Grain: World Markets and Trade

Transcription

1 United States Department of Agriculture Foreign Agricultural Service Circular Series FG 9-4 September 24 Grain: World Markets and Trade China To Be Net Grain Importer, As Supplies Continue To Fall Million Tons Grain Supply Million Tons Grain Trade Exports Imports /1 1/2 2/3 3/4 4/ 2/3 3/4 4/ 2/3 3/4 4/ Production Carryin Stocks C. Grains Wheat Rice China this year is expected to return as a net grain importer for the first time in nearly a decade as production, although up, remains below consumption and supplies continue to tighten. For wheat, exports have slowed considerably in recent months while imports have surged to nearly a million tons a month. Despite large imports and higher production, stocks are expected to continue to shrink, albeit at a much slower rate than in previous years. For corn, despite the recent approval of 3 million tons of export quotas, the government appears to be no longer intent on supporting exports with subsidies, without which exporters cannot compete in the international market. Since the announcement of the quotas last month, both JGG and COFCO (the only two state-authorized exporters) have been slow in signing up new contracts. For rice, although production is expected to increase, exports will drop below traditional levels. Shipments in the last few months have nearly disappeared as it seems the government has turned its focus to supplying the domestic rather than the international market. Approved by the World Agricultural Outlook Board - USDA

2 TABLE OF CONTENTS Summary Table All Grain Summary... 3 World Markets and Trade: Commentary and Current Data Wheat... 4 Rice... 1 Coarse Grains... 1 Historical Data Series for Selected Regions and Countries Endnotes to Grain: World Markets and Trade... 1 Notice to readers: Beginning January 24, printed versions of the Grain: World Markets and Trade circular are no longer published. The online issue of the circular, which includes Summary Table, Commentary and Current Data, and Historical Data Series for Selected Regions and Countries, is available via the FAS Web site ( Grain: World Markets and Trade, September 24 2

3 ALL GRAIN SUMMARY PRODUCTION, CONSUMPTION, STOCKS, AND TRADE TOTAL FOREIGN COUNTRIES, USA, AND TOTAL WORLD (MILLION METRIC TONS) 2/1 21/2 22/3 23/4 23/4 24/ WHEAT 12-Aug 1-Sep 12-Aug All Foreign Countries Production Consumption Ending Stocks USA Production Imports Consumption Exports Ending Stocks World Total, Trade / 1-Sep RICE All Foreign Countries Production Consumption USA Production Imports Consumption Exports World Total, Trade TOTAL COARSE GRAINS All Foreign Countries Production Consumption USA Production Imports Consumption Exports Ending Stocks World Total, Trade GRAIN, INCLUDING RICE All Foreign Countries Production 1,.9 1,49.4 1,22.8 1,492. 1, ,6. Consumption 1,6.9 1, , , , ,697. USA Production Imports Exports World Total, Trade ,64.3 1, Trade data are reported on an international year basis. All other data are reported using marketing years. Rice production data is on a milled basis. 3 September 24

4 F A S / G & F D WORLD MARKETS AND TRADE: COMMENTARY AND CURRENT DATA WHEAT: WORLD MARKETS AND TRADE MONTHLY HIGHLIGHTS: Balkan Wheat Returns to the World Market: Romania and Bulgaria are both returning as net exporters this year, as production has rebounded from last year s record lows. Exports should return to more normal levels. However, while large quantities went to the EU- in previous years, an agreement now caps the amount with zero import duty at 27, tons for Bulgaria and 23, for Romania. Bulgaria s quota has already been filled, with shipments primarily to Spain. These quotas could therefore lead to a greater portion of sales to markets outside Europe. Bulgaria has already sold wheat to North African markets and even to Bangladesh. Million Tons Exportable Supply (Production + Carryin Stocks) Million Tons Romania 1 Exports Bulgaria 4. 2 / 1 1/2 2 / 3 3/4 4 / / 1 1/2 2/3 3 / 4 4/ Grain: World Markets and Trade, September 24 4

5 PRICES: Domestic: Prices during August declined through mid-month on larger crop prospects and more competition, but then moved upward with strong export sales and concern over bad weather in the Northern Plains. For the week ending September 3, average HRW prices were $2 a ton higher and SRW was $ a ton higher than the first week of August. HRS prices gained $12 a ton while SWW ended the month with a gain of $1 a ton. 16 U.S. Weekly FOB Export Bids (8/6/4 to 9/3/4) 1 US $/MT /2 7/9 7/16 7/23 7/3 8/6 8/13 8/2 8/27 9/3 U.S. No.1 HRW 11% (Gulf) U.S. No.1 DNS 14% (Lakehead) U.S. No.2 SRW (Gulf) U.S. No.1 SWW (PNW) TRADE CHANGES IN 24/ Selected Exporters Bulgaria up 1, tons to 8, in light of higher production. Kazakhstan down 1. million tons to 4. million, given a smaller crop. Romania up 3, tons to, as the crop is more than triple last year s record low level. Ukraine up, tons to 3. million due to a larger-than-anticipated harvest. Uzbekistan up from zero to 1, tons, as a large crop allows for some exports. Grain: World Markets and Trade, September 24

6 TRADE CHANGES IN 23/24 Selected Exporters Argentina up about 3, tons to 7.3 million, reflecting year-end trade data. Canada up more than 1, tons to 1.6 million, given year-end trade data. Russia down 3, tons to 3.2 million due to late-season trade data. Uzbekistan up 4, tons from zero. Expanded production allowed Uzbekistan to export significant quantities to nearby markets. United States up nearly 3, tons to 32.3 million, accounting for year-end Census data. Selected Importers China up about, tons to 3.7 million in light of year-end trade data. Philippines up 1, tons to 3. million due to late-season trade data. United States down over 1, tons to 1.8 million, reflecting year-end Census data. Grain: World Markets and Trade, September 24 6

7 WORLD WHEAT, FLOUR, AND PRODUCTS TRADE JULY/JUNE YEAR THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug EXPORTS Argentina 11,396 11,671 6,276 7, 7,346 8, Australia 16,682 16,494 1,946 1,96 1,96 17, Canada 17,31 16,78 9,393 1, 1,626 16, India 2,37 3,234,3,, 1, Kazakhstan 3,972 3,977 6,238,2,2, Russia 696 4,372 12,621 3, 3,2, Syria 3 8 1, 1, 2, Turkey 1, , Ukraine 78,486 6, , EU- 16,792 14,232 19,94 1,3 1,3 1, Other Europe 889 1,872 1, ,18 Others 4,196,79 6,443 7,73 8,233 4, Subtotal 76,1 84,33 87,72 71,867 72,636 79,413 United States 28,27 26,27 22,834 32, 32,287, 14,37 11,83 19,96 13,867 14,923 14,913 IMPORTS Algeria Bangladesh Bolivia Brazil Chile China Colombia Cuba Ecuador Egypt Ethiopia India Indonesia Iran Iraq Israel Japan Jordan Kenya Korea, North Korea, South Libya Malaysia Mexico Morocco Nigeria Pakistan Peru Philippines Russia South Africa Sri Lanka Sudan Taiwan Thailand Tunisia Turkey UAE Uzbekistan Venezuela Vietnam Yemen EU- Other Europe United States,6 1, , , , ,69 6,24 3,2 1,1, ,127 1,346 1,26 3,66 3,632 1,913 1,41 3, 1, , , ,11 1, ,117 4,694 1,83 2,419 4,72 1, , ,92 1,161 1, , ,677,86 2,81 1,3, ,979 1,623 1,268 3,171 3,7 2,446 1,421 2, , ,261 1,88 1, , ,761 1,716 1,928 2,93 6,79 1, , , , ,984 1,61 1,79 1,691,79 1, ,2 1,421 1,19 3,161 2,72 2, ,17 3,23 1,4 1, ,3 89 2,167 1,217 1, ,772 13,921 1,921 1,98 3,6 1, 3,6 3, 1, , ,4 3 1,8 9, ,434 1,4 1, 3,7 2,4 2,3 1 1,4 2,9 1, 9 9 1, 1,2 1,1 9 1,1 1,1 2 1, 9 1,8 6, 4,7 1,9 3,6 1, 3,9 4 3,749 1, , ,4 3 1,8 9, ,434 1,4 1, 3,644 2,4 2,3 47 1,488 3, 1, , 1,2 1,1 9 1,1 1,1 2 1, 9 1,8 6, 4,7 1,77 3,7 1,6 3, 4 8, 1, 1, 4 7, 7 2 4,4 3,3 1,, ,8 1,4 1, 3,9 2,2 2,4 1, 1,4 3,1 1, ,1 1, 1, 8 1,1 2 1, 9 1,8, 1,6 1,7 Subtotal 88,98 9,226 92,424 8, 8,77 89,7 Other Countries 12,736 13,731 14,621 16,668 16,1 13,1 Unaccounted 2,393 1,846 2,861 1,644 2,62 2,218 14,37 11,83 19,96 13,867 14,923 14,913 24/ 1-Sep 8, 17, 16, 1, 4,, 2, 1, 3, 1, 1,8 4,3 79,413, 14,913 3,7 1,6 3, 4 8, 1, 1, 4 7, 7 2 4,4 3,3 1,, ,8 1,4 1, 3,9 2,2 2,4 1, 1,4 3,1 1, ,1 1, 1, 8 1,1 2 1, 9 1,8, 1,6 1,7 89,7 12,97 2,368 14,913 7 September 24

