US Farm markets
Anticipating warmer, drier weather over much of the Midwest this week, operators thought the planting season would finally take a big leap forward.
That was enough to trigger a round of technical selling for corn and soybeans, with corn losing more then 1.6% while soybeans eroded more than 2.2% lower.
In the soy complex meal led the way down with 2.61% losses.
Soybean oil prices fell triple digits, going home 1.43% lower.
Corn and soybean prices faded alongside a broad risk off day across most U.S. markets.
Crude oil futures, indeed, were also hit by the broad selling, as futures ended the day 5-6% lower.
Equity indexes also tumbled 2% to 4.3% on the day.
Wheat prices were mixed, meantime, even if mostly lower.
Winter wheat contracts shifted moderately lower, while spring wheat managed to move from unchanged to slightly lower.
Particularly, CBOT SRW wheat prices closed the session down by 1.42%.
Kansas City wheat prices ended the day 0.53% red.
Spring wheat was the firmest as the selling found the wheats, but prices still closed 0.17% lower.
Energy markets
Oil prices dropped more than 1% on Tuesday, extending the previous day’s steep declines.
Coronavirus lockdowns in China, a strong dollar and growing recession risks, fed worries about the outlook for global demand.
Latest data showed China’s export growth had slowed to single digits, the weakest in almost two years.
The dollar held near 20-year highs, making oil more expensive for holders of other currencies.
Investors are shedding riskier assets on worries about interest rate rises and resulting impact on economic growth.
Thus, Brent crude was down $1.19, or 1.1%, at $104.75 a barrel at 06:07 GMT after slipping to as low as $103.19.
U.S. West Texas Intermediate crude fell $1.07, or 1%, to $102.02 a barrel after hitting an intraday low of $100.44.
On Monday, both benchmarks posted their biggest daily percentage falls since March, dropping by 5% to 6%.
Oil prices were boosted last week after the European Commission proposed a phased embargo on Russian oil.
However, the approval has been delayed amid requests from Eastern European members for exemptions and concessions.
A new version, currently being drafted, is likely to drop a ban on EU tankers carrying Russian oil, after pressure from Greece, Cyprus and Malta, a EU source said.
Financial markets are also heeding concerns that some European economies.
A halt to Russian gas supplies to Germany would trigger a deep recession and cost half a million jobs.
Hungary has also restated its position that it will not accept a new round of proposed sanctions on Russia until its concerns are addressed.
Freight markets
The Baltic Exchange’s main sea freight index rose to a more than four-month high on Monday, helped by stronger rates across vessel segments.
The overall index, indeed, rose 113 points, or 4.2%, to 2,831 points, the highest since mid-December last year.
Particularly, the capesize index rose 291 points, or 10.1%, to 3,185 points, its highest in more than four months.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $2,410 to $26,412.
Capesize vessel rates averaged higher in both the Atlantic and Pacific regions, driven by increased activity on the Australia-to-China and the Asia-to-Europe routes, analysts said.
“The coal trade to Europe has strengthened as EU buyers look to source alternative supplies from non-Russian sources. Thus it’s expect a further strength ahead”.
The panamax index gained 58 points, or 1.8%, to 3,233 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $521 to $29,093.
The supramax index was up 3 points at 2,732 points.
Equity markets
U.S. stock indexes fell sharply on Monday for a third day in a row.
The S&P 500 and Dow Jones Industrials dropped to a 13-month lows, and the Nasdaq 100 sank to a 17-month low.
Investor are concerned that tighter Fed policy and persistent inflation will slow economic growth and lead to stagflation.
The 10-year T-note yield early Monday climbed to a 3-1/2 year high of 3.201%, which weighed on technology stocks, although the 10-year yield fell back from that high as a plunge in commodity prices eased inflation concerns.
That adds to pressure from Russia’s war on Ukraine and a Chinese slowdown.
Increasing concern that a slowdown in China will undercut global growth prospects, indeed, weighed on stocks after Chinese Premier Li Keqiang warned of a “complicated and grave” employment situation as Beijing and Shanghai tightened restrictions on residents to contain Covid outbreaks.
In this context, energy stocks also fell.
Marathon Oil and APA Corp. each sank more than 14%.
Thus, on Wall Street, the S&P 500 sank to 3,991.24.
That leaves Wall Street’s benchmark down 16.8% from its Jan. 3 record.
