Country News
Argentina: Excessive wetness has delayed corn seeding and is driving the corn market higher but the South American land mass is large and there are weather issues somewhere every year. (Reuters)
Brazil: The Secretariat of Foreign Commerce reported that December corn exports were down 84 percent from the same month a year ago, and overall corn exports for the marketing year at 19.8 MMT were down 31 percent from a year earlier. (Bloomberg)
China: Corn prices climbed to 1,534 yuan ($222.91) per ton, the highest in two weeks on the view that corn is underpriced relative to soybeans and farmers will plant less of it this coming year. (Bloomberg) The government adopted a direct payment subsidy scheme for corn farmers similar to the U.S. program. Farmers in the four main corn production provinces will be paid between $109 and $163 (average $137) per acre for the corn they plant. China is offering corn for export at prices below those of the U.S. and Brazil. The government’s Document Number One policy statement says it will “carefully promote GM food crops, though likely traits supplied by Chinese companies. (Iowa Corn Farmer)
Ukraine: The Agriculture Ministry projects annual corn exports at 18.5 MMT, the most of any country but still below the 2013/14 record of 20 MMT.