8 WORLD WHEAT PRODUCTION, CONSUMPTION, AND STOCKS LOCAL MARKETING YEARS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug PRODUCTION Algeria 76 2,1 1,2 2,97 2,97 2,9 Argentina 16,23 1, 12,3 13, 13, 14, Australia 22,18 24,299 1,132 24,92 24,92 24, Brazil 1,66 3, 2,9,81,81, Canada 26,19 2,68 16,198 23, 23, 24, China 99,64 93,873 9,29 86,49 86,49 9, India 76,369 69,68 71,81 6,1 6,1 72, Iran 8, 9, 12,4 12,4 12,4 13, Kazakhstan 9,1 12,7 12,6 11, 11, 12, Mexico 3,4 3,27 2,9 2,9 2,9 2, Morocco 1,381 3,316 3,37,147,147,3 Pakistan 21,79 19,23 18,226 19,192 19,192 19, Russia 34,4 46,9, 34,1 34,1 43, Tunisia 1,32 1, ,6 1,6 1,6 Turkey 18, 1, 16,8 16,8 16,8 17,2 Ukraine 1,197 21,349 2,6 3,6 3,6 16, EU- 124, ,3 124,483 16,6 16,6 129,69 Other Europe 12,126 14,66 12,62 7,29 7,29 13,21 Others 34,2 37,862 43,161 43,747 43,747 44,462 Subtotal 2,736 27,929 23,23 487, ,177,862 24/ 1-Sep 2,9 14, 23,, 24, 9, 72, 13, 1, 2,,3 19, 43, 1,6 17,2 17, 13,64 14,1 4,184 2,834 United States 6,641 3,1 43,7 63,9 63,9 7,776 7,776 CONSUMPTION 81,377 8,93 66,93,767,767 68,638 Algeria Australia Brazil Canada China Egypt India Iran Japan Morocco Pakistan Russia Turkey Ukraine EU- Other Europe Others Subtotal United States ENDING STOCKS 6,1,328 9,11 7,43 11,278 12,486 66,821 1,,824,96 2, 3,18 16,7 12,1 111,94 12,89 94,26 47,78 36,184 83,762 6,372,427 1,2 7,66 18,742 12,7 6,1 14,8,991 6,1 19,8 38,78 16,1 13, ,114 13,97 97,41 2,9 32,434 8,384 6,6 6,178 9,89 8,181 1,2 12,8 74,294 14,3 6,4 6,22 18,38 39,32 17, 14, 116,2 13,14 11,928 7,947 3,644 61,91 6,7,7 9,9 7,9 14, 13,3 68,42 13,7 6,4 6,4 18,9 3, 17, 9,27 19,46 12,93 18,12 3,3 32,19 8,819 6,7,7 9,9 7,63 14, 13,3 68,48 13,7 6,4 6,4 18,9 3, 17, 9,161 19,46 12,93 18,41 3,294 32,19 8,813 6,7,6 1,2 8,2 12, 13, 69,92 13,7 6, 6,8 19,3 37, 17,2 12, ,3 19,422 6,927 32,686 98,613 Australia Canada China India Russia Ukraine EU- Others Subtotal United States,9 9,68 91,877 21, 1,4 4 1,996 36, ,673 23,846 26,19 8,48 6,729 76,88 23, 6,479 2,961 14,919 42,191 18,91 21,1 22,6 3,142,7 6,378 1,7 6,133 3,8 16,831 42,868 14,3 13, ,49 4,937,97 43,44 6,9 2,233 1,131 1, 43, ,439 14,86 132,299 4,937 6,62 43,293 6,9 2,33 1,131 1, 42,97 117,3 14,86 132,363 6,412 6,47 38,44 7, 4,733 2,631 1,44 4, ,96 1, ,324 61,61 6,7,6 1,2 8,2 12, 13, 69,92 13,7 6, 6,8 19,3 37, 17,2 12, 11, 13,3 19,997 67,92 32,686 6,638,912 6,62 38,293 7,,33 3,131 1,44 44, ,67 1, ,33 8 September 24

9 REGIONAL WHEAT IMPORTS, PRODUCTION, CONSUMPTION, AND STOCKS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug IMPORTS North America,684 6,43,1,8,626,8 Latin America 16,329 16,21 14,12 14,77 14,76 14,34 EU- 4,694 1,716 13,921 6, 6,, Other Europe 1,83 1,928 1,921 4,7 4,7 1,6 Former Soviet Union,179 3,81 4,11 7,24 7,14 4,49 Middle East 1,941 1,923 11,7 9,17 9,17 11,3 North Africa 18,223 17,47 18,714 1,6 1,6 1,3 Other Africa 8,873 8,829 9, 9,89 1,1 9,9 East Asia 11,2 13,61 12,236 1,8 1,334 19,8 South Asia 2,71 3,7 3,4 2,64 2,92 3,69 Southeast Asia 1,317 1,218 1,666 1,9 11, 11,1 Oceania PRODUCTION North America 9,6 76,839 62,83 89,99 89,99 84,776 Latin America 2,4 21,426 17,91 22,13 22,13 22,36 EU- 124, ,3 124,483 16,6 16,6 129,69 Other Europe 12,126 14,66 12,62 7,29 7,29 13,21 Former Soviet Union 63, 91,137 96,964 61,41 61,41 84,28 Middle East 31,23 32,492 37,942 38,326 38,326 39,7 North Africa 9,936 12,71 11,74 16,342 16,342 16,47 Other Africa 4,961,477,16 4,37 4,37,31 East Asia 1,619 94,9 91,468 87,7 87,7 91, South Asia 11,66 92,98 9,32 91,222 91,222 97,7 Southeast Asia Oceania 22,434 24,664 1,487,26,26 24,34 CONSUMPTION North America 48,87 4,818 44,7 46,469 46,82 46,986 Latin America,72 26,364,236 26,16 26,66 27,36 EU- 111,94 111, ,2 19,46 19,46 114,3 Other Europe 12,89 13,97 13,14 12,93 12,93 13,3 Former Soviet Union 63,891 69,369 73,67 6,172 6,26 7,87 Middle East 46,2 46,63 47,47 46,169 46,169 47,39 North Africa 28,72 29,37 29,666 3,3 3,3 31, Other Africa 13,632 13,793 13,893 14,7 14,67 14,231 East Asia 121,37 12,99 117,77 116,6 116,69 114,3 South Asia 94,16 92,69 11,474 96,76 96,73 98,46 Southeast Asia 1,16 1,23 1,443 1,389 1,489 1,8 Oceania 6,113 6,24 7,78 6,66 6,7 6,1 ENDING STOCKS North America 34,28 28,73 19,19 21,4 21,486 22,823 Latin America 2,299 3,11 3,381 3,931 3,96 4,71 EU- 1,996 14,919 16,831 1, 1, 1,44 Other Europe 2,86 3,98 3,3 2,29 2,7 2,146 Former Soviet Union,73 16,641 18,234 12,882 12,732 17,122 Middle East 11,817 12,134 12,98 11,28 11,439 11,33 North Africa,99,68,982 7,339 7,339 7,829 Other Africa 997 1,97 1,48 1,86 1,86 1,11 East Asia 94,867 79,68 63,218 4,99 46,239 41,3 South Asia,828 26,291 17,48 8,947 8,894 1,197 Southeast Asia 1,784 1,63 1,72 1,86 1,86 1,891 Oceania,69 8,248 3,386,26,27 6,691 24/ 1-Sep,8 14,34, 1,6 4,34 11,3 1,3 9,9 19,8 3,69 11, ,776 22,36 13,64 14,1 84,6 39,17 16,47,31 91, 97, ,84 46,986 27,36 11, 13,3 71,8 47,39 31, 14, ,3 98,46 1,8 6,1 22,84 4,73 1,44 3,87 16,72 11,161 7,829 1,11 41,279 1,144 1,891 6,192 NOTES: Regional definitions appear on last page of this circular. Imports are reported on an international year basis. All other data are reported using marketing years. 9 September 24

