Country News
China: The Chinese Agricultural Supply and Demand Estimates report reduced its June forecast for corn production to 211.65 MMT, a 0.7 percent decline from May and a 3.6 percent reduction from last year. The China National Grain and Oils Information Center says this may be the smallest corn crop since 2013 due to drought conditions, hail, and farmers switching to planting soybeans.
The government sold 1.02 MMT of state owned corn reserves last Friday and is expected to offer 3.5 MMT of 2013 reserve corn for auction this week. (Reuters; Bloomberg)
EU: Corn and barley yields have declined due to hot, dry weather. Strategie Grains dropped its forecast for barley production by 1.6 MMT to 58 MMT, a 3 percent reduction year on year. It cut its maize production forecast by 1 MMT to a total of 60 MMT, the same level as last year. However, FranceAgrimer increased its estimate of corn ending stocks from 2.2 to 2.3 MMT. (Reuters)
Israel: Traders tendered for optional origin corn and feed wheat with two consignments of 50 KMT apiece of corn reportedly purchased. (Reuters)
Korea: The Korean Corn Processing Industry Association (KOCOPIA) tendered for 55-60 KMT of optional origin corn. (Reuters)
Philippines: Davao Region corn production is up 26 percent for the first quarter of 2017 versus a year ago. Yellow corn production was up 11.69 percent to 13.476 MMT, and white corn production was up 32.5 percent to 39.829 MMT. (Sunstar)
Tunisia: The state grains agency tendered for 25 KMT of barley. (Reuters)