Country News
Argentina: The CIARA-CEC association of grain exporters and crushers report that grain export revenues in June fell 59 percent from a year earlier. (Refinitiv)
Brazil: The consultancy AgRural increased its estimate of the safrinha corn crop by 5 percent to 102.9 MMT and pegged the total annual corn crop at 132.3 MMT. StoneX raised its estimate of the second corn crop by 3 percent to 105.2 MMT and sees a total 136.04 MMT corn crop with 50 MMT exported. IMEA upgraded its corn output forecast for Mato Grosso and Anec says 6.34 MMT of corn will be exported in July, up 13 percent from June. Conab calculates the safrinha corn harvest as 20 percent complete. (Refinitiv; AgriCensus)
EU: Total EU barley production for 2023/24 was lowered and Romania led other member states in the barley export category. (AgriCensus)
The European Union’s maize crop is on track to rebound from last year’s disastrous harvest but 2023 prospects have been hit by lower sowings and dry spring weather, with forecasts of more dryness to come threatening final yields, analysts said.
Mexico: The agriculture ministry says domestic corn production will rise 7 percent to 28.5 MMT in 2023. (Refinitiv)
South Korea: Animal feed maker NOFI purchased 136 KMT of corn in an optional origin tender seeking 138 KMT. Two shipments equally divided will be made by November 25 to Korea. The Major Feedmills Group had purchased 68 KMT of corn at $249.99/MT CFR, the same amount paid by NOFI on a previous purchase. FLC also purchased corn for November delivery. (Refinitiv; AgriCensus)