Country News
Argentina: Corn prices have become volatile amidst a possible policy shift by the government. An export tax on corn could be part of the plan to reach the fiscal stability required by a recent agreement with the IMF. (AgriCensus)
Brazil: Corn is currently more competitive than the same product offered by Argentina. Brazilian corn is offered at 83 cents over September futures for August loading. However, there is concern that soybeans may dominate loadings on the 66 ships currently waiting in ports. (AgriCensus)
China: Corn auctions continue to show a decline in performance with the latest selling just 35.6 percent of the amount offered. The auction in Heilongjiang province sold just 19.4 percent of the corn offered for sale. Domestic stocks are estimated at 130 MMT. (AgriCensus)
Japan: MAFF received no offers on its weekly tender for barley. (AgriCensus)
South Africa: Corn eating pests have been found in the Western Cape. (AgriCensus)
South Korea: The fall in global corn prices has continued to stimulate corn purchases with MFG buying 140 KMT. (AgriCensus)
Ukraine: Corn prices normally rise this time of year, but currently are falling as a result of the dearth in buyers. Prices fell to a four-month low of $186/MT FOB, but local transactions have been heard at $174-175/MT. A total of 108 KMT of barley have been harvested thus far this spring. (Platts; AgriCensus)
Zimbabwe: Corn imports are expected to rise to 300 KMT due to a 46 percent reduction in corn production this year. The fall in production is due to a drop in both area and yield. (USDA)