Country News
Argentina: Ahead of the December 10 change in government, farmers are increasing the pace of their corn forward sales. An estimated 12.4 MMT of corn have been sold forward, versus 4.6 MMT a year ago. (Reuters)
Brazil: Conab pegs the corn crop at 98.4 MMT, slightly below last year, whereas USDA says its is 101 MMT, slightly higher than a year ago. Corn exports were at the rapid pace of 1.26 MMT during the first six working days of November. Private trade data indicates exports for the month could hit 4 MMT and the government agency Companhia Nacional de Abastecimento (Conab) has forecast total exports this year at 38 MMT. (S&P Global; Reuters)
France: Based on increased area, FranceAgriMer raised forecasted barley production to 13.7 MMT, up from 13.6 MMT, which is a 23 percent increase over last year’s output. Due to higher yields, corn production was increased by 100 KMT to 12.6 MMT. (Reuters)
Malawi: Traders have been told to sell their corn to the Agriculture Development and Marketing Corp. or the National Food Reserve Agency within two weeks. The strategic grain reserve has fallen by 80 percent and the ministry has increased the corn acquisition price to 230 kwacha ($0.31) per kilogram from 150 kwacha. (Bloomberg)
South Africa: A 15 percent yearly increase in corn prices will prompt at least a 10 percent reduction in 2019/20 planted area. With a planted area of 2.9 million hectares and improved yields, production will be 13.3 MMT, a 13 percent increase from 2018/19. Corn exports to other African markets will be 1.1 MMT, versus 1 MMT a year ago. (USDA/FAS/GAIN)