Country News
Brazil: The governmental agency, Conab, projects that Brazil will bring in 78.5-79.8 MMT of corn in 2013/14, reports Reuters. These totals are up from the 78.4-79.6 MMT predicted last month. Conab reduced its outlook for 2012/13 to 81 MMT, which is down from 81 MMT predicted earlier.
China: The Chinese government has approved corn imports from Brazil as that country tries to allieviate a large supply surplus, according to Reuters. This move has followed a recent trend on the part of the Chinese government to diversify its corn imports away from a near total reliance on the U.S. China allowed imports from Argentina in August of this year. China is expected to import 7 MMT in 2013/14, which is up from 3 MMT in 2012/13.
European Union: The corn harvest in Western Europe is smaller than originally hoped due to poor weather throughout the growing period, reports Reuters. This disappointing turnout stands in stark contrast to the bumper harvests that are expected in places like the U.S. and Ukraine, which compounds the woes of European farmers as prices are dragged down to their lowest points in three years.
France: French barley exports have increased by 65 percent to 738,973 MT while corn exports have fallen by 25 percent to 298,456 MT, according to Bloomberg News.
Japan: The Ministry of Agriculture has announced that it will import 115,000 MT of feed barley via a simultaneous buy and sell auction that closed on Wednesday, reports Reuters. The tender had sought 200,000 MT of feed barley and 120,000 MT of feed wheat. Japan will seek the same quantities in another tender to be held on November 13.
South Africa: Yellow corn futures in Africa’s largest corn producer rose for the first time after a four-day slump, reports Bloomberg News. Yellow corn for December delivery rose to $228/MT.