Country News
Argentina: Reflecting concerns about a smaller crop, forward sales of corn have fallen. USDA cut its estimate of the corn crop by 0.5 MMT to 54 MMT. The Rosario Grain Exchange lowered its estimate of corn production to 48 MMT and says the drought will cost farmers $2.93 billion in lost income. Meanwhile, low water levels and Covid-19 are making exports more challenging and costly. (AgriCensus; Ciara; Reuters)
Brazil: Planting of the safrinha corn crop has begun in Parana with 2.5 million hectares expected. USDA cut its forecast of the total corn crop by 3 MMT to 115 MMT. Government agency Conab sees corn production at 112.9 MMT. The summer crop corn harvest is 13 percent complete in Rio Grande do Sul. (Reuters; AgriCensus; Emater)
Canada: Corn imports nearly doubled in November amid a short domestic supply of feed wheat and barley. Barley production was 6.9 MMT, down from 10.74 MMT a year ago. (Argus Media)
China: Corn production is increasing but is unlikely to return to the over-sized stockpiles of years past. CASDE reduced its estimate of domestic corn demand by 3 MMT. (The Western Producer; AgriCensus)
South Korea: FLC and MFG made private corn purchases and MFG tendered for three cargoes in April/May, reportedly paying $336.39/MT CFR. Also seeking corn supplies are KFA Busan and NOFI, with 259 KMT reportedly purchased. Tenders included 140 KMT of optional origin corn and KFA nabbed 130 KMT of corn for March/April delivery by Viterra. (AgriCensus)
Turkey: The government agency TMO tendered for 435 KMT of barley deliverable in February/March. (AgriCensus)