· Vietnam continues to snap up Indian corn at steep discounts amid low pork prices.
· 2 global agencies upgrade Indian rice, maize output outlook. FAO and USDA say ‘favourable’ rabi crop has made up for the kharif loss .
· India us one of the most vulnerable nations for crop production. In February 2022, the Intergovernmental Panel on Climate Change (IPCC) Working Group II released its report, Climate Change 2022: Impacts, Adaptation and Vulnerability, by 900 authors who reviewed 34,000 scientific papers. It pointed out that India is one of the most vulnerable nations for crop production. Droughts and heatwaves will affect crop productivity and farmers’ incomes. It pointed out that maize production in India could fall 25% if the temperature rises 1℃ above the pre-industrial level. At 4℃higher, maize production could be 70% lower.
· Asian buyers step up Indian corn imports as drought cuts Argentine crop. Indian corn is quoted around $310-$315 a tonne, including cost and freight (C&F), to Southeast Asia, compared with South American corn being offered around $330 a tonne, traders said. Importers in Malaysia and Vietnam are booking around 200,000 tonnes of Indian corn a month
· WASDE March 2023:
o The USDA has trimmed production forecasts for maize and soyabeans in Argentina in this recent report.
o The latest WASDE for maize shows reduced production, consumption and trade, resulting in higher ending stocks for this season.
o The Argentinian maize crop was cut back 7Mt, to a new forecast of 40Mt. This trim is larger than expected by trade. For overall global production, the downward revision to Argentinian production was offset slightly by an increased outlook for maize in India and Paraguay. According to Rosario Grains Exchange of Argentina, Maize output cut by 7.5Mt, to 35Mt (USDA 40Mt), down 35pc on initial expectations, with the recent reduction largely incorporating reduced yields in later-sown fields
o Brazilian production forecasts remained unchanged at 125Mt, a record crop.
· African nations looks to buy small corn consignments from India
· Corn May 2023 contract down 14c/bu to 611.5c/bu.