COUNTRY NEWS
Argentina: Inadequate moisture prompted USDA to reduce Argentina’s estimated corn production by 2 MMT down to a total of 40 MMT. Rabobank made a similar reduction, lowering its estimate from 41 MMT to 39 MMT. The bank reduced the country’s corn export forecast by 1.5 MMT to a total of 28 MMT. (UkrAgroConsult; Rabobank)
Brazil: The country’s Matto Grosso state contributed 62.5 percent (18.3 MMT) to the country’s 29.2 MMT in corn exports in 2017 but Imea, the government analysis entity, says its contribution will fall this year to 15.58 MMT. Late planting of the summer soybean crop prevented subsequent planting of second-crop corn. (Agricensus)
Mexico: USDA’s corn production estimate for Mexico in 2017/18 was raised by 2.2 percent to 26.8 MMT. The import estimate was similarly reduced. (Agricensus)
Nigeria: Corn output in 2018 will fall 7 percent (750 KMT) from last season to 10 MMT. Pests and a 33 percent increase in corn imports to 400 KMT are blamed for the decline. (Bloomberg)
Turkey: Farmers have switched a small amount of their acreage from corn to cotton, which has hit multi-year highs. Brazilian farmers may similarly be enticed to switch some of the safrinha corn acres over to cotton. Meanwhile, to fight food inflation the government has eliminated the 35 percent duty on imported barley until 1 April 2018. A 25 percent tariff remains in place on imported corn. (Agricensus; World Grain)
Ukraine: Corn prices rose to a six-month high ($172.50/MT) based on the sale of 10 (Panamax) vessels to China and growing exports to the EU. (Platts)