Country News
Argentina: The Buenos Aires Grains Exchange cut its forecast for the 2023/24 corn crop. (Refinitiv)
Brazil: AgroConsult forecasts that corn exports in 2023 will be 55 MMT as output was lowered to 128.7 MMT The first crop corn sowing is at 55 percent complete according to farm agency Conab. The consultancy MB Agro says lower prices and soybean delays will reduce the second corn crop (safrinha crop) area and net a 90-MMT crop. The consultancy Patria Agronegocios says corn production will be down 14.3 percent this year to 112.51 MMT. The larger decline, -17.8 percent, will be the second corn crop at 82.45 MMT. Current corn exports have been slowed due to the Amazonian drought. (Refinitiv; AgriCensus)
China: Grain feed and residual use will climb 2.7 percent to 285 MMT in 2023/24. Corn imports will fall 1 MMT from the earlier forecast to 20 MMT as domestic production area expands 1.9 percent and there will be improved yields. (FAS GAIN)
Iran: State agency SLAL purchased 150 KMT of corn in a tender and booked 50 KMT of Russian corn. (Fastmarkets)
Russia: The government significantly lowered the corn export tax for the period November 29 – December 5. (AgriCensus)
South Korea: KFA Incheon bought 65 KMT of corn for March arrival with optional origin. NOFI acquired 132 KMT of corn for April arrival. FLC purchased 52 KMT of corn from Brazil in a private deal. MFG also picked up corn in a private deal. (Refinitiv)
Tunisia: The state buying agency tendered for 75 KMT of optional origin feed barley. (Refinitiv)