Country News
Argentina: The government suspended corn exports until 1 March to avoid domestic shortages. An estimated 4 MMT of maize will be held back from the export market. (Reuters)
China: Corn prices have hit such high levels that the government has taken the unusual step of selling state corn reserves at a time when farmers are trying to sell their newly harvested crop. The National Grain Trade Center reports that 103,455 MT of corn was sold from state reserves, which is 100 percent of the amount offered and with the average selling price at ¥2,491/MT ($381.44/MT). (Bloomberg; Reuters)
EU: The European Commission raised its estimated maize production for 2020/21 to 62.5 MMT from the 60.2 MMT seen a month ago. Consequently, it lowered its forecast for 2020/21 maize imports to 19 MMT from 21 MMT. (Refinitiv)
Philippines: Corn production in 2020/21 will be 8.2 MMT and imports will be 100 KMT higher, reaching an estimated 600 KMT. (FAS GAIN)
Serbia: Corn production will rise 10 percent in 2020/21 to 7.8 MMT with almost half destined for the export market. (FAS GAIN)
Ukraine: Corn exports during the first three months of the marketing year totaled 8.7 MMT, down from 10 MMT exported during the same period a year ago. Corn bid prices have risen to $215-$222/MT. (Argus Media; Successful Farming)
Vietnam: Corn imports in December fell by 29 percent as buyers were deterred by the rising price of the grain. (AgriCensus)