The Dow Jones Industrial Average fell 2% to 32,245.70.
The Nasdaq composite slid 4.3% to 11,623.25 as tech stocks to the brunt of the selling.
Meantime, Asian stocks followed Wall Street lower on Tuesday.
Market benchmarks in Tokyo, Hong Kong, South Korea and Australia fell.
New Zealand and Southeast Asian markets also retreated.
The Nikkei 225 in Tokyo lost 0.8% to 26,117.76 and Hong Kong’s Hang Seng dropped 2.8% to 19,436.73.
The Kospi in Seoul shed 0.7% to 3,593.12 and Sydney’s S&P-ASX 200 declined 1.2% to 7,034.90.
Shanghai advanced, meantime.
The Shanghai Composite Index gained 0.2% to 3,009.22 after the Chinese government announced rent cuts and other aid for small businesses in a new effort to boost anemic economic growth.
India’s Sensex opened up 0.1% at 54,537.35.
Currency trading
The dollar gained to 130.43 yen from Monday’s 130.32 yen.
The euro rose to $1.0576 from $1.0566.
The dollar index on Monday fell by -0.023 (-0.02%).
The dollar Monday fell back from a 19-year high and posted slight losses.
The decline in T-note yields Monday undercut the dollar after the 10-year T-note yield fell back by -6.6 bp to 3.061%, weakening the dollar’s interest rate differentials.
Weather forecasts
A look at NOAA’s latest 72-hour cumulative precipitation map shows plenty more moisture in store for parts of the Plains and upper Midwest between today and Friday.
Conditions are likely to be much drier farther south, for the most part.
NOAA’s 8-to-14-day outlook predicts seasonally dry weather returning to the Great Plains and western Corn Belt between May 16 and May 22, with cooler-than-normal conditions likely for much of the Corn Belt next week.
U.S. Planting & Crop Progress
NASS reported 22% of the national corn crop was planted as of 5/8.
That was up from 14% last week, but is the slowest pace on record beginning 1990/91.
The average is to be 50% planted by week 19.
In Iowa, USDA saw a 5% point progress to 14% complete compared to 63% in IA on average.
In IL and IN, NASS reported 15% and 11% of fields were planted, up from 7% and 6% last week respectively but under their 58% ad 39% respective averages.
Emergence was 5% nationally, compared to 15% on average.
For Sorghum, NASS reported 22% of fields were planted, up only 2 ppts wk/wk and trailing the 5-yr average of 26%.
TX milo was 70% done.
As for soybean, Weekly Crop Progress data showed that 12% of the 22/23 expected soy area was planted.
That compares to 24% on average and marks just a 4% point improvement from last week.
USDA reported 3% of the beans had emerged as of 5/8.
That compares to the 5-yr average of 4%.
Spring wheat is another crop off to a very slow start.
Plantings reached 27% through Sunday, up from 19% a week ago.
Last year’s pace was 67%, and the prior five-year average is 47%.
Nine percent of the crop is emerged, up from 5% a week ago and below the prior five-year average of 15%.
Winter wheat conditions are still dismal, but quality ratings did firm two points last week, with 29% rated in good-to-excellent condition.
Analysts were generally expecting to see a one-point gain.
Another 32% of the crop is rated fair (up two points from last week), with the remaining 39% rated poor or very poor (down four points from last week).
Physiologically, 33% of the crop is headed, up from 23% last week.
Compare that to 2021’s pace of 36% and the prior five-year average of 40%.
U.S. Weekly Grain Inspections
USDA reported 1.392 MMT of corn was shipped during the week that ended 5/5.
That was down from 1.7 MMT last week and from 1.7 MMT during the same week last year.
Mexico, Japan, and China were the main destinations.
Through 5/5, corn exports totaled 37.982 MMT, compared to 45.3 MMT last year.
Weekly sorghum exports were tallied at 270k MT, with all but 2,275 MT headed for China.
The accumulated milo export program reached 5.577 MMT, down 168k MT yr/yr.
As for soybeans, Weekly Export Inspections data showed 503,414 MT of soybeans were shipped during the week that ended 5/5.
That was down from 604k MT last week, but up from 277k during the same week last year.
Accumulated soybean exports were tallied as 47.713 MMT through 5/5, trailing last year by 8.2 MM T (14.7%).
As for wheat, USDA reported 236,847 MT of wheat was shipped through the week that ended 5/5.
