Country News
Bangladesh: Corn production has gone from 65,000 MT in 1997-98 to 2.75 MMT in 2015-16, making it now the second most important cereal crop in the country after rice. Profit levels are higher for corn than for rice, and the crop requires less water. (WPI)
China: Sinograin sold a relatively small 76,353 MT of corn reserves on September 27 at an average price of 1,678 yuan/MT ($251.76). However, CNGOI says that China has sold 41.5 MMT of corn out of state reserves thus far this year, which is 137 percent more than was sold during all of last year. The average Chinese corn price ($261.66/MT) continues to drop. (Bloomberg)
EU: The crop monitoring service has cut its yield forecast for EU maize for the second month is a row, putting it below the five-year average. (Reuters)
Korea: The Korean Feed Association is tendering for 130,000 MT of corn, the Korean Corn Processing Industry Association tendered for 55,000 MY of corn, and giant Korean feed maker NOFI is separately tendering for up to 138,000 MT of corn. (Reuters)
Russia: The Ministry of Agriculture intends to lift the current 102-ruble excise tax ($1.62/liter ≈90 percent cost of production) on domestic fuel ethanol by the end of the year. Listing the tax is expected to increase production by up to 670 million gallons per year. (Ethanol Producer Magazine)
South Africa: The Crop Estimates Committee raised its forecast for corn production to 5.54 MMT, which is 3.3 percent above the previous month. Recent rains have helped as the local price has now dropped by 22 percent. Corn imports of 3.8 MMT are still expected, of which a third will be white corn.
Tunisia: The state grains agency tendered for the purchase of 25,000 MT of feed barley with the lowest offer at $167/MT C&F. (Reuters)