Country News
China: Agriculture Minister Han Changfu says that corn production will be reduced by cutting acreage in less efficient regions and that while China will import grain, it will not become reliant on them. The goal is to keep grain output stable, and to improve pricing and storage systems. Chen Xiwen of the Central Rural Work Leading Group says that corn is oversupplied but China still had a 20 MMT shortfall in overall grain production relative to demand. Corn prices fell for the second consecutive week. (Bloomberg)
Philippines: A new regulation covering GM crops was codified allowing their use and importation to resume. A lawsuit against the prior regulation had brought the country’s biotech sector to a halt. (NCBP)
South Africa: The price of corn declined to its lowest levels since November on news of beneficial rains in some areas, and on increases in the value of the rand. Meanwhile, traders bought 147,602 MT of imported corn last week in anticipation of the shortfall. (Bloomberg)