Country News
China: Corn for January delivery fell to $227.86/MT on the Dalian Exchange while the sale of government stocks from 2012 netted $247.77/MT in Guangdong. (Bloomberg)
Brazil: Agriculture Minister Blairo Maggi announced that he intends to raise the minimum corn price in order to boost production next year. Rabobank forecasts as much as a 15 percent increase in corn area in 2016/17. (Bloomberg) However, farmers in Brazil say that the lack of money, either through credit or barter, means that planted acreage will actually decline. (WPI)
India: More government corn imports are contemplated despite the fact that higher non-GMO based prices would force feed and consequently poultry and egg prices to the point of demand destruction. Importing GMO corn would save at least 15 percent of the cost. Spot corn prices are up over 40 percent in just over the past two months. (WPI)
India: Ethanol Production will decline by 8 percent to 1.9 billion liters next year due to two straight growing seasons with fewer sugarcane acres. The country is expected to import 600 million liters, versus 440 million liters in the current year. (FAS/GAIN)