Country News
Argentina: Corn and wheat planted area this year will be 1.5 million hectares smaller than last year. That forecast is a 20 percent larger drop than forecast by the Buenos Aires Grain Exchange. Lower global corn prices combined with high taxation by the government have reduced profitability for these crops. (Agrimoney)
Australia: Market analysts Green pool Commodity Specialists predicts that this year’s El Nino will cause global sugar output to fall 5.6 MMT short of demand, the worst supply deficit in six years. This could affect ethanol production and prices have rallied as a result of the short crop.
Canada: Statistics Canada forecasts 2015/16 barley production will be 7.6 MMT, a nearly 7 percent increase over 2014/15. USDA’s September report pegged Canadian barley at 7.3 MMT but will issue a new report tomorrow. Statistics Canada predicts the 2015/16 oat crop will be 3.3 MMT, up nearly 14 percent from 2014/15 but 10 KMT below USDA’s September estimate. (Dow Jones)
Ukraine: UkAgroConsult says that a government decision to reduce corn exports by 21 percent will increase the demand for corn from other suppliers, and encourage the use of other grains such as wheat for animal feed. (Dow Jones)