Country News
Argentina: The Rosario Grain Exchange’s monthly report estimates Argentine corn production to total 22.4 MMT, which is up from a previous prediction of 21.5 MMT, according to Reuters. The report also indicated that nearly 90 percent of the 2014/15 corn crop has been planted.
Brazil: While parts of Brazil are receiving rainfall, there are concerns that it is not nearly enough to offset the country’s worst drought in 80 years, reports Reuters. Southeastern Brazil, which accounts for 60 percent of the country’s GDP, was hit particularly hard by the drought and there are concerns about its ability to recover economically this year.
Russia: Russia has increased informal curbs on grain exports in the leadup to the implementation of a formal export tax on February 1, reports Reuters. These curbs include increased and more frequent quality monitoring inspections by food safety organization Rosselkhoznadzor and increased deleays in getting final port documents so that ships can get underway.This is being done in an effort to bring domestic prices under control.
South Africa: South African corn futures have fallen to their lowest level in over two months, according to Bloomberg News. Yellow corn for March delivery fell by 3.9 percent to $173/MT.