Country News
India: While the monsoon is finally covering half of the Indian subcontinent, the amount of rain it’s producing is still lackluster, according to Reuters. Rainfall for the period ending June 18 was 45 percent below-average, and was 48 percent below-average last week. Meteorologists are predicting that the monsoon will strengthen over Central India in the next week. Additionally, India’s farm commissioner is confident that farmers will be able to tap into reservoirs that are up by 25 percent from last year to provide water if there is a rainfall shortage.
South Africa: Yellow corn for July delivery in Africa’s largest corn producing country has fallen to $182/MT, which is its lowest level in three weeks, reports Bloomberg News.
Tanzania: Tanzania is expected to have another good corn crop in 2014 that will total some 4.7 MMT this year, according to WPI. This is right in line with production totals for 2013. Because of the harvest, domestic corn prices have fallen by half from their March levels, and are below those seen at this time last year.