Country News
Argentina: USDA predicts that Argentina will produce 26 MMT of corn this year, according to Reuters. However, a lack of rains in the Pampas corn belt has caused a reduction in the areas slated for corn planting in favor of soybeans.
Brazil: Brazil’s corn crop is set to be 72 MMT this year, reports Bloomberg News. This is an 11 percent reduction from last year’s totals, but remains its third largest overall. Brazil exported 3.4 MMT of corn in September, which was up from 3.1 MMT last year.
China: It is predicted that China will import 5 MMT of corn in 2013, reports Reuters. Around 100,000 MT of U.S.-sourced corn is set to arrive in China in October, with 800,000 MT slated for November delivery. China imported 3 MMT of corn in the 2012/13 marketing year.
Germany: German barley exports in August rose to 558,719 MT, which is a vast improvement over the 2012 level, according to Bloomberg News. Barley imports in August fell from last year’s level of 129,409 MT to 78,219 in 2013. Corn exports in August totaled 48,705 MT, which was down from the August 2012 level of 64,235 MT. August corn imports totaled 98,240 MT, which was a decline from 130,840 in 2012.
Kazakhstan: Central Asia’s largest grain exporter has increased its forecast for exports in 2013/14 to 9-10 MMT, according to Reuters. Kazakhstan had previously set export targets at 9-9.5 MMT. The increase comes on the heels of a slightly larger-than-expected crop that is expected to total some 19 MMT. The country exported 7.1 MMT last year.
South Africa: Yellow corn futures reached their highest level in four months, reports Bloomberg News. Yellow corn for December delivery rose to $232/MT.