Country News
Argentina: The corn harvest is 90 percent completed but behind the five-year average. El Nino could delay corn planting in some areas as heavy rains may not arrive until October. Planting normally begins in September and the Buenos Aires Grain Exchange expects the 2023/24 corn planted are to expand by 2.8 percent to 7.3 million hectares. (Refinitiv; Reuters)
Brazil: Anec increased its estimate for corn exports. Deral says the second crop corn harvest in Parana is at 48 percent. Conab says the overall second crop corn harvest is at 78.8 percent. The government bought 30,600 MT of corn off the market in Mato Grosso to boost public stocks. (Hellenic Shipping; AgriCensus)
China: July corn imports fell 9 percent month-on-month, but the Agriculture Ministry reports that trials of GMO corn showed “outstanding” results and are completely safe. A one-time subsidy of 2.4 billion yuan is being provided to purchase fertilizer and pesticides in northern China. (Reuters; AgriCensus)
Egypt: GASC skipped on making a corn purchase in a rare tender that closed on Wednesday. The lowest offer made was $231/MT and so the tender was cancelled. (Reuters; AgriCensus)
EU: The European Commission’s corn crop forecast for 2023/24 was lowered by 2 percent to 61.7 MMT. (Reuters)
Mexico: Economy Minister Raquel Buenrostro says the decree on GM corn will not be changed ahead of a dispute settlement case on the issue. (Refinitiv)
Jordan: Around seven trading companies are participating in a tender from the state grains buyer for up to 120 KMT of animal feed barley. (Reuters)
Russia: Sovecon raised its barley crop forecast by 12.3 percent to 20.9 MMT and its corn forecast by 1.3 percent to 14.8 MMT. (Reuters)
South Korea: NOFI had tendered for 138 KMT of corn and settled on a purchase of 68 KMT with sourcing from either South Africa or South America. Pricing was at $1.64/bushel C&F over Chicago December futures. MFG bought 68 KMT of corn in a private deal with either South Africa or South America supplying. (Reuters; Hellenic Shipping News; AgriCensus)
Taiwan: MFIG booked 65 KMT of optional origin corn for October-November shipment. Pricing is based on a premium over the Chicago March corn contract but must be 4-cents under the lowest bid if from Argentina due to quality concerns. (Hellenic Shipping News; AgriCensus)
Ukraine: Agricultural exports the past four weeks are down a third from a year ago, but corn exports are off by half. (Bloomberg)