Country News
Argentina: Agriculture Minister Ricardo Buryaile predicts his country’s corn planted area will increase by 20 percent in the upcoming summer season. He says the additional 10 to 15 MMT of corn production will mean a decline in soybean output. (Reuters)
Brazil: Agriculture Minister Blairo Maggi says his government will take action to boost supplies of both soybeans and corn. The plan is to raise the minimum price for corn, which in addition to this year’s drought has varied little in planting area the past three years. (Reuters)
Black Sea: There is still some old crop corn for sale but the rise in CBOT prices has prompted farmers to hold on to their crop. They are unlikely to let go of their supply until they see how the pollination stage goes for their new crop. (WPI)
China: Nearly half (1.18 MMT) of the corn offered at auction (2.52 MMT) was sold this past week out of state reserves. Jilin province was able to sell 98 percent of the corn it offered. (Bloomberg)
India: March imports of 225,000 MT of corn were the first in 16 years. The goal was to buy 500 KMT of non-GMO corn within the short timeframe allotted. India needs more corn but may not be able to get it due to the higher price being required. (WPI)