Country News
Algeria: Government procurement agency ONAB purchased 40 KMT of corn at $179-180/MT for July delivery. (AgriCensus)
Argentina: The Buenos Aires Grain Exchange says corn harvesting is now 40 percent complete and raises its production forecast 2.4 percent to 51 MMT. Upriver corn prices are falling 16 percent or more due to farmer selling running headlong into low water that is stifling shipments. Argentina’s central bank says the Parana River is now at a 50-year low. (AgriCensus; Reuters)
Brazil: AgRural has cut its corn production forecast for the second time since February as it sees dry weather in the center south of the country cutting the safrinha crop down to 66.7 MMT, a 3.5 percent reduction. (Refinitiv)
China: The National Grain and Oils Information Center announced that the government will start auctioning its corn stocks on 28 May with a 4 MMT offer in the first week. The auction upset price remains the same as last year and buyers are hoping it will cool the recent 15 percent jump in market prices. (Reuters)
EU: France’s AgriMer reports that corn planting advanced over the past week from 77 percent complete to 90 percent done. Meanwhile, dry conditions are creating uneven emergence issues for the crop and drought could cause damage. (Reuters; MARS)
Namibia: The National Agronomic Board is suspending corn imports beginning 1 June and will not resume them until millers have bought up the domestic crop. Refinitiv)
Ukraine: Corn exports for the 2019/20 July-June marketing year is already at 27.5 MMT but APK-Inform forecasts 2020/21 corn exports will fall 1.8 percent to 28 MMT. (Reuters; AgriCensus)
United Kingdom: The import duty on corn under the post-Brexit plan would be set at zero. (AgriCensus)