Argentine Corn Crop Expected to Slide
The Buenos Aires Grains Exchange said they expect their corn crop estimate of 32 MMT for 2017 corn being harvested to slip further as erratic yields from late planted corn could take its toll. Adding to that belief, the chief economist for the Argentine Rural Society, a leading farm group is quoted as saying "Corn planted early in the season was less hit by the drought, while late-planted corn has had areas where yield losses are worse than what would correspond to the published estimate of 32 million tonnes." USDA sits at 33 MMT from its WASDE report yesterday. Exports are expected to be 24 MMT, so any further cut in production will likely mean a nearly one-for-one drop in exports by a key U.S. competitor.
Asian Buyers still in the Corn Market
Overnight, Taiwan's MFIG bought 65,000 MT of corn from optional origin sources of US/Brazil. Yesterday two other feed groups from South Korea: NOFI and KFA were also in for a similar volume.
World Wheat Woes to Continue
Russia's Agriculture Ministry projects this year's wheat harvest of 64.4 MMT said on Friday. That would be off from USDA’s 67 MMT figure and well below last year’s output of 85 MMT. USDA on Thursday surprised the trade with a drop in world carry-out to 260 MMT versus an expected value of 265. Key exporters Russia, Ukraine, Australia, and the European Union had combined harvest reductions of 8.9 MMT in the report.
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