Country News
Argentina: La Nina-imposed drier weather in the latter half of this year threatens late planted corn in the Pampas production area, and some corn may not get planted. The Argentina Rural Society says about half the corn crop tends to get planted later. (Reuters)
China: The government’s estimate of corn imports was reduced by 500 KMT for the year as a result of larger than expected domestic production. Meanwhile, the National Development Reform Commission says that plans are in place to subsidize grain transportation and storage in the country to improve efficiency. (Reuters)
Ukraine: Market participants are saying that corn production and exports will be less than the amounts predicted by USDA. The last USDA WASDE report pegged Ukrainian corn production at 25 MMT with 20.5 MMT of exports. However, production is expected to be down to 24 to 24.5 MMT due to less ideal conditions in the south and east. Exports may only hit 18 MMT, in part due to tougher world competition. U.S. corn is priced at $156/MT, which is $10/MT less than Ukrainian corn as the latter depends upon spot selling in nearby markets.