World: Grain markets inactive in March due to absence of major Chinese purchases
World grain markets slumped in March because of a general lack of demand, H. M. Gauger GmbH analysts reported earlier this month.
The absence of major Chinese purchases since their New Year festivities had irritated the trade. Also important, at the end of winter in the northern hemisphere, grain crops look almost perfect, large crops are foreseen, with the usual sharp offers coming from Russia (in spite of export taxes) and Ukraine.
Harvests and safrinha corn plantings in Mercosur went better than expected, there will be fair to good crops in Argentina and Brazil.
Chinas actions are difficult to forecast, but the consensus is that the country must import a minimum of 100 mln tonnes of soybeans and circa 50 mln tonnes of grains in the coming crop year.
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