Country News
Argentina: Dry weather in the Pampas grain belt over the past week has enabled farmers to increase the pace of the corn harvest following an extremely wet May, reports Reuters. Argentine farmers are expected to bring in 24 MMT of corn this year.
Brazil: Fertilizer imports are reaching record levels due to lower prices, according to Bloomberg News. Brazil imported 8.8 MMT of fertilizer in the first five months of 2014, which is a 10 percent increase from the same period in 2013. Fertilizer prices are currently $324/MT, which is a 23 percent reduction from last year. An 18 percent reduction in corn prices over the last year has contributed to these reduced fertilizer prices.
Kenya: Kenya could produce 1 MMT of corn in the next month, which it is hoped will offset major supply shortages, reports Bloomberg News. Kenya currently faces a corn shortage of 720,000 90kg bags, which is expected to be covered by imports from the East African Community and the release of 500,000 bags from the country’s national reserve. Kenya consumes 3.72 million 90kg bags of corn each month, and each bag sold for $35.46 in April.
Russia: A Russian food safety agency has issued a warning that it has discovered western corn rootworm in insect traps along the border with Ukraine, reports Bloomberg News. Western corn rootworm is endemic to North America, and causes an estimated $1 billion of crop damage a year there.
South Africa: Yellow corn for July delivery has fallen to $185/MT, according to Bloomberg News. This is the largest drop in yellow corn prices since May 30.