Country News
Brazil: To avoid storage problems with record levels (97.1 MMT) of production there have been record monthly exports of corn during July and August. The sales are occurring despite a stronger real, producer dissatisfaction with prices and sharply higher freight rates. Moving grain from Sorriso in Mato Grosso to the port of Paranaguá reached $87.43/MT on August 11. (Reuters)
China: Corn for January delivery on the Dalian exchange hit a sixteen month high of 1,737 yuan ($260.40; $6.61/bushel)/MT based on a tightening supply of corn. Meanwhile, China’s July corn import of 910,000 MT made it the fourth highest volume on record. At the same time, the country’s ethanol exports surged six-fold in July to 19,814 cubic meters (5,234,305 gallons) China’s policy is to double ethanol output to 4 million tons by 2020. (Reuters; Bloomberg)
Mozambique: The Institute of Agricultural Research is harvesting its first GMO corn crop. The Institute is testing 14 different GM maize varieties on 0.25 hectares to find the best drought tolerant and pest resistant option for farmers. (Diario de Mocambique/All Africa)
Russia: Corn exports were 5.14 MMT during the first 10 months of the 2016/17 marketing year with Europe the major buyer. Turkey is still a major market but is no longer the number one destination for Russian corn. (World Grain News)