Global Market Watch: South America Dominates

 
Global Market Watch: South America Dominates

This week, there was no transfer in the low-cost seller crown: The European Union remained the cheapest wheat seller at $5.34 while Argentina retained the crown in corn and soybeans, at $4.12 and $10.15/bu., reports Ag Basse of AgResource. “The U.S. export campaign is winding down. In fact there is not one Chinese vessel berthed for loading at U.S. ports.”

South American analyst Pedro Djenka fills in the blanks regarding South America. South American bean harvest should be complete by early July, adding 6 million bushels or 165 MMT to world supplies. Brazil’s second corn crop flourishes  under excellent weather and May is the key pollination period. Most agree the combined first and second corn crop there will be 76-80 MMT.

Soy farmer selling is 55% complete in Brazil and Argentine selling is more aggressive than last year due to stabilizing currency markets and producers higher yields than expected at harvest that added 3-4 MMT to the crop. Argentina should export more than 7-plus MMT in April. 

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