Country News
Argentina: Low river levels are causing higher costs for exporters. Meanwhile, drought is causing farmers to refinance and increase their debt loads. (AgriCensus)
Brazil: New freight rates are raising costs to grain exporters by $20/MT. There will be a court case next month and if the new rates are affirmed, corn production in Mato Grosso will be hurt the worst since it has the farthest to travel to ports. Corn exports could fall to 20 MMT. Separately, harvesting of the safrinha corn crop has accelerated even as the rains are harassing the crop in Parana. However, the harvesting isn’t quick enough since JBS is importing more corn from Argentina. (AgriCensus; AgRural; Reuters)
China: The corn auction in Heilongjiang had its lowest sales in a month. (AgriCensus)
EU: Corn futures in Paris are at a five-year high and while there are rains this week, the rest of the August forecast is warm and dry. Germany will harvest is smallest grain crop in 24 years. The EU corn import estimate may have to be raised. (Bloomberg)
South Africa: The corn harvest is being delayed due to slow drying in the fields. (AgriCensus)
South Korea: The country’s largest feed maker, Nonghyup Feed Inc. (NOFI) is tendering for new crop corn to be delivered in January 2019. (AgriCensus)