Country News
Argentina: Port workers at the grain hub of Rosario have called off a strike that was planned for this week after export companies agreed to provide the workers with a 31.5 percent wage increase, according to Reuters. The strike had the potential to significantly slow corn exports during the harvest.
China: Widespread precipitation has boosted China’s expected corn output in 2015/16 to 231 MMT, which is 17 MMT higher than last year, according to Reuters.
India: India’s weather office reports that monsoon rains have covered the country in its entirety, reports Reuters. This event has occurred two weeks earlier-than-normal, which in tandem with rainfall that has been 25 percent higher-than-average since the start of the season has staved off fears of a drought. However, the forecast remains that monsoon rains will be below average this year. Rains in the northwest and central grain-growing regions should help to speed the planting of this year’s corn crop.
South Africa: Africa’s largest producer may cut its corn forecast for 2015 by a further 0.8 percent due to drought damage, reports Bloomberg News. It is estimated that farmers will bring in 9.76 MMT of corn, which would be the lowest since 2007 due to the worst drought conditions seen since 1992. Last year, farmers brought in a bumper crop of 14.3 MMT, which was the highest harvest in 33 years. Yellow corn prices have risen by 17 percent this year.