10 MONTHLY HIGHLIGHTS: RICE: WORLD MARKETS AND TRADE Where have all the major markets gone? Part One: Indonesia, the world s largest rice importer in 23 of 2.7 million tons, is now estimated to import only 8, tons in 24. That would be the first time since 1997 that imports would be less than a million tons. The collapse is due to the government-imposed import ban, which has been extended through the end of the year because of record production. Despite that official ban, however, traders acknowledge that rice is still being imported (2, tons in the first few months of the year). Food aid has also been subject to the import ban; however, donations are now being cleared on a case-by-case basis. Imports are expected to increase next year to 1. million tons. PRICES: International: World prices have been stagnant to lower over the past month. Despite surging demand for parboiled rice, white rice trade eased. Thai 1B prices fell $2 over the month, with quotes currently at $244 per ton, FOB. Viet prices were also flat as the government continues to discourage new contracts. Viet % is quoted at $231 per ton, FOB, down $1 from last month. India % remains at $2 per ton, FOB. The government announcement on export policy doused Indian exporters hopes for grain export subsidies. US$, FOB 7 2 / / 2 3 /7/ 3 3 / 7/ 2 Nominal Price Quotes 7/2 7/ /7/ 3 3 / 7/ / 4 / /7/ /7/ 7 9/ / 7/ 24 7/24 Thai 1B US #2/4 Viet % Indi % Paki 1/2 Domestic: U.S. #2/4 long grain milled rice is currently quoted at $34 per ton, FOB, down only $6 from last month. The spread between U.S. and Thai prices continues to hover around $1 per ton. Prices for U.S. #1/4 medium grain milled rice from California are not being quoted as the harvest for new crop is in the beginning stages. Grain: World Markets and Trade, September 24 1

11 TRADE CHANGES IN Selected Exporters Australia is cut 1, tons to 3, based on smaller production and smaller exportable supplies. Vietnam is down, tons to 3.7 million due to less import demand in Southeast Asia, particularly Indonesia and the Philippines. Selected Importers Indonesia drops 3, tons to 1. million due to forecast record production. North Korea is boosted 2, tons to, as food aid is expected to continue. TRADE CHANGES IN 24 Selected Exporters Argentina and Uruguay are down 7, tons to 3, and 7, tons, respectively, as regional demand has waned due to a bumper crop in Brazil and less import demand than expected in Peru. Selected Importers Afghanistan is cut 1, tons to 2, based on the slow pace of exports from Pakistan. Indonesia is reduced 2, tons to 8, as the government-imposed import ban is expected to continue through the end of the year. North Korea is up 1, tons to 6, due to increased food aid donations. Saudi Arabia is up, tons to 1.2 million as a result of heavy parboiled shipments from India. Grain: World Markets and Trade, September 24 11

12 WORLD RICE TRADE JANUARY/DECEMBER YEAR THOUSAND METRIC TONS Aug 1-Sep 12-Aug 1-Sep EXPORTS Argentina Australia Burma 67 1, China 1,847 1,963 2,83 1, 1, 1, 1, Egypt India 1,936 6,6 4,421 2,8 2,8 2, 2, Pakistan 2,417 1,63 1,98 1,8 1,8 2,1 2,1 Thailand 7,21 7,24 7,2 9, 9, 8, 8, Uruguay Vietnam 3,28 3,24 3,79 3,7 3,7 4, 3,7 EU Others 1, , Subtotal 21,873 24,18 23,71 21,76 21,66 21,986 21,86 United States 2,41 3,29 3,834 3,3 3,3 3,4 3,4 24,414 27,813 27,3,6 24,96,386 24,986 IMPORTS Bangladesh , Brazil ,2 Canada China , 1, 6 6 Colombia Costa Rica Cote d'ivoire Cuba El Salvador Ghana Guinea Haiti Honduras Indonesia 1, 3, 2,7 1, 8 1,8 1, Iran Iraq 99 1, ,1 1,1 1,1 1,1 Jamaica & Dep Japan Korea, North Korea, South Malaysia Mexico Nigeria 1,96 1,897 1,6 1,3 1,3 1,6 1,4 Nicaragua Peru Philippines 1,17 1, 1,3 1, 1, 8 8 Russia Saudi Arabia 1, ,1 1,1 1,2 1,1 1,1 Senegal Singapore South Africa Sri Lanka Syria Taiwan Turkey Uzbekistan UAE Yemen EU- 1,189 1, , 1, 1, 1, Other Europe United States Subtotal 18,779 21,9 21,329 19,21 19,16 19,41 19,11 Other Countries 4,88 4,9 4,483 4,41 4,31 4,371 4,371 Unaccounted 1,47 2,128 1,723 1,44 1,44 1,6 1, 24,414 27,813 27,3,6 24,96,386 24, September 24

13 WORLD RICE PRODUCTION, CONSUMPTION, AND STOCKS LOCAL MARKETING YEARS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 24/ MILLED 12-Aug 1-Sep 12-Aug 1-Sep PRODUCTION Australia 1, Bangladesh,86 24,31,187 26, 26,,, Brazil 6,933 7,67 7,18 8,6 8,6 8,1 8,1 Burma 1,771 1,44 1,788 1,73 1,73 1,1 1,1 China 131,36 124,36 122,18 112, , , 126, Egypt 3,96 3,7 3,7 3,972 4,3 4, 4,2 India 84,871 93,8 72,7 86,4 86,4 83, 83, Indonesia 32,96 32,96 33,411 34, 34, 34,4 34,7 Japan 8,636 8,242 8,89 7,91 7,91 7,8 7,8 Korea, South,291,1 4,927 4,4 4,4 4,7 4,7 Pakistan 4,82 3,882 4,479 4,9 4,9,, Philippines 8,13 8,4 8,4 9, 9, 9,2 9,2 Taiwan 1,342 1,24 1,271 1,164 1,164 1,27 1,27 Thailand 17,7 17,499 17,198 17,7 17,7 17,9 17,9 Vietnam 2,473 21,36 21,27 21,337 21,337 21, 21, EU- 1,76 1,633 1,649 1,68 1,68 1,732 1,732 Others 27,474 27,823 28,469 3,419 3,434 29,76 29,76 Subtotal 392, ,91 371,328 38,38 38,611 39,31 39,74 United States,941 6,714 6,36 6,369 6,369 7,38 7,4 398,17 398,66 377, ,97 386,98 397,33 397,78 CONSUMPTION Australia Bangladesh 24,98,3 26,1 26,4 26,4 26,7 26,7 Brazil 8, 8,3 8,1 8,4 8,4 8,4 8,4 Burma 9,7 9,9 1,1 1,2 1,2 1,3 1,3 China 134,36 134,81 134,8 13,4 13,4 13,7 13,7 Egypt 3,1 3,43 3,27 3,3 3,3 3,3 3,3 India 7,81 87,31 8,74 83,7 83,7 81,6 81,6 Indonesia 3,877 36,382 36, 36,6 36, 36,62 36,6 Iran 2,9 3, 3,7 3,1 3,1 3,1 3,1 Japan 8,297 8,779 8,742 8,37 8,37 8,3 8,3 Korea, North 1,837 2,4 2,83 2, 2,1 1,82 2,2 Korea, South,12,1,33 4,866 4,866 4,844 4,844 Pakistan 2,6 2,63 2,64 2,7 2,7 2,7 2,7 Philippines 8,7 9,4 9, 1, 1, 1,3 1,3 South Africa Taiwan 1,199 1,1 1,1 1,1 1,1 1,1 1,1 Thailand 9,3 9,4 9,6 9,7 9,7 9,9 9,9 Vietnam 16, 17,3 17,8 18,2 18,2 18,6 18,6 EU- 2,494 2,444 2,97 2,9 2,9 2,29 2,29 Others 38,97 38,94 4,881 41,196 41,186 42,1 41,66 Subtotal 39,389 46,26 43,81 49,8 49,248 49,16 49,13 United States 3,676 3,8 3,34 3,683 3,678 3,819 3, ,6 49,876 47,33 412, , , ,831 ENDING STOCKS Australia Brazil 1, ,437 1,437 1,637 1,637 Burma 1, ,229 1,69 1,69 1,19 1,19 China 94,13 82,169 67,224 44,286 44,286 34,186 34,186 Egypt India,1 24,48 11, 1,9 1,9 9, 9, Indonesia 4,6 4,683 4,344 2,944 2,844 2,42 2,494 Korea, South 1,21 1,66 1, Pakistan Philippines 2,797 3,47 3,87 3,847 3,847 3,647 3,647 Thailand 2,97 2,916 2,962 1,912 1,912 1,412 1,412 Vietnam 2,962 3,493 3,46 2,892 2,892 1,832 2,82 Others 13,818 13,7 13,17 12,649 12,814 1,662 1,877 Subtotal 149,7 137,967 18,883 82,88 83,8 66,972 67,672 United States 887 1, ,7 1,43 1, ,183 19,712 83,678 83,766 68,47 68,71 13 September 24

