Country News
Argentina: Agricultural policy is being actively discussed among candidates who are competing against each other for the nation’s presidential election that will take place on October 25. Candidate Mauricio Macri is gaining some attention in the farm community by declaring that he will lift export quotas on corn shipments abroad, according to Reuters. Macri has served as mayor of Buenos Aires and is considered business friendly.
China: Trade data imply that recent volatility within the Chinese economy has not eliminated the need to feed animals and the interest of buyers to do so in the most cost-effective manner: Chinese combined imports of U.S. corn, DDGS, sorghum and barley hit a new record high in July, according to Reuters. The price of these imports is substantially below China’s domestically produced corn.
European Union: Low rainfall and high temperatures have taken a toll this season on the EU corn crop. Production this season is estimated by the MARS service to be down more than 20 percent from last year’s record production and almost 9 percent below the 5-year average, reports Reuters. Some of the hardest hit corn-producing regions were in France, Spain, Italy, Southern Germany and Poland.
Indonesia: Feed grain buyers from Indonesia and other Asian nations are taking advantage of current low global prices by extending coverage of their feed needs through calendar year 2015, according to Reuters. Indonesian buyers have purchased both U.S. corn and DDGS for needs through December. Meanwhile, Vietnamese buyers commented that they are also covered through December and are now looking to make purchases through February 2016.