That was down 155k MT wk/wk and down 327k MT from the same week last year.
The weekly Export Inspections report showed 19 MMT of wheat had been shipped MYTD through 5/5, compared to 23.75 MMT during the same period last season.
These figures has been disappointing and raise fears of a slowdown in global demand, particularly with the ongoing containment in China.
Corn & Soybean basis
Corn basis bids were largely unchanged across the central U.S. but did trend 4 cents higher at an Ohio elevator.
Soybean basis bids held steady at most Midwestern locations, but did firm 3 cents at an Indiana processor and jump 32 cents higher at an Illinois river terminal.
Money managers’ activity
The funds were net sellers yesterday for 14,000 lots of corn, 15,500 lots of soybeans and 7,000 lots of wheat.
Traders will be cautious ahead of Thursday’s USDA report.
From Canada
Seeding has begun in the Canadian Prairies.
Alberta and Saskatchewan are off to a fairly average start, while very little progress has been made in Manitoba where wet conditions are preventing fieldwork.
Alberta released their first crop report of the season.
As of May 3rd, 12.4% of Alberta’s spring wheat area had been seeded.
Surface soil moisture is generally favorable in the Peace, Northwest, and the North half of the Central region, but moisture levels deteriorate rapidly in the Southern region where 31.2% of the area has “poor” moisture conditions.
As for durum, the Alberta durum wheat crop is 53% seeded.
Dry conditions in the Southern region (where the majority of AB’s durum crop is grown) is causing concern.
Meanwhile, Canadian week 39 wheat exports were 222.2k mt up from 218,9k mt last week.
That put total export volume at 8.52 million mt, compared to 15.1 million mt last year-to-date.
As for durum, week 39 durum exports were 50.2k mt down from 131,0k mt last week.
That put total export volume at 1.91 million mt, compared to 4.88 million mt last year-to-date.
From South America
Safras and Mercado estimates Brazil’s corn crop would be 118.13 MMT, or a 30k MT decrease from their prior figure.
IHS Markit estimates the Brazilian corn crop at 115 MMT, down by 3 MMT from their prior estimate.
Brazil’s Ag Rural estimated the corn crop at 112.3 MMT, after cutting off 5 MMT from their prior estimate.
That’s primarily due to downward revisions to Brazil’s safrinha (second corn) crop.
Safras and Mercado estimate the Brazilian soy crop as 122.3 MMT, down by 2.8 MMT from their prior estimate.
In Europe
Grain markets paused in their progress yesterday.
Euronext, indeed, started its week on a new volatile note before closing in the red at the end of the session.
European grain prices were notably pulled down by Chicago’s sharp decline.
Rapeseed prices, meantime, remained firm.
Dry weather in France will have a negative impact on this year’s production of winter cereals by reducing yield potential for some crops, the French agriculture ministry said on Monday.
For recently sown spring crops like maize, sugar beet and sunflower seed, the ministry was monitoring field conditions, with rain seen as crucial in the next two weeks to avoid yield losses in newly established plants.
Below average rainfall during winter and early spring has already led to local water restrictions in some parts of France, although the ministry said agriculture was given priority status like electricity plants.
On this wake, the government last month announced 100 million euros ($105.57 million) in additional funding for water agencies to help mitigate drought effects.
Meantime, the European Union executive wants to speed up the bloc’s green transition and cut its reliance on Russian fuels by allowing some renewable energy projects to receive permits within a year, a draft document shows.
Brussels will next week unveil a package of measures to end the European Union’s reliance on Russia, by boosting renewable energy, saving energy and increasing gas imports from elsewhere.
As part of this, the European Commission will propose rules requiring countries to designate “go-to areas” of land or sea suitable for renewable energy, where such projects would have a low environmental impact, the draft legislative proposal shows.
“The permit-granting process for new projects located in renewables go-to areas shall not exceed one year,” the document said, adding that this could be extended by three months in “extraordinary circumstances”.
That compares with the EU’s current two-year deadline for permitting such schemes, which can also be extended by an extra year.
Renewable projects often face far longer delays, however, owing to red tape, local opposition or concerns about protecting endangered species.
Permitting and building renewable energy projects would be labelled as in the “overriding public interest”, enabling a simplified assessment.
Go-to areas would avoid protected sites or bird migration routes, and prioritise built areas like rooftops, roads and railways, industrial sites and public land around them.