14 Notes: All data are reported on a milled basis. REGIONAL RICE IMPORTS, PRODUCTION, CONSUMPTION, AND STOCKS THOUSAND METRIC TONS Aug 1-Sep 12-Aug 1-Sep IMPORTS North America 1,6 1,179 1,282 1,3 1,3 1,31 1,31 Latin America 2,333 2,146 2,818 2,6 2,6 2,7 2,7 EU- 1,189 1, , 1, 1, 1, Other Europe Former Soviet Union Middle East 3,91 4,329 4, 4,29 4,34 4,41 4,41 North Africa Other Africa 6,688 7,143 6,921 6,18 6,18 6,34 6,14 East Asia 1,886 2,128 2,166 2,81 2,91 2,21 2,41 South Asia ,381 1,1 91 1,1 1,1 Southeast Asia 3,863,721,63 3,18 2,98 3,68 3,38 Oceania PRODUCTION 2/1 21/2 22/3 23/4 23/4 24/ 24/ North America 6,16 6,899 6,669 6,69 6,69 7,232 7,234 Latin America 13,8 13,838 13,674 1,783 1,783 14,719 14,719 EU- 1,76 1,633 1,649 1,68 1,68 1,732 1,732 Other Europe Former Soviet Union Middle East 1,82 1,632 2,234 2,3 2, 2,7 2,7 North Africa 4,6 3,616 3,746 4,13 4,71 4,41 4,266 Other Africa 6,944 7,4 7,17 7,366 7,366 7,219 7,219 East Asia 148,1 14,68 137, , , ,47 141,47 South Asia 119,274 1,714 17, , , ,3 118,3 Southeast Asia 94,666 9,732 96,642 99,41 99,41 99,4 99,34 Oceania 1, CONSUMPTION North America 4,81 4,74 4,476 4,68 4,63 4,869 4,868 Latin America 14,9 1,426 1,189 1,83 1,83 16,8 16,8 EU- 2,494 2,444 2,97 2,9 2,9 2,29 2,29 Other Europe Former Soviet Union 1,177 1,172 1,228 1,43 1,43 1,49 1,49 Middle East 6,41 6,66 6,83 6,83 6,83 6,94 6,94 North Africa 3,242 3,714 3,4 3,66 3,66 3,91 3,91 Other Africa 12,23 13,13 14,42 14,622 14,622 14,61 14,61 East Asia 11,133 11,97 12,11 12,98 12,198 12,114 12,314 South Asia 18,26 12,16 114,28 117,96 117,96 116,31 116,21 Southeast Asia 86,42 88,9 89,892 92,47 91,947 92,96 92,94 Oceania ENDING STOCKS North America 1,46 1, , ,263 1,231 Latin America 2,9 2,721 2,918 3,998 4,148 3,84 3,94 EU Other Europe Former Soviet Union Middle East 2,372 1,71 1,69 1,82 1,97 1,142 1,27 North Africa Other Africa 1,713 2,869 3,393 2,871 2,871 1,834 1,834 East Asia 98,89 86,41 7,96 46,879 46,879 36,767 36,767 South Asia 27,373,21 11,643 12,122 12,122 1,72 1,72 Southeast Asia 14,334 1,873 16,13 13,67 13,467 1,94 11,147 Oceania NOTES: Regional definitions appear on last page of this circular. Imports are reported on an international year basis. All other data are reported using marketing years. 14 September 24

15 COARSE GRAINS: WORLD MARKETS AND TRADE MONTHLY HIGHLIGHTS: Corn: After a temporary lull in July, Argentina s corn sales and shipments resumed a robust pace in August, and exports are poised to remain strong through September. Brazil s exports had been unexpectedly high in June, propelled by substantial shipments to Iran and the EU-. Together, these two countries are expected to export 1. million tons of corn in 23/4, an increase of 7, tons from last month. U.S. exports, meanwhile, have lagged behind expectations and are estimated to ease by half a million tons to 48. million. However, both Argentine and Brazilian exports are expected to slow significantly in late 24 and early, as their smaller 24 crops combined with frontloaded shipments reduce competition with the United States during the months preceding their harvests in early. PRICES: Domestic: Early September export bids for #2 yellow corn averaged $13/MT, down $1 from August. Prices have vacillated in recent weeks on potential frost concerns, but ultimately settled lower based on prospects for a record crop and less-than-robust new crop sales. U.S. Gulf Export Bids Early September export bids for #2 yellow sorghum (Texas Gulf) averaged over $13/MT, up over $4 from July but $ below harvest time prices from September 23. Sorghum is about even with corn at this time but commanded nearly a $6 premium last September. Seasonal price weakness caused by early harvest and softening corn prices has been offset to a degree by a pick up in shipments to Mexico and food aid tenders. US$ per Ton Sep-3 Oct-3 Nov-3 Dec-3 Jan-4 Feb-4 Mar-4 Apr-4 May-4 Jun-4 Jul-4 Aug-4 Sep-4 Sorghum (Texas Gulf) Corn TRADE CHANGES IN 24/ Selected Exporters Argentina corn drops by, tons to 1. million as exports are expected to slow down significantly in the coming months following heavier-than-expected 23/4 shipments. Similarly, Brazil corn is lowered by 2, tons to 3. million. Serbia corn increases by 2, tons based on improved crop prospects. Grain: World Markets and Trade, September 24 1

16 Australia barley is down 2, tons to 4.3 million as a result of increased competition from Ukraine. Canada barley is down 2, tons to 1.9 million due to a diminished crop. Ukraine barley expands by, tons to 3.3 million based on a larger crop. Russia rye falls nearly 1, tons to virtually nothing as a very small crop will likely turn Russia into a net importer. Ukraine rye is up 1, tons to 1, tons due to higher production. Selected Importers Algeria corn is up 2, tons to 1.7 million on the expectation of higher consumption. Russia rye rises to 1, tons from with expected imports from Belarus and Ukraine. TRADE CHANGES IN 23/24 Selected Exporters United States corn falls, tons to 48. million as shipments continue to lag behind expectations. Argentina corn increases by, tons to 1. million based on robust sales and shipments. Brazil corn is up 2, tons to. million due to a strong shipment pace in recent months. Australia barley is up 2, tons to. million based on a strong shipment pace. Russia barley drops by 4, tons to 2.6 million as shipments slowed significantly in recent months. Ukraine barley increases by 3, tons to 1.6 million due to a strong pace and aggressive sales. Selected Importers Algeria corn increases by 2, tons to 1.7 million based on a strong shipment pace. Mexico corn drops by 3, tons to.8 million because of a weak import pace. Grain: World Markets and Trade, September 24 16

