Country News
Argentina: USDA lowered the estimated coarse grain production by 300 KMT to 63.28 MMT as precipitation remains below average. (WASDE)
Brazil: IMEA downgraded corn output from Mato Grosso. CONAB predicts corn output at 119.4 MMT, down 9.4 percent year-on-year. With corn prices at break-even levels, Dr. Michael Cordonnier thinks farmers may not plant as much corn, certainly not in the first crop. October was a record for corn exports at 8.5 MMT. (Brownfield; AgriCensus; RFDTV; DRGNews)
Russia: The export tax on corn was lowered and kept at zero for barley during the November 9-14 period. (AgriCensus)
South Africa: The FAS attaché expects 2023/24 corn production to be 15.8 MMT, down from 17.1 MMT last year. This is below the 16.5 MMT forecast by USDA but still large with five of the country’s largest corn crops occurring in the past seven years. Corn exports are to decline 25 percent to 3 MMT. (World Grain)
South Korea: The Korea Feed Association (KFA) purchased 65 KMT of corn expected to be sourced from South America or South Africa at $258.80/MT C&F plus a $1.00 a ton surcharge for additional port unloading.