Markets in 60 seconds: 1/20/14

Markets in 60 seconds: 1/20/14

Exports to Japan: According to a U.S. Grains Council contact, the market share for U.S. corn in Japan will likely rebound to 60-70% in early 2014 — a significant improvement from 2012. Council programming promotes the U.S. as a long-term, reliable supplier of high-quality corn and helps reinvigorate the strong U.S.-Japan agricultural ties. Japan is also expected to purchase roughly 3,000 metric tons of U.S. barley next year for cereal and flour uses, mostly through forward contracting. This compares to around 1,000-2,000 mt of U.S. barley in recent years.

Argentina soybeans: In its weekly report last week, the Buenos Aires Grains Exchange reported that Argentina has reduced its 2013-14 soybean planting area estimates from 20.45 million hectares to 20.35 million hectares. The reduction is attributed to the hot weather and lack of rain in the southern part of Argentina's Buenos Aires province. Additionally, the report reveals that farmers in Argentina have planted 96.2% of the 2013-14 soybean crop. The 2013-14 corn crop is 86% planted, with a total of 3.3 million hectares estimated for this season. The U.S. Department of Agriculture estimates an Argentine soybean crop of 54.5 million tons and a corn crop of 25 million tons.

Volume:86 Issue:03

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