17 Peru corn is up 2, tons to 9, based on a strong shipment pace. EU corn increases by 2, tons to.7 million due to strong shipments from South America in recent months. Grain: World Markets and Trade, September 24 17

18 WORLD COARSE GRAIN TRADE OCTOBER/SEPTEMBER YEAR THOUSAND METRIC TONS 2/1 21/2 22/3 EXPORTS Argentina 13,16 9,89 13, Australia 4,91 4,841 2,83 Brazil 3,797 3,897 3,246 Canada 3,76 2,443 1,712 China 7,296 8,63 1,336 South Africa 1,48 1,23 1,19 Russia 1,32 2,668 3,492 Ukraine 1,927 3,827 3,42 EU- 8,997 7,69 9,736 Others 3,3 3,94 4,261 Subtotal 49,3 48,238 8,31 23/4 12-Aug 9,96,32,67 3,6 8,1 1,4 3,1 2,81 2,61 4,2 46,84 23/4 1-Sep 1,4,2,87 3,6 8, ,6 3,11 2,61 4, 47,49 24/ 12-Aug 11,6,22 3,3 3,67 4,7 1, 2,1 4,3 3,3 4,76 42,93 24/ 1-Sep 1,6,2 3,1 3,47 4,7 1, 2, 4,9 3,3 4,96 42,3 United States,388 3,964 46,428 4,3 4,1 9,9 9,9 14,441 12,22 14,49 11,38 11, 12, 11,63 IMPORTS Algeria 1,842 2,4 1,696 Brazil 1, Canada 2,93 4,181 4,96 Chile 1,434 1,428 1,11 China 2,416 1,963 1,83 Colombia 1,993 2,1 2,42 Costa Rica Dominican Republic 968 1,38 96 Ecuador Egypt,339 4,931 4,867 Guatemala Indonesia 1,28 1,149 1,633 Iran 2,87 1,83 2,17 Israel 1,42 1,434 1,293 Japan 2,236 19,94 2,321 Jordan Korea, North Korea, South 8,889 8,848 8,886 Libya Malaysia 2,88 2,4 2,48 Mexico 11,11 9,4 8,766 Morocco 1,473 1,23 1,212 Peru Russia Saudi Arabia 6,49 7,268 8,926 South Africa Syria 1,9 1,68 1,198 Taiwan,18 4,874 4,829 Thailand 24 7 Tunisia 1,37 1,449 1,46 Turkey 648 1,247 1,63 Venezuela 1, Zimbabwe EU-,46,94 6,721 United States 2,769 2,41 2,43 1,1 87 1,87 1,7 1,6 2, ,2 1,1 1,7 2, 2, ,73 4 2,2 9,12 1, ,2 74 1,1 4, , ,41 2,3 1, , , 2, ,2 1,1 1,77 2, 2, ,74 3 2,2 8,82 1, 1, 91 7,2 74 1,1 4, , ,61 2,37 1,1 71 2,4 1,7 2, 2,46 1, 3 4,2 1,1 1,9 1, 2, ,3 4 2,4 1,93 1, 8 9 8,1 7 1,4 4, , ,6 2,43 1, ,4 1,7 2, 2,46 1, 3 4,2 1,1 1,9 1, 2, ,3 4 2,4 1,93 1, 8 1, 8,1 7 1,4 4, , ,6 2,43 Subtotal 96,8 94,888 97,32 93,1 93,37 92,86 93,16 Other Countries 6,691,77,967 Unaccounted 1,692 1,67 1,172 6,4 1,8 6,19 1,93 6,13 3,3 6,8 2,38 14,441 12,22 14,49 11,38 11, 12, 11,63 18 September 24

19 WORLD COARSE GRAINS PRODUCTION, CONSUMPTION, AND STOCKS LOCAL MARKETING YEARS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug PRODUCTION Argentina 19,6 18,7 19,44 16,188 16,438 19,3 Australia 1,128 12,247 6,62 12,392 12,442 11, Brazil 43,62 36,79 47,97 44,273 44,273 4,873 Canada 24,3 22,61 19,892 26,31 26,31 26,2 China 113,93 122,24 13,7 1,13 124, ,3 Egypt 6,6 7,8 6,92 7,7 7,7 7,11 India 31,631 34,682,66 3, 3, 32, Indonesia,9 6, 6,1 6,3 6,3 6,3 Mexico 24,42 27,167 26,488 28,7 28,7 27,4 Romania,77 8,46 8,36 7,44 7,44 11,6 Russia 28,2 3,1 33,4 3, 3, 31,1 South Africa 8,387 1,42 1,126 8,883 9,283 9,728 Ukraine 12,993 17,31 17,11 1,6 1,6 19,8 EU- 132,4 139,66 137,44 121, , ,1 Others 12, ,3 132, , , ,763 Subtotal 87, ,44 628,27 624,316 6,22 68,867 24/ 1-Sep 19,3 11, 4,873 26,17 128,83 7,11 32, 6,3 27,4 11,7 3,2 9,728 21, 143,4 14,43 66,732 United States 273,13 261, ,719 27,697 27, , ,444 CONSUMPTION 861,77 891, ,926 9,13 9,719 96,16 Argentina Brazil Canada China Egypt India Indonesia Japan Korea, South Malaysia Mexico Romania Russia Saudi Arabia South Africa EU- Others Subtotal United States ENDING STOCKS 9,46 36,4 24,497 13,426 11,88 31,16 7,3 2,367 8,996 2,42 36,22 7,29 26,77 7,13 9,282 13, , ,899 21, ,261 7,629 36,34,2 132,87 12,17 33,9 7,3 2,142 9,3 2,44 3,366 7,9 29, 7,232 9,18 134,16 178,49 688, ,8 9,23 7,327 4,23 22, ,41 11,839 26,7 7, 2,47 9,187 2, 3,618 8, 29,8 7,463 9,72 13,1 17,9 686, ,667 91,11 7,43 41,363 23,9 139,3 11,14 33,7 7,1 2,44 1,129 2,28 36,22 8, 33, 7,714 9, , ,66 711,36 226, ,269 7,18 41,363 24, ,246 11,14 33,7 7,1 2,44 1,139 2,28 36,22 8, 33, 7,714 9, , ,76 711,17 226, ,97 7,393 42,98 24,3 142,8 11,63 32,3 7,3 2,33 9,91 2,48 38,31 9,1 29,2 8,14 9,298 13,9 191, , ,164 96,77 Canada China Mexico Russia EU- Others Subtotal United States 4,327 12,848 3,81 2,493 17,84 24,813 1,646 2,71 28,347 3,1 8,1 4,274 6,73 21,66 28, ,4 4,37 194,91 3,14 66,369 3,887 7,24 2,721 33, ,462 3,94 16,42 3,91 4,674,467 2,189 11,24 3,271 99,4 27,93 126,943 3,67 4,139,167 2,689 11,24 31,118 99,294 28,92 128,214 4,6 3,4,32 2,889 16,889 32,68 92,699 33, ,31 99,176 7,493 42,98 24,43 142,3 11,63 32,3 7,3 2,33 9,91 2,48 38,31 9,1 28,8 8,14 9, ,78 191, ,98 234,16 97,73 4,342 29,99,232 3,89 17,94 34,17 94,323 3,994 13, September 24