The overall areas would be subject to an environmental assessment, but individual projects would no longer need one, unless they would significantly affect the environment in another EU country, the draft said.
Smaller projects with less than 150kW capacity in go-to areas would face a faster six-month permitting process, or nine if there are issues around safety or the impact on the power grid.
The speedier permit rules would not apply to plants that burn biomass for energy.
Meantime, French farmers are expected to cut back on maize sowing and devote more area to sunflower seeds in response to rising fertiliser costs, the country’s farm ministry said on Tuesday.
The ministry forecast that farmers will plant 1.37 million hectares (mln ha) of grain maize, excluding crop grown for seeds, for the 2022 harvest, down 6.1% from last year.
In contrast, the ministry forecast that the sunflower seed area reach 758,000 ha, up 8.5% compared with 2021, noting the oilseed crop required less nitrogen fertiliser than maize and was also more resistant to drought.
For soft wheat, the ministry increased slightly its 2022 area estimate to 4.80 mln ha from 4.79 mln ha last month, but this would be 3.8% below last year’s level and slightly under the average of the past five years.
For sugar beet, the estimated area was increased slightly 399,000 ha from 396,000 ha in April, approaching last year’s level of 402,000 ha but nearly 11% below the five-year mean.
Frosts in April caused losses to sugar beet crops in eastern and central France but some of the damaged area was resown, the ministry said.
For barley and rapeseed, the ministry kept its 2022 area projections unchanged from last month at 1.81 mln ha and 1.16 mln ha, respectively.
From Africa
Global wheat prices are so high that African consumers are starting to ditch the grain from their diet.
Food producers in Kenya, Egypt, Democratic Republic of Congo, Nigeria and Cameroon say they’re mixing cheaper alternatives into their breads, pastries and pastas.
Local rice, manioc flour and sorghum are substituting for wheat, which has spiked about 40% this year.
These domestic crops are less exposed to trade disruptions and global inflation, thus offering some protection from food prices that remain near record levels.
Kenya imports about 44% of its wheat from the Black Sea region, and the surging prices helped stoke inflation to 6.5% in April.
The farm-gate price of corn has doubled, and millers are struggling to get enough supplies.
Wheat has jumped 44% so far this year, while rice rose a modest 16%
Egypt is the biggest buyer of wheat, with more than 80% of imports coming from Ukraine and Russia.
Government purchases are running 13% behind last year.
Facing that kind of pressure, pasta-maker Egyptian Swiss Group is experimenting with new recipes using rice, corn and lentil flour.
Meantime, Egypt’s planning minister announced that the country plans to raise enough wheat locally to supply 65% of its total needs by 2025, compared with 45% in 2020.
Nestle Nigeria Plc, maker of Golden Morn cereal, is introducing more locally produced crops into its lineup, according to the company’s annual report for 2021.
Those include sorghum and soybeans.
In Congo, the government approved a program supporting the production of manioc flour to make bread and pastries.
The flour is made from cassava, a starchy root.
That could help Congo reduce its dependence on imported wheat, which costs about $87 million a year, Minister of Industry Julien Paluku said on Twitter.
Cameroon imports about 1 million tons of wheat annually, ranking among the top 10 buyers in sub-Saharan Africa, according to U.S. Department of Agriculture data.
Declining domestic production prompted it to suspend exports of wheat flour, rice and cereals to neighboring countries.
The move came after the government raised prices for bread by 20% in March.
In response, some food companies are pivoting to potatoes.
From Levant, the World Bank on Monday approved a $150 million loan to help Lebanon fund wheat imports and keep bread prices stable for nine months, the country’s economy minister told Reuters.
The program, known as the Lebanon Wheat Supply Emergency Response Project, would still need to be approved by the country’s cabinet and parliament, said Amin Salam.
A World Bank spokesperson did not immediately respond to a request for comment.
Lebanon is heavily reliant on food imports and pays for them in dollars, which have become increasingly difficult to obtain since its economy crashed in 2019.
Since then, the Lebanese pound has lost more than 90% of its value while food prices have gone up more than 11-fold, according to the World Food Programme.
The bread shortage has been exacerbated by the war in Ukraine, which supplies most of Lebanon’s wheat, and by Beirut’s inability to store wheat reserves since its largest silos were destroyed in the 2020 Beirut port explosion.
