In March, U.S. corn export quotes slid in front of the March 31 USDA data on grain stocks and prospective plantings, despite a pickup in export sales and shipments. Argentine quotes, however, were mostly firm in the face of strong exports but weakened toward the month’s end in line with U.S. prices.

Brazilian quotes were largely flat with strong domestic demand and weak export sales and shipments.

Argentine Data Series Revisions: Production data were revised for barley, corn, oats, and sorghum dating back about 20 years based on government estimates. For barley, extensive revisions were also made to supply and distribution data showing higher FSI (food, seed, and industrial) use arising from strong malt exports and increased domestic beer production. (PSD data exclude trade in barley malt). Barley area is raised above government estimates for 2006/07 through 2008/09 as exports and consumption during this period exceed available supplies as indicated by government production estimates.

Selected Exporters

*Burmese corn is boosted 250,000 tons to 350,000 with strong exports to neighboring countries.

*Chinese corn is cut by 350,000 tons to 150,000 because of slow exports and strong domestic feed demand.

*Thai corn is boosted 250,000 tons to 1.0 million, the largest is nearly 2 decades, because of strong regional demand and large exportable supplies. Government support programs resulted in large intervention stocks which are favorably priced for export.

*Australian barley is lowered 400,000 tons to 3.4 million based on slow exports and greater competition from continued feed-barley export tenders from Turkey.

*Turkish barley is raised 200,000 tons to 800,000 due to more aggressive export tenders by the Turkish Grain Board.

*Argentine sorghum is raised 200,000 tons to 1.2 million based on prospects for the largest crop in over 20 years.

*Australian sorghum is cut 200,000 tons to 900,000 in the face of competition from Argentina and the United States.

Selected Importers

*Egyptian corn is boosted sharply by 800,000 tons to 5.0 million because of strong demand from the poultry industry.

*Iranian corn is raised 300,000 tons to 3.2 million based on the pace of shipments.

*Malaysian corn is cut 300,000 tons to 2.5 million based on the slow pace of purchases and shipments, despite expectations of a rebound in economic growth and livestock production.

*Mexican corn is slashed 1.5 million tons to 8.0 million based on the slow pace of purchases and shipments in the face of weak feed grain demand. Mexican sorghum is cut 200,000 tons to 2.5 million because of larger-than-expected supplies.

*Syrian barley is lowered 300,000 tons to 700,000 based on the slow pace of imports and better production prospects for 2010.