20 REGIONAL COARSE GRAINS IMPORTS, PRODUCTION, CONSUMPTION, AND STOCKS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug IMPORTS North America 16,8 1,622 1,4 13,34 13,6 1,91 Latin America 1,366 9,386 9,9 9,9 1,8 1,4 EU-,46,94 6,721 7,41 7,61 3,6 Other Europe 1,8 1, ,319 1, Former Soviet Union ,44 1,1 1,24 Middle East 13,41 14,41 16,78 1,1 1,18 16,6 North Africa 1,4 1,43 9,143 7,9 8,1 8, Other Africa 1,77 2,463 2,93 2,621 2,621 2,1 East Asia 37,9 36,12 36,114 36,71 36, 36,4 South Asia 6 7 Southeast Asia 4,6 4,199 4,66 3,67 3,4 4,13 Oceania PRODUCTION North America 321,8 311,491 29,99 33,77 33,77 31,268 Latin America 74,427 67,16 78,813 73,94 73,344 77,681 EU- 132,4 139,66 137,44 121, , ,1 Other Europe 1, 21,86 22,24 17,948 17,948,6 Former Soviet Union 49,49 61,764 6,738,32,32 9,97 Middle East 13,63 14,489 1,638 16,17 16,17 16,316 North Africa 7,8 9,33 9,462 12,17 12,17 11,992 Other Africa 66,899 72, 68,662 74,18 74,918 71,96 East Asia 11, ,47 133,4 127, ,9 131,697 South Asia 3,7 38,684 3,8 39, 39, 36,6 Southeast Asia 18,12 18,2 18,432 19,9 19,9 19,44 Oceania 1,748 12,867 7,272 13,12 13,62 12,17 CONSUMPTION North America 276,79 277, ,96 286,98 287,14 297,4 Latin America 66,8 63,947 67,717 69,36 69,7 71,1 EU- 13, ,16 13,1 134, ,973 13,9 Other Europe 17,3 2,437 21, 2,6 2,6 22,42 Former Soviet Union 4,267,77 2,784 6,84 6,89 3, Middle East 27,764 27,82 28,822 31,1 31,11 31,621 North Africa 18,38 19,479 19,12 19,12 19,42 19,886 Other Africa 69,3 72,429 69,474 7,98 7,98 73,338 East Asia 167, , , , , ,646 South Asia 3,46 37,931 31,181 38,2 38,2 36,86 Southeast Asia 21,792 21,998 22,31 21,71 21,72 22,73 Oceania,436 7,33 6,46 7,13 7,8 7,28 ENDING STOCKS North America 6,69 2,826 37,967 37,28 37,744 44,14 Latin America 4,146 2,922 6,8 6,27 6,182,698 EU- 17,84 21,66 2,721 11,24 11,24 16,889 Other Europe 1,43 2,4 3,24 1,331 1,331 3,289 Former Soviet Union 6,8 11,44 12,219,219,74 6,399 Middle East 3,244 3,41,486 4,97 4,97,28 North Africa 84 1,166 1,19 1,766 1,966 2,372 Other Africa 2,81 4,216 4,126 3,944 4,344 3,827 East Asia 17,861 9,387 71,33,6, 3,81 South Asia 1,73 1, ,461 1, Southeast Asia 1,41 1,6 1,126 1,29 1,3 1,36 Oceania 1,34 2,28 1,21 1,6 1,642 1,41 24/ 1-Sep 1,91 1,4 3,6 91 1,34 16,1 8,7 2,1 36,4 4, ,64 77, ,4 26,3 6,42 16,36 11,992 71,96 131,227 36,6 19,44 11,87 296,9 71,76 136,78 22,2 3,11 31,71 2,286 73, ,96 36,86 22,73 6,98 4,68,63 17,94 3,89 7,,27 2,372 4,227 34, ,37 1,737 NOTES: Regional definitions appear on last page of this circular. Imports are reported on an international year basis. All other data are reported using marketing years. 2 September 24

21 WORLD CORN TRADE OCTOBER/SEPTEMBER YEAR THOUSAND METRIC TONS 2/1 21/2 22/3 EXPORTS Argentina 12,229 8,81 12,349 Brazil 3,741 3,87 3,181 Canada China 7,276 8,611 1,244 Paraguay Romania South Africa 1,41 1,182 1,141 Thailand Ukraine EU- 1,16 2,849 1,99 Others 1,8 1,2 1,323 Subtotal 28,129 27,273 37,147 23/4 12-Aug 9,,3 3 8, 8 1 1, 9 1, 4 1,28 29,8 23/4 1-Sep 1,, 3 8, , 4 1,28 29,68 24/ 12-Aug 1, 3,2 3 4, 6 8 1, 1, 1,61 24,26 24/ 1-Sep 1, 3, 3 4, 6 8 1, 1, 1,81 23,76 United States 48,329 47,271 4,924 49, 48, 3, 3, 76,48 74,44 78,71 78,8 78,18 77,26 76,76 IMPORTS Algeria 1, 1,37 1,643 Brazil Canada 2,843 4,22 3,846 Chile 1,362 1, China Colombia 1,87 1,911 2,112 Costa Rica Cuba Dominican Republic 968 1,38 96 Ecuador Egypt,268 4,9 4,848 El Salvador Guatemala Indonesia 1,28 1,149 1,633 Iran 1,26 1,261 2,17 Israel 993 1, Japan 16,34 16,39 16,863 Jordan Korea, North Korea, South 8,743 8,621 8,786 Malaysia 2,88 2,4 2,48 Mexico,928 4,76,269 Morocco ,4 Peru Philippines Russia Saudi Arabia 1,389 1,268 1,424 South Africa Syria Taiwan 4,924 4,661 4,681 Tunisia Turkey 68 1,193 1,47 Venezuela 1, Vietnam Zimbabwe 31 6 EU- 3,8 3,81 4,327 United States , 7 1,8 1, 1 2, , 4 1,1 1, 1, 16, , 2,2 6,1 1, 7 1 1, 6 9 4,8 8 1, 6, 3 1,7 7 1,8 9 2, , 4 1,1 1, 1, 16, , 2,2,8 1,1 9 1, 6 9 4,8 8 1,1 6,7 3 1, 2, 1, 2 2,2 4 1, 3 4, 4 1,1 1,7 1, 16, ,1 2,4 6,3 1, ,6 1,1 4,7 8 1, , 38 1,7 2, 1, 2 2,2 4 1, 3 4, 4 1,1 1,7 1, 16, ,1 2,4 6,3 1, ,6 1,1 4,7 8 1, , 38 Subtotal 7,636 69,74 73,617 72,7 72,88 71,3 71,73 Other Countries 4,893 3,73 3, Unaccounted 929 1, , 1,1 3,88 1,42 3,86 1,87 3,81 1,22 76,48 74,44 78,71 78,8 78,18 77,26 76,76 21 September 24

22 WORLD CORN PRODUCTION, CONSUMPTION, AND STOCKS LOCAL MARKETING YEARS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug PRODUCTION Argentina 1,4 14,7 1, 12, 12,7 1, Brazil 41,36 3,1 44, 41, 41, 43, Canada 6,827 8,389 8,999 9,6 9,6 8,7 China 16, 114,88 121,3 11,83 11,83 12, Egypt,636 6,16 6, 6,1 6,1 6,2 India 12,68 13,1 11,1 14,8 14,8 14, Indonesia,9 6, 6,1 6,3 6,3 6,3 Mexico 17,917 2,4 19,28 21, 21, 2,3 Nigeria 4,,,2,1,1,2 Philippines 4,8 4, 4,43 4,84 4,84, Romania 4,8 7, 7,3 6, 6, 1, Serbia and Montenegro 2,944,4, 3,8 3,8,7 South Africa 8,4 1, 9,67 8,3 8,7 9,3 Thailand 4,7 4, 4, 4,1 4,1 4,26 Turkey 2,1 2, 2,1 2,8 2,8 2,8 Ukraine 3,848 3,641 4,18 6,8 6,8 6,6 EU- 44,9 49,879 49,78 38,997 39,497 1,27 Others 47,116 46,7 48,723,987,987 1,272 Subtotal 337,99 37, ,21 36,9 361,19 38,412 24/ 1-Sep 1, 43, 8,7 12, 6,2 14, 6,3 2,3,2, 1, 6,2 9,3 4,26 2,8 6,6 1,4 1,2 386,42 United States 1,84 241, ,767 6,9 6,9 277,49 278,41 CONSUMPTION 89,43 98,8 6, , ,64 662,871 Brazil Canada China Egypt India Indonesia Japan Korea, South Malaysia Mexico Nigeria Romania Serbia and Montenegro South Africa EU- Others Subtotal United States ENDING STOCKS 34, 1,123 12,24 1,9 11,9 7,3 16,2 8,616 2,42 24, 4, 6, 3,119 8,7 47,888 94,91 411, ,12 69,223 34,8 11,96 123,1 11,2 13, 7,3 16,3 8,73 2,44 23,6,3 6,8 4,8 8,446,24 93,49 421,36 2, ,297 37, 12,76 1,9 1,9 12, 7, 16,8 8,782 2, 24,7,2 7,2 4,8 8,2 49,244 92, , 2, ,83 38,8 11, 128,6 1,2 13,7 7,1 16,9 9,67 2,28 26,2,2 7,2 4,4 8,7 4,8 97, ,83 212, ,39 38,8 11, 128,6 1,2 13,7 7,1 16,9 9,67 2,28 26,2,2 7,2 4,4 8,7 46, 96,69 433,74 212,73 646,39 4, 11, 131,6 1,7 14, 7,3 16,8 9,12 2,48 26,, 7,9 4, , 12,969 4, ,98 669,734 Brazil China Japan Mexico South Africa EU- Others Subtotal United States 1,648 12,372 1,297 2, ,74 12, ,8 48,24 171, ,788 1,393 3,396 1,943 2,66 12,7 17,47 4,1 148,26 3,873 64,973 1,47 3,238 2,443 4,826 13,792 94,62 27,63 122, 3,123 44,33 1,38 4,118 1,643 3,123 11,661 69,329 23, 92,34 3,123 44,3 1,38 3,818 2,43 3,123 12,2 69,738 24,222 93,96 2,23 28,93 1,39 4,28 1,743 4,898 13,292 6,926 28,74 8, ,47 4, 11, 131,6 1,7 14, 7,3 16,8 9,12 2,48 26,, 7,9 4,92 8,7 1,6 13,99 41,6 218,99 67,1 2,23 28,83 1,39 3,98 2,143 4,898 13,1 7,18 3,717 87,92 22 September 24

