Country News
Brazil: Forecasters are calling for increased rain over the country’s grain belt through mid-February, according to Reuters. This is welcome news to farmers after experiencing three weeks of hot and dry weather.
China: State corn stocks are expected to reach record volumes this year in an effort to increase demand with a tax rebate for corn starch exports, reports Reuters. Export tax rebates for corn starch and other corn-based products (including monosodium glutamate) have been raised to 13 percent.
Iran: Iran purchased 66,000 MT of U.S. corn last week, which was its first purchase in three years, according to Reuters.
Russia/Ukraine: A dry autumn has ensured that the winter grain crop in Russia and Ukraine is unlikely to exceed 2014’s record harvest, reports Reuters. Russia’s crop, in particular, has suffered from weather damage, a nearly 40 percent reduction in the value of the ruble and export curbs. Ukraine’s crop also saw little rain during planting, but milder and wetter weather in December and early January will ensure that its grain is not as hard hit as Russia’s.
South Africa: Africa’s largest corn producing nation will be reducing its overall corn acreage by 1.2 percent this year due to low global prices for corn compared to wheat, according to Bloomberg News. The corn area that farmers will sow is expected to fall to 2.66 million hectares, which is down from the prior estimate of 2.67 million hectares. Despite this overall decrease, yellow corn plantings will see an increase of 2.8 percent to total 1.2 million hectares.