Country News
Argentina: The price of corn collapsed 16 percent as a result of the logistics challenge of low water levels on the Parana River. (AgriCensus)
Brazil: Weaker than expected rains and now frost in Parana are disappointing corn farmers with Rural Clima saying the risk of losses has increased a lot. Int’l FCStone reduced its safrinha corn crop forecast by 1.75 percent to 72.6 MMT. Deral in the state of Parana has lowered its estimate by 5 percent. (Reuters)
China: The estimate for 2020 corn stocks was raised from last month’s estimate due to lower feed and industrial use. (AMIS)
Canada: Corn and barley demand has declined in the short-term and the associated impact of stress in the meat sector remains unknown. At 10.2 MMT, barley production in 2020/21 is down slightly but exports will be 6 percent higher at 1.9 MMT. Corn production is up slightly to 13.8 MMT but exports will fall to 1 MMT, the lowest level in six years. (FAS GAIN)
EU: The import levy on corn and sorghum was increased 97 percent, from €5.27/MT to €10.40/MT. Corn consumption will increase in 2020/21 due to weaker competition from wheat in feed use. Meanwhile, the barley export outlook has been raised. (AgriCensus)
Saudi Arabia: The government has allocated $533 million to procure food supplies amid the coronavirus outbreak. Purchases will include yellow corn. (Reuters)
South Korea: Major Feedmill Group (MFG) bought 68 KMT of corn for November delivery and KFA bought 69 KMT. NOFI also secured supplies. Prices are in the range of $172/MT and the country’s corn buying is at a three-year high due to attractive low international prices. (Reuters; AgriCensus)
Venezuela: Two Mexican firms, Libre Abordo and Schlager Business Group, have replaced Russia’s Rosneft in executing a bartering deal with Venezuela exchanging corn for oil. (Reuters)