23 REGIONAL CORN IMPORTS, PRODUCTION, CONSUMPTION, AND STOCKS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug IMPORTS North America 8,9 8,3 9,489 8,2 7,9 9,18 Latin America 9,747 8,698 8,97 9,3 9, 9,4 EU- 3,8 3,81 4,327,,7 2, Other Europe 1, Former Soviet Union Middle East 6,96 6,78 7,668 7,48 7,43 7, North Africa 8,762 8,299 8,413 7, 7,7 8,1 Other Africa 1,47 2,61 2,286 2,26 2,26 2,19 East Asia 3,992 3,98 3,67 31, 31,28 31,1 South Asia Southeast Asia 4,24 4,19 4,61 3,6 3,4 4,11 Oceania PRODUCTION North America 276,98 27,166 6,46 287, 287, 36,49 Latin America 66,47 9,7 7,33 64,36 64,61 68,827 EU- 44,9 49,879 49,78 38,997 39,497 1,27 Other Europe 11,363 16,42 17,682 14,27 14,27 2,62 Former Soviet Union 7,16 6,89 8,43 11,3 11,3 11,17 Middle East 2,81 2,77 2,983 3,682 3,682 3,732 North Africa,692 6,362 6,22 6,32 6,32 6,42 Other Africa 34,79 3,917 34,669 3,39 3,79 3,81 East Asia 17,474 11,76 123,74 117, , ,87 South Asia 1,3 16,49 14,24 17,9 17,9 17,12 Southeast Asia 17,694 17,89 17,972 18,6 18,6 19, Oceania CONSUMPTION North America 232,2 236,6 238,24,436,43 6,48 Latin America 8,94 6,41 8,878 61,24 61,44 62,76 EU- 47,888,24 49,244 4,8 46, 1, Other Europe 13,44 16,214 16,74 16,4 16,4 17,87 Former Soviet Union 6,93 7,42 7,9 11,3 11,3 1,66 Middle East 9,166 9,348 9,699 11,392 11,292 11,7 North Africa 14,464 14,93 14,334 13,9 14, 14,4 Other Africa 36,321 36,44 34,71 37,4 37,4 36,896 East Asia 12,28 14,913 18,47 161,89 161,82 164,22 South Asia 14,886 16,31 1,148 16,8 16,8 17,12 Southeast Asia 21,476 21,74 21,896 21,27 21,137 22,29 Oceania ENDING STOCKS North America 1,84 4,3 31,92 28,34 28,71 33,64 Latin America 3,291 2,24,67 4,812 4,962 4,474 EU- 2,74 2,66 4,826 3,123 3,123 4,898 Other Europe 1, 1,7 2, ,62 Former Soviet Union 1,8 1,7 1,32 1,137 1, Middle East ,68 1,383 1,383 1,48 North Africa Other Africa 2,238 3,142 3,28 2,83 2,983 2,633 East Asia 16,36 88,682 68,989 48,27 48,22 33,2 South Asia 726 1, Southeast Asia 1,43 1, 1,1 1,264 1,269 1,329 Oceania / 1-Sep 9,18 9,4 2, , 8,3 2,19 31,1 4, ,41 68,827 1,4 21,12 11,1 3,732 6,42 3,81 121,87 17,12 19, 4 6,49 63,1 1,6 17,87 1,64 11,27 14,8 36, ,22 17,12 22,29 4 3,236 4,374 4,898 2, , ,33 32, ,334 1 NOTES: Regional definitions appear on last page of this circular. Imports are reported on an international year basis. All other data are reported using marketing years. 23 September 24

24 WORLD BARLEY TRADE OCTOBER/SEPTEMBER YEAR THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug EXPORTS Argentina Australia 3,922 4,1 2,28 4,8, 4, Canada 1,96 1, , 2, 2,1 Kazakhstan Russia 1,31 2,664 3,66 3, 2,6 2, Turkey Ukraine 1,479 3,134 2,334 1,3 1,6 2,8 EU- 6,27 3,236 6,37 1,3 1,3 1,8 Other Europe Others Subtotal 1,84 16,632 16,37 13,82 13,92 14,6 24/ 1-Sep 1 4,3 1,9 2, 3,3 1, ,7 United States 1, IMPORTS 16,98 17,149 16,927 14,32 14,39 1,2 Algeria Brazil China Colombia Iran Israel Japan Jordan Korea, South Kuwait Libya Mexico Morocco Russia Saudi Arabia South Africa Syria Taiwan Tunisia Turkey UAE Ukraine EU- Other Europe United States Subtotal Other Countries Unaccounted , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,8 4 1, , , ,2 1, 1 2 1,8 4 1, , , , 24 September 24

25 WORLD BARLEY PRODUCTION, CONSUMPTION, AND STOCKS LOCAL MARKETING YEARS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug PRODUCTION Algeria ,22 1,22 1,2 Australia 6,743 8,28 3,86 8, 8,6 7,6 Canada 13,172 1,846 7,489 12,3 12,3 13, China 2,646 2,893 3,322 3,4 3,4 3,4 Iran 1,4 1, 2, 2, 2, 2, Iraq 3 1, 1,1 1,1 1, Japan Kazakhstan 1,67 2,2 2,2 2, 2, 2, Morocco 467 1,1 1,669 2,62 2,62 2,6 Russia 14,1 19, 18,7 18, 18, 18, Syria 13 1,3 92 1,1 1,1 9 Turkey 7,4 6,9 7,2 6,9 6,9 7,1 Ukraine 6,872 1,186 1,364 6,8 6,8 1, EU- 8,816 6,827 6,388 4,1 4,1 8,63 Other Europe 2,77 3,324 3,266 2,41 2,41 3,74 Others 9,266 9,733 9,862 11,174 11,174 1,44 Subtotal 1,991 13, , , , ,6 24/ 1-Sep 1,2 7,6 13, 3,4 2, 1, 24 1, 2,6 18, 9 7,1 11, 9,3 3,89 1,9 14,41 United States 6,919,47 4,94 6,11 6,11,94,94 CONSUMPTION 132,91 141, ,818 14,41 14,1 149,9 Algeria Australia Canada China Iran Japan Kazakhstan Mexico Morocco Russia Saudi Arabia Syria Turkey Ukraine EU- Other Europe Others Subtotal United States ENDING STOCKS 2,181 11,79 4,9 2,3 1,7 1,2 8 1,3 12,7,1 8 6,9,8 4,867 2,72 11, ,773 6,47 134,18 6 3,2 1,268 4, 2,1 1,6 1,6 8 1,7 14,,71 1,1 6,6 7, 3,871 2,84 12,192 13,236,661 13, ,8 7,9 4,9 2,1 1,6 1,9 8 2, 1,,81 1,1 6,8 7,4 4,4 2,89 11,613 13,318,179 13, ,2 9,6,1 2,2 1,63 1,9 8 2,3 18,6 6,1 1, 7,1 6,3 6,877 2,81 14,9 141,72 4, ,1 8 3,2 9,919,1 2,2 1,63 1,9 8 2,3 18,6 6,1 1, 7,1 6,3 6,877 2,81 14,27 141,71 4, ,14 9 3, 1,,4 2, 1,6 1,9 8 2, 16,6 6,21 1,1 72 6,7 39 3,23 14,4 138,149,74 143,83 Australia Canada Russia Turkey Ukraine EU- Others Subtotal United States 983 2,16 1, ,972 4,643 2,461 2,314 22,77 1,763 2,47 4, ,324 9,732 6,247 26,3 2,6 28, ,47 4, ,667 8,232 7,391,7 1,1 26,8 1,299 2,4 1, ,96 7,448 18,24 2,619 2,823 1,31 2,16 2, ,96 7,468 18,47 2,619 21,76 1,149 3,24 1, ,997 7,186 7,88 23,814 2,746 26,6 11,3 9 3, 1,,4 2, 1,6 1, 8 2, 16,6 6,21 1,1 7,2 7, 3,9 3,28 14, ,39,74 144,63 1,41 2,876 2, ,197 8,86 8,178,617 2,746 28,363 September 24

