Country News
Algeria: The Office Algerien Interprofessionnel des Cereales (OAIC) bought 40 KMT of corn in a tender that brought $210/MT. (AgriCensus)
Argentina: With its currency falling and harvested corn now available, Upriver basis levels dipped below those of the U.S. Gulf for the first time in six months. Premiums were heard at 68 cents over the July contract, while FOB U.S. Gulf offers were in the low 70-cents range. Values are expected to fall further. (AgriCensus)
Australia: Farmers are pressuring the Australian government to withdraw from a 17-country WTO case against China’s farm support spending. They fear that Beijing will retaliate by no longer buying barley and wheat from Australia. (The Weekly Times)
Brazil: The Real has moved to a historically record low just as the second-crop safrinha corn harvest is starting up. Separately, the government’s 150 percent hike in the minimum freight price ended the trucker’s strike but made grain too expensive to move. Agriculture Minister Blairo Maggi says the Transport regulator exaggerated the amount needed by truckers and that the minimum fee will be adjusted lower. However, the truckers say they will strike again and harder if the deal is revoked. The truckers strike had forced a stall in the harvesting of the second corn crop. Meanwhile, USDA will likely have to move its corn production estimate lower for Brazil in next week’s report. (AgriCensus; FarmLead)
China: The corn auction was focused in Heilongjiang province and sold over 61 percent of the stocks offered. Prices are heating up in the region. (AgriCensus)
Korea: Taking advantage of Argentina’s corn supplies entering the market and pushing prices lower, South Korea went on a buying spree and roped in 800 KMT
Ukraine: There were difficulties moving corn before and now Argentina entering the market means that Ukraine’s supplies are stuck. (AgriCensus)