Country News
Brazil: The Brazilian grain exporters association ANEC revised upward its estimate for corn exports this year. Drought in the competing Eastern European region prompted a 3 MMT increase from November in the forecasted export of corn to 33 MMT. (Reuters)
Canada: Feed barley bids have shown strength that could carry into the spring with the only threat being corn imports from the U.S. A lot of good-quality but low protein wheat is priced on par and acquisition of local feed benefits from multiple sources, whereas corn relies on rail deliveries. (Commodity News Service Canada)
China: At least 10 to 12 cargoes (700 KMT) of mostly U.S. corn was purchased for delivery during February-April. Higher domestic prices (1,830 yuan/MT) and attractive import prices (1,530 yuan; $232/MT) has some trading houses predicting that corn imports will hit 5 to 5.5 MMT rather than the 3 MMT predicted by USDA. Domestic prices for sorghum and feed barley are also rising. (Reuters)
COFCO Biochemical intends to invest 5.5 billion yuan during 2017-2020 in expanded corn refinery processing in northeast Jilin province. It will boost output capacity by 3 MMT/year including 600 KMT of ethanol. (Bloomberg)
Philippines: The National Corn Competitiveness Board is seeking to lift the current prohibition on exports, citing large opportunities for selling corn elsewhere in the ASEAN region. Otherwise, the organization warns, farmers may switch to growing higher-value crops. (UkrAgroConsult)