26 REGIONAL BARLEY IMPORTS, PRODUCTION, CONSUMPTION, AND STOCKS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug IMPORTS North America Latin America EU- 1,132 1,66 1, Other Europe Former Soviet Union Middle East 7,26 7,692 8,999 7, 7,6 8,4 North Africa 1,64 2, Other Africa East Asia 4,83 3,4 3,34 3,1 3,1 3,3 South Asia 2 2 Southeast Asia Oceania 23 8 PRODUCTION North America 2,861 17,2 13,199 19,211 19,211 2,19 Latin America 1,612 1,274 1,447 1,984 1,984 1,8 EU- 8,816 6,827 6,388 4,1 4,1 8,63 Other Europe 2,77 3,324 3,266 2,41 2,41 3,74 Former Soviet Union 24,691 34,721 34,91 29,7 29,7 33,47 Middle East 9,448 1,433 11,348 11,6 11,6 11,36 North Africa 1,8 2,134 2,43 4,79 4,79 4,74 Other Africa 1,87 1,72 1,48 1,79 1,79 1,7 East Asia 3,89 3,482 3,839 3,819 3,819 3,9 South Asia 1,731 1,734 2,6 2,1 2,1 2,21 Southeast Asia Oceania 7,143 8,68 4,26 8,9 9, 8, CONSUMPTION North America 18,836 16,779 13,934 1,393 1,712 17,4 Latin America 1,732 1,72 1,948 2, 2, 2,13 EU- 4,867 3,871 4,4 6,877 6,877 3,9 Other Europe 2,72 2,84 2,89 2,81 2,81 3,23 Former Soviet Union 21,891,46 27,63 29,6 29,6 27,97 Middle East 17,132 17,61 17,74 18,492 18,492 19, North Africa 3,33 3,69 3,839 4,29 4,29 4,8 Other Africa 2,39 1,89 1,612 1,824 1,824 1,84 East Asia 7,19 6,87 6,949 7,2 7,2 7,46 South Asia 1,738 1,73 2,63 2,1 2,1 2,21 Southeast Asia Oceania 2,81 3,6 3, 3,6 3,6 3,7 ENDING STOCKS North America 4,932 4,149 3,3,189 4,87 6,111 Latin America EU- 8,972 9,732 8,232 3,96 3,96 7,186 Other Europe Former Soviet Union 3,442 7,232 7,688 3,213 3,733 4,173 Middle East 2,622 2,744 3,83 3,49 3,49 3,834 North Africa ,48 1,48 2,4 Other Africa East Asia 942 1,162 1,388 1,17 1, South Asia Southeast Asia Oceania 1,37 1, ,334 1,386 1,184 24/ 1-Sep , ,3 19,94 1,8 9,3 3,89 34,44 11,3 4,74 1,7 3,9 2,21 8, 17,4 2,13 3,9 3,28 28,8 19, 4,8 1,84 7,46 2,21 3,7, ,86 87,23 3,824 2, ,436 NOTES: Regional definitions appear on last page of this circular. Imports are reported on an international year basis. All other data are reported using marketing years. 26 September 24

27 WORLD SORGHUM TRADE OCTOBER/SEPTEMBER YEAR THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug EXPORTS Argentina Australia Brazil China South Africa Sudan 1 1 Others Subtotal 1,678 1,114 1,1 1,28 1,27 1, 24/ 1-Sep , United States,949 6,13 4,911,,,, IMPORTS 7,627 7,249,912 6,28 6,27 6,7 Chile Israel Japan Mexico Norway South Africa Sudan Taiwan ,983, ,776 4, ,62 3, , 2, , 2, , 4, 6,7 1 1, 4, Other Countries 314 7, , , , , ,7 13 6,7 27 September 24

28 WORLD SORGHUM PRODUCTION, CONSUMPTION, AND STOCKS LOCAL MARKETING YEARS THOUSAND METRIC TONS 2/1 21/2 22/3 23/4 23/4 24/ 12-Aug 1-Sep 12-Aug PRODUCTION Argentina 2,76 2,7 2,8 2,2 2,2 2,6 Australia 1,93 2,21 1,46 1,9 1,8 1,9 Brazil ,9 2,1 2,1 2,2 Burkina 1, 1,2 1,26 1,2 1,2 1,3 China 2,82 2,697 3,327 3,3 2,86 3,3 Egypt Ethiopia 1,8 1,83 1,1 1,7 1,7 1,4 India 7,716 8,39 7,6 8, 8, 8, Mexico,66,9 6,338 6,7 6,7 6,3 Niger Nigeria 7,8 7,8 7,8 8, 8, 8, Sudan 2,76 4,47 2,93,19,19 4,3 Tanzania; United Republic of EU Others 4,419 4,467 4,391 4,622 4,622 4,48 Subtotal 41,4 44,91 43,47 47,672 47,187 46,78 24/ 1-Sep 2,6 1,9 2,2 1,3 2,88 7 1,4 8, 6,3 6 8, 4, ,48 46,18 United States 11,92 13,7 9,163 1,446 1,446 11,86 11,996 CONSUMPTION 3,377 7,98 2,7 8,118 7,633 8,384 Argentina Australia Brazil Burkina China Egypt Ethiopia India Japan Mexico Niger Nigeria Sudan Others Subtotal United States ENDING STOCKS 2, 1,3 1, 1, 2,61 7 1,849 7,716 2,4 11,2 4 7,7 2,6,448 48,99 6,43 4,642 2,3 1,6 8 1,2 2,7 7 1,83 8,3 1,77 1,7 67 7,7 4, 6,13,498 6,427 6,9 2, 1,4 1,8 1,26 2,8 7 1,1 7,1 1,7 9,9 7 7,8 3, 6,47 48,2 4,939 3,441 1,9 1, 1,6 1,2 2,9 7 1,7 8, 1, 9, 7 7,9 4, 7,486 1,161,33 6,496 1,9 1,4 1,6 1,2 2,9 7 1,7 8, 1, 9, 7 7,9 4, 7,26 1,11,33 6,486 2,1 1, 2, 1,3 3,3 7 1,4 8, 1, 1,8 7 8, 4, 6,42 2,37,842 8,149 Argentina Japan Mexico Others Subtotal United States ,177 2,68 1,61 3, ,72 3,23 1,49 4, ,66 2,81 1,93 3, ,21 2,83 4,432 1,124, ,21 2,82 3,931 1,124, ,21 2,469 4,418 1,373,791 8,14 2,1 1, 2, 1,3 2,8 7 1,4 8, 1, 1,8 7 8, 4, 6,42 1,87,842 7, ,21 2,48 3,997 1,63,6 28 September 24