From the Black Sea basin
Ukraine has sown about 7 million hectares of spring crops so far this year, or 25-30% less than in the corresponding period of 2021, and exported 1.090 million tonnes of grain in April, Agriculture Minister Mykola Solskyi said on Monday.
He underlined the importance of exports of Ukrainian grain via Romania while Ukrainian ports are blockade, but said those exports could be complicated in two months by exports of the new wheat crop in Romania and Bulgaria.
Meantime, according to APK-Inform, the indicative export prices of Ukrainian new-crop wheat increased sizably last week.
The prices were supported by the strengthening of the global stock market amid tough world balance, expected significant decrease of Ukrainian crop in 2022 as well as unfavorable weather in France, the USA, Australia, India and Pakistan.
The indicative prices of new-crop 12.5% and 11.5% wheat, indeed, increased to 325-350 and 320-345 USD/t FOB (July-August) last week.
In Kazakhstan
North Kazakhstan oblast to start planting campaign on May 12, Kazinform reported.
Farmers will start with chickpeas and rapeseed, then proceed to lentil, flaxseed and sunflower seed and the latest crops to plant will be spring wheat, mustard seed, corn for silos, peas, soybean and camelina.
Farmers will start planting oats, barley, buckwheat and millet on May 25.
The optimal times for planting will last until June 8.
The planted area will amount to 4.3 mln ha this year in the oblast, including 3 mln ha under grains and pulses and about 1 mln ha under oilseeds.
Planted area under buckwheat will total 10 thsd ha, lentil – 50 thsd ha, sunflower seed – 103 thsd ha.
From the Middle East
Pakistan Federal Minister Tariq Bashir Cheema Monday said that the federal government has decided to assess the wheat stocks in the province so as to ascertain shortage for importing wheat well in time.
Sindh Chief Minister Syed Murad Ali Shah and Federal Minister Tariq Bashir Cheema in their meeting at Cm House discussed available wheat stock, new crop harvested recently and further requirements so that necessary import could be made in time.
Shah said that the production target of the province was 3.8 MT against a requirement of 4.7 MTs, including for seed.
He added that the shortfall of 0.9 MT was met by purchasing wheat from Punjab or from the Passco.
Murad Ali Shah said that the provincial government has set a procurement target of 1.4 MT against a support price of Rs5,500 per 100 kg.
Provincial Food Minister Mukesh Chawla said that there were higher prices of wheat in the open market.
He added that open market price as on May 5, 2022 has been recorded at Rs6,000 in Karachi, Rs5,700 Hyderabad, 5,850 Mirpurkhas, Rs5,800 Shaheed Benazirabad and Rs5,700 Larkana.
Secretary Food Raja Khurram said that the provincial government was planning to purchase 250,000 MT from PASSCO and may also purchase wheat from Punjab.
The federal minister urged the provincial government to calculate its wheat stocks and let the federal government know how much more wheat it needed so that import order, keeping in view the requirement of all the provinces, could be placed in time.
Pakistan as an agricultural country must take drastic measures to ensure its food security.
At this the chief minister said that due to water shortages we could not bring more land under cultivation, but we could increase our yield by using the latest technologies.
On this wake, Pakistan Hi-Tech Hybrid Seed Association on Sunday demanded of the government immediate withdrawal of 17 percent sales tax on all kinds of agricultural seeds to avoid shifting of its burden on poor people, besides fully protecting planned Chinese investment on “China Hybrid Agriculture Model and Transfer of Technology” under phase-II of CPEC.
Pakistan is in direct competition with the top agricultural produce exporting countries of the world and levy of 17 percent ST on agriculture seeds will result in a sharp decrease in Pakistan agricultural yields and exports.
From South East Asia
A growing food security threat is set to push Indian Prime Minister Narendra Modi into a conundrum: continue sending wheat to countries hit by dwindling supplies from the war in Ukraine or stockpile food at home to fend off high inflation.
Severe heat waves have damaged wheat yields across the South Asian nation, prompting the government to consider export restrictions, Bloomberg News reported.
Last month, Piyush Goyal, the food and commerce minister, said India hopes to become a permanent exporter of wheat, shipping as much as 15 million tons this year, compared with about 7.2 million in 2021-22.
India exported 1.46 million metric ton wheat in April 22.
Experts believed export can reach 12 mmt.
Officials are pushing the World Trade Organization to relax rules so that India can export from state reserves, Mr. Goyal said.
