Country News
Argentina: The Buenos Aires Grain Exchange reported that the corn harvest is about one-third complete, which places it 10 percent behind the 5-year average. Its production estimate is unchanged at 49 MMT but the share rated good/excellent was lowered again to 15 percent, versus the 49 percent level last year at this time. (Reuters)
Brazil: CONAB forecasts the second crop corn harvest at 89.2 MMT and increased its total crop figure slightly to 115.22 MMT, versus 114.59 MMT previously. Exports are unchanged. The agency increased its estimate of the soybean crop slightly to a total of 124.27 MMT but lowered exports by nearly 2 MMT to a total of 75.23 MMT. Soybean sales from the 2021/22 crop have reached 65.9 percent. (Reuters; AgriCensus)
EU: France reduced its estimated maize planting area by 6.8 percent to 1.44 million hectares due to the high cost of fertilizer. However, the farm ministry increased its estimate for the winter barley crop by 0.4 percent to a total of 8.25 MMT. (Reuters)
Philippines: To curb inflation, the tariff rate on corn was reduced to 5 percent through the end of 2022, after which it will revert to 35 percent. Importers booked corn shipments after the announcement. (Reuters; World Grain; AgriCensus)
Russia: The export tax on corn was raised but the level on barley was left unchanged. (AgriCensus)
South Korea: KFA bought 66 KMT of corn from South America at $392/MT. NOFI bought 68 KMT of corn privately from Olam, and MFG together with FLC purchased corn at $385.16/MT for August/September delivery. (AgriCensus)