Country News
China: Sinograin sold 56 percent of the 3.35 MMT of reserve corn it offered for sale on July 21. Most of the grain sold was 2014 corn with an average price of 1,454 yuan ($215.80) with a small amount of 2013 crop sold at 1,265 yuan ($187.75). None of the imported corn offered for sale received a bid. Offers this week are to include 800 KMT of the 2014 crop 3.65 MMTs from 2013 and 2014 crops on Friday. (Bloomberg)
EU: The EU proposed reducing the biofuel mandate from 7 percent in 2021 to 3.8 percent in 2030 but the Impact Assessment Institute, a think tank, found “fundamental shortcomings” in the Commission’s Impact Assessment. Specifically, there was insufficient justification for a negative opinion as it lacked supporting analyses and failed to differentiate the GHG emission performance of the fuels. Environmental NGOs lump all crop-based biofuels together and are pressuring the Commission to completely ban them after 2020, insisting that only advanced biofuels should be used. (Euractiv)
India: The new Goods Services Tax (GST) is posing problems on implementation. Corn seed previously faced zero tax but now is charged 5 percent and ethanol will be assessed 18 percent, the second highest tax category. (Reuters; High Plains Journal)
South Africa: The Crop Estimates Committee raised its estimate for this year’s corn crop by 2.2 percent to 15.97 MMT (9.51 MMT white and 6.46 MMT yellow corn), more than double last year’s drought stricken total. White corn is fetching $145.52/MT and yellow corn is earning $155.28/MT). (Bloomberg)