But the country’s domestic challenges have come into sharper focus in recent weeks when hundreds of acres of wheat crops were damaged during India’s hottest March on record, causing yields to potentially slump by as much as 50% in some pockets of the country.
Wheat consumption in the world’s second-most populous nation is estimated at 107.9 million tons, according to the US Department of Agriculture.
Thus, “with the current impact of the heat waves, India’s claim to ‘feed the world’ by exporting wheat surpluses — if granted permission by the World Trade Organization — now rings hollow” analysts said.
With skyrocketing freight rates and extreme weather events, Indian inflation is also surging, especially for cereals and edible oils.
In March, retail inflation rose to a 17-month high of 6.95%.
On this wake, India raised its key interest rate in a surprise move on Wednesday, sending bonds and stocks tumbling.
Meantime, retail prices for wheat averaged about 29 rupees a kilogram on May 5, up around 7% from a year earlier.
And flour made from the grain traded at close to 33 rupees, an 8% rise from last year, according to government data.
The Indian government, however, said on Thursday that it doesn’t see a reason right now for controls on wheat exports.
But the calculus could change as wheat output is on track to fall to 105 million tons or less, in 2021-22, according to the latest estimates.
That’s down from a previous forecast of 111 million tons (an all-time high) and last year’s harvest of 109.6 million tons.
However, the decision to dial wheat exports up or down ultimately lies with the prime minister’s office.
From Australia
Australia exported 2,611,207 tonnes of wheat in March, down 3 per cent from 2,695,173t shipped in February, according to the latest export data from the Australian Bureau of Statistics (ABS).
Flooding in south-east Queensland and on the east coast of New South Wales which occurred in late February and into March saw volume dip, when it would otherwise have risen slightly.
Competition from other commodities, particularly canola and barley, also limited the wheat number.
China was the biggest market by far for Australia’s March combined containers and bulk wheat exports, and was the destination for 441,980t, followed by The Philippines on 365,088t, Indonesia on 298,416t and Vietnam on 293,893t.
In the containerised market, Taiwan was the biggest customer by far, taking 109,898t, and containerised exports in March at 283,920t were up 5pc on the February figure.
In its March 23 Australian Export Vessel Lineups commentary, Lachstock Consulting said Australia was set to ship a record-breaking 4.1 million tonnes (Mt) of bulk grain in total in March.
Western Australia appears to have shipped around 820,000t of wheat in March, down from 1Mt in February.
Shipping stems indicate the demand for barley, canola and pulse shipments will see the April figure for Australian wheat exports down marginally from March, but remain above 2Mt into May at least.
On durum, the first new-crop cargoes have popped in the March figures.
They comprise a cargo to Italy out of Newcastle, and a dual-port load in Newcastle and Port Adelaide to Algeria.
Meantime, the week kicked off with plenty of demand for current crop wheat with eastern Australian values firming a touch and activity remaining strong through the bulk handling sites.
Port congestion is still a hot topic. Wait times were steady in Albany and Geraldton at 10 to 11 days, slightly longer delays in Brisbane going from 11 days last week to 13 days this week.
Wait times in Kwinana are steady at 20 days this week but have increased at Port Kembla and Port Lincoln to around 18 days.
The pick of the ports is Esperance where wait times have fallen from 10 days last week to 1 day this week, Newcastle (10 days to 1) and Geelong (5 days to 3).
On the weather side, rain has started to fall over Queensland with a very wet week on the way.
Another dry 24 hours to 9am this morning kept the wheels turning across the rest of the cropping belt ahead of rain forecast to arrive later today and tomorrow for most of NSW, Vic and WA.
On the international trade scene
Algeria is returning to wheat purchases with a call for tenders which ends tomorrow, May 11.
Loadings are scheduled over 2 periods, one from July 1 to 15 and the other from July 16 to 31.
The Korea Feed Association (KFA) in South Korea purchased about 65,000 tonnes of animal feed corn expected to be sourced from South America in a private deal without issuing an international tender.
It was purchased from trading house CJ International Asia at an estimated $379.95 a tonne c&f.
It was for arrival in South Korea around Aug. 20 with shipment from South America between June 22 and July 11.
The KFA’s Incheon section is also called the Feed Buyers Group.
The KFA’s Busan section separately bought 65,000 tonnes of animal feed corn also expected to be sourced from South America in an international tender on Monday.
That’s all.
To all of you, we wish you a good day.
Author: Sandro F. Puglisi
