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US Export Prices Firmed Relative to Foreign Competitors Over Last Week

South Korea will ban imports of US Poultry

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South America’s crop size continues to balloon as FC Stone released its projections on Brazil. They peg the soybean crop at 109.1 MMT vs 104.1 in February. While they see a small drop in the 2nd season crop at 61.3 MMT vs 61.6 previously, they boost the 1st season crop to 32.0 vs 29.9 previously.

South Korea, Japan, Taiwan and Hong Kong have limited imports of US poultry after the US detected its first case this year of avian flu on a commercial chicken farm. South Korea will ban imports of U.S. poultry and eggs after a strain of H7 bird flu virus was confirmed on Sunday at a chicken farm in Tennessee. So far this year South Korea has shipped in nearly 1,049 tonnes of U.S. eggs, according to ministry data, accounting for more than 98 percent of its total egg imports as of March 3.

Overnight a South Korea feed manufacturer bought 60,000 MT of US corn. Iraq is purportedly in the market for wheat and is seeking it from the United States, Canada or Australia.

US export prices firmed relative to foreign competitors over the last week. Brazilian soybean prices fell $ a Mt on the week relative to US prices.

WORLD EXPORT PRICE SPREADS RELATIVE TO US

Crop

Country

Today

Last Week

Last Year

CRN

ARG

-$4.4

-$3.9

+$0.5

CRN

BRZ

-$22.6

-$20.4

-$21.5

CRN

EUR

+$0.0

+$1.7

-$19.7

SBN

ARG

-$7.9

-$4.0

-$13.5

SBN

BRZ

-$2.0

+$4.1

-$9.8

WHT

EUR

-$17.8

-$14.2

-$42.9

Export spreads represent a foreign country price minus US price

at export destinations, in USD per metric ton. A higher spread indicates

the foreign price has risen relative to US prices, making the foreign country less

competitive and the US more competitive.


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