Country News
Argentina: Argentina’s foreign currency reserves are expected to get a much needed boost as farmers begin exporting the remainder of the country’s record agricultural harvest (including corn and sorghum) of 108 MMT, according to Bloomberg News. However, as of May 27, roughly 3.4 million hectares of corn remained unharvested due to persistently excessive rains that are threatening the crop’s quality. In comparison, only 1.4 million hectares were still unharvested this time last year. Despite these fears, it is still believed that Argentina will bring in some 55 MMT of corn, which is around 15 percent more than it harvested last year.
Brazil: Shipments of corn at Brazil’s Paranagua port were unaffected by a truck driver protest on May 29, reports Reuters. The drivers are striking over fines imposed on them by the port authority for parking outside of designated zones. This change in policy was done in order to try and streamline the process of getting grain trucks in and unloaded expediently.
South Africa: Yellow corn for July delivery has fallen by 0.2 percent to $188.49/MT, according to Bloomberg News. This is the lowest South African yellow corn prices have been since February 13, 2013. The Crop Estimates Committee has raised its forecast for corn production by 4 percent, estimating that farmers will bring in some 13.5 MMT, which is an increase over last month’s 13.03 MMT prediction. Should this estimate pan out, it will be the largest South Africa has brought in since the 14.1 MMT it harvested in 1981.