Country News
Brazil: Hog and chicken slaughter capacity has fallen up to 15 percent due to high feed costs and falling domestic meat demand. Importers are hesitant to import U.S. corn because Brazilian GMO policy does not yet recognize 14 of the varieties grown there. Future livestock production could be adversely impacted. (Reuters)
China: Shandong province sold 99.62 percent of the corn it offered from state reserves, Heibei sold 85 percent of the corn it offered from reserves, and Jilin province sold 58 percent of its stockpile. (Bloomberg) The corn market is expanding but is held back by a lack of intellectual property rights and inadequate capital investment. A consolidation will be necessary. (Newsmakers.au/Wiseguys Reports)
India: Exports of protein meals continued to decline in May as a lack of supply and high prices made Indian soymeal uncompetitive. (WPI)
Indonesia: Importers of corn are paying demurrage and risking cargo degradation as the Bulog’s monthly licensing scheme blocks imports above quota. (Hellenic Shipping News)