COUNTRY NEWS
Argentina: A protest by grain transporters demanding higher freight rates could slow exports of corn and other commodities. The Rosario Grains Exchange reports that 56 percent fewer trucks arrived at the major export facility at Rosario port on February 5. (Reuters)
Egypt: Recent U.S. sales of 285 KMT of corn to Egypt reflects the increased competition for this 8.8 MMT market. The U.S. and Ukraine are the only sources considered to have normal prices and American corn is cheaper. Ukrainian government data shows that corn exports to Egypt during the last half of 2017 were down 73 percent. (AgriCensus)
European Union: Corn imports (387 KMT) during the week ending January 31 were above the volumes seen over the rest of the year as Spain, the Netherlands and Portugal took advantage of low global prices. Now at 9.76 KMT, total corn imports for the 2017/18 marketing year are up 52 percent. Brazil is the largest supplier at 4.83 MMT, up five-fold from last year. Imports from Ukraine are up 34.8 percent. (AgriCensus)
Ukraine: In light of low prices, some of Ukraine’s largest corn producers are reluctant to expand production and may switch to more profitable sunflowers, and perhaps rapeseed and soybeans. Shippers are facing fierce competition from Brazil. Just one of the firms contacted intends to expand production; that firm said area could expand 15 percent with the target market being China. (Bloomberg)
South Korea: The feed association KOCOPIA passed on a feed corn tender as it faced higher prices. Corn prices have rallied five percent on increased U.S. corn exports, which are priced about five percent less than Ukrainian origin corn. (AgriCensus)
Turkey: The government has already given a temporary reprieve on import duties on barley to slow inflation and it may similarly cut import duties on corn. The tariff rate is designed to keep corn prices at a minimum of $250/MT, but the domestic price is already reaching $219/MT. The inflation rate is over 10 percent and Turkish farmers have greatly reduced the corn planting area. (AgriCensus)