after earlier in the session marking its weakest since June 1 at $3.67-3/4 a bushel.
Futures contracts of maize on the NCDEX rose nearly 1%, taking cues from gains in major spot markets. August contract of maize up 0.7% from the previous close. The July contract also traded 0.8% higher. In Bihar benchmark market of Purnea, good quality maize and poor quality maize both up 10-20 rupees from previous close. Prices rose in Purnea as monsoon, which had hit parts of the state on Friday, hampered supply of the grain in markets. Around 300-400 tonne of maize arrived in Purnea, down from 500 tonne brought on previous close.
155,000 bags of relief rice from China using the standard gauge railway cargo train at the port of Mombasa, Devolution and Planning Cabinet Secretary Mwangi Kiunjuri said the government is expecting another ship carrying 829,400 bags of maize to dock at the port. The government also witnessed the start of the transportation of food by another SGR cargo train on Tuesday, which had 90 containers of 45,000 bags of rice to Nairobi, in addition to that of 50 trucks each carrying 500 bags of rice to other parts of the country.
Cargo trains start ferrying goods from Mombasa to Nairobi earlier than planned to ensure subsidised maize reaches the market on time amid a shortage of flour. The standard gauge railway (SGR) cargo trains on the new railway were supposed to start trips in January next year but the current development see them commence operations much earlier to save millions of Kenyans who have been grappling with the shortage of subsidised flour that is going for Sh90 for a two-kilogramme packet.
Prices of maize rose in the benchmark Purnea market of Bihar as monsoon rains hampered arrivals. About 500 tonne maize arrived in Purnea, down from nearly 2,000 tonne on previous close. Good quality maize was sold at 1,250 rupees per 100 kg in Purnea, up by 50 rupees from previous close. Maize prices were up due to low availability of good quality crop, total arrivals to market are also falling now due to rains.
Output of maize has exceeded 6m tonnes for the first time in the country. This is going to boost both local sales and exports of corn and corn-based products. Pakistan produced 6.13m tonnes of maize in FY17, up 16.3pc from last year 5.271m tonnes. Whereas the area under cultivation increased to 1.334m hectares from 1.191m hectares in FY16, the crop’s yield also went up to 4,595kg per hectare from 4,426kg per hectare.
The government has increased the minimum support prices on major crops including paddy, maize, tur, urad, moong, soybean and cotton. Maize get a minimum support price of 1,425 rupees per 100 kg, 60 rupees higher than last year. This comes at a time when the country is facing a glut in major crops and vegetables, which had resulted in subdued prices, leading to widespread protests among farmers in major growing states.
Corn gave up 1.3 percent on easing concerns over dryness in the U.S. The corn market is giving up gains as there is pressure on crude oil prices and the weather is looking better. Corn prices often track movements in the crude oil market with rising use of crops to make alternative fuels.
The Korea Feed Association purchased about 65,000 tonnes of yellow corn to be sourced from optional origins. The corn was purchased at around $183.50 a tonne c&f plus a $1.00 a tonne surcharge for additional port unloading. It was for arrival around Oct. 5 and was bought from trading house ADM.
Corn and soybean export sales increased in the latest week but matched trade forecasts and topped the paces needed to meet the U.S. Department of Agriculture annual forecasts. Old-crop corn sales of 23.7 million bu. were up about 10 million from a week ago, while new-crop sales of about 531,500 bu. were down sharply from a week ago and missed forecasts. Old-crop sales were led by Mexico, Colombia and China, while the new-crop business went to Panama, the French West Indies and Nicaragua.
The National Cooperative Dairy Federation of India will buy 1,400 tonne maize through a reverse electronic auction on Jun 22. The commodity, used as cattle feed, will be bought on behalf of the Kerala Co-operative Milk Marketing Federation. The National Cooperative Dairy Federation of India, which has nearly 200 dairy cooperatives as members, has developed an online trading platform to purchase feed stock and sell dairy products.
The maize crop falls 5.7 percent to 3.78 million tonnes. The rain which had benefited other crops had hindered spring maize sowings and the total maize area sown will be reduced by 5.7 percent to 392,000 hectares.
France AgriMer raised its estimate of 2016/17 ending stocks to 2.3 million tonnes from 2.2 million last month, as it lowered expected exports within the EU to 4.1 million tonnes from 4.3 million.
High air temperature was typical for the Bulgarian territory during the first ten days of June. In some places, the air temperature reached +30-33°C. Such weather boosted the agricultural crops development. In some regions, precipitation in the form of rain and hail damaged crops. Corn for grain had been planted on 411.52 Th ha compared to 415.87 Th ha by the same time last year.
In March 2016/17 MY Romania exported 190 KMT of corn, which was a little bit higher than the volume, shipped in March 2015/16 – 185 KMT. Record volume for this month was exported in March 2014/15 – 461 KMT. Since the beginning of the current season (September-March) corn exports from Romania equaled 2727.6 KMT or 18% more than over the same period last season (2304 KMT). Over the reporting period share of third countries grew to 47% (1279 KMT) from 31% (720 KMT) during the same period last season, as Romanian traders opened the markets of Iran and Vietnam this season.
Strength in corn stemming from new weather outlook that took some rain out of the forecast for the U.S. Midwest during the next week. Bargain buying also expected following sharp decline on previous close. CBOT July corn last up 2-1/4 cents at $3.79-1/2 a bushel.
Zimbabwe has banned grain imports to protect local farmers after producing enough to meet domestic demand. The southern African nation’s grain agency has also raised $200 million from the government and private sector to purchase maize from farmers. The national treasury last week forecast output of the staple maize at 2.1 million tonnes this year, from 511,000 tonnes in 2016.
Bangladesh authoritirs still not issuing permit for imported GMO corn from Brazil, imported vessels are due for July shipments. This is supporting the Indian maize market, as Bangladeshi buyers will eye towards Indian Non-GMO Corn.