Country News
Brazil: Amidst the large production, a devalued real and thus competitive prices Brazil’s main port facilities are backed up at the height of the corn export season. During October, ships were taking twice as long to load and sail as a year ago. (Reuters)
China: Corn plantings were higher this year but a ground survey by SGS SA indicates that drought will cause the crop to fall by 5.8 percent this year, the largest drop in 15 years. This forecast contrasts with USDA’s October prediction that China’s corn crop would be 4.3 percent larger than last year. (Bloomberg)
Further on China: According to Marex Spectron, China’s sugar demand exceeds supply by 5-6 million tons and while imports are on order, food makers may switch to HFCS if domestic sugar prices continue to rise. (Dow Jones)
Saudi Arabia: The largest barley importer in the world and amongst the top 15 sorghum importers, Saudi Arabia is now set to add wheat to its purchase list after the government decided instead to save its aquifers from depletion. (Reuters)
South Africa: Yellow corn futures for December delivery fell 1.4 percent to $216/MT following indications of rain. Corn had hit its highest price since 1996 prior to the new weather forecast. White corn is priced at $220.89/MT. (Bloomberg)