Agricultural Market Coverage – Week 25


Jun 24, 2022 | Agricultural Markets News

Reading time: 5 minutes

Vietnam Corn Imports Rise While Wheat Tumbles

Vietnam depends strongly on Feed imports for its livestock production, with poultry, pork, seafood & more being exported globally. Usually, Wheat represents an essential part of Feed imports, along with Corn or Soybean Meal. Due to Wheat prices rising to record highs in the US and strong demand from MENA for LatAm Wheat, Vietnam increased Corn imports in May & Jun by 426 kmt & 130 kmt, respectively, YoY. Meanwhile, Wheat imports decreased by 222 kmt in May YoY, near Jun imports level, which remained essentially the same (-6 kmt YoY).

Vietnam Corn & Wheat Imports From May to Jun 2022

Vietnam Monthly Imports From May to Jun 2022

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Argentina Wheat Exports Eyeing the Future Crop

As the 22/23 Argentina Wheat crop planting pace lags behind the average, the market eyes South America as an alternative to Ukraine in the coming marketing year. Indeed, Argentina Wheat exports surged in Mar 22, increasing 2 Mmt YoY, essentially due to the Ukraine conflict. Argentina increased monthly Wheat exports so far in 2022, with a combined volume of 15.6 Mmt exported in Q1 & Q2 (+7.9 Mmt YoY). However, Ukraine exported 2.2 Mmt of Wheat before the war per month and on average. As importers rely more and more on Argentina to source their Wheat, can Argentina continue the upward trend with its new crop later this year?

Argentina Monthly Wheat Exports

Argentina Wheat Exports 2022

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Will Bulgaria Wheat Export Pace Continue With the New Crop?

Bulgaria is one of the main Wheat exporters in the Black Sea, along with Romania, Ukraine, & Russia. Thanks to a bumper crop in MY 21/22, Wheat exports increased in Aug, Sep, & Oct by 692, 469, & 210 kmt YoY, respectively.  As the Ukrainian conflict started at the end of Feb 22, Bulgaria exports picked up as one of the safest and cheapest Black Sea origins. Indeed, Bulgaria Wheat exports increased in Mar 231 kmt YoY, and again by 416 kmt in May. During the season, Bulgaria increased Wheat exports by 1.9 Mmt YoY. In MY 22/23, Bulgaria is expected to harvest a similar crop. With Ukraine’s export pace at a fraction of its usual capacity, will Bulgaria export pace increase even more?

Bulgaria Wheat Exports In Marketing Year 2021/2022

Bulgaria Wheat Exports 2021-22

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Brazil Soybean Exports Pick Up In June While Meal Thrives

Thanks to the Winter Olympic Games, the Spring Festival, and Chinese New Year celebrations, China Soybean imports surged in Feb 22. Thus, Brazil Soybean exports increased by 3.66 Mmt YoY in Feb 22. However, exports decreased YoY from Mar to May, decreasing by 4.44 Mmt in May. Meanwhile, Soybean Meal exports thrived, increasing monthly export volume YoY since Jan, and by as much as 559 kmt in Apr. Overall, while Brazil Soybean exports decreased by 2.9 Mmt across Q1 & Q2 22, Soybean Meal exports increased by 2.4 Mmt for the same period. In the end, what Soybean Brazil couldn’t export, it shipped as Soybean Meal.

Brazil Soybean & Soybean Meal Exports Between Jan & Jun 2022

2022 Brazil Soybean & Soybean Meal Exports

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