The incredible rally of the Argentine corn exports
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The weekly RIA Consultores’ report shows this week that during the first half of the year, Argentina exported 17.1 million metric tons of corn, 44% up 2018 in volume and 32% up in value. This amazing growth is based on a 57 MMT record harvest and on bullish prices.
According to the Agro-Industry Secretariat, during the 2018/19 campaign corn production peaked at 57 MMT, which 34 MMT will be exported and 9 MMT will remain as carryover for the next season.
This week the International Grains Council stressed that “aided by a heavy surplus and competitive pricing, corn export program by Argentina has been progressing at a record pace, with MY2019/20 (Mar/Feb) shipments seen at unprecedented levels, up by more than one-half y/y”. The IGC forecasts that 35 MMT will be exported in the current commercial year (Mar/Feb) versus 25 MMT last season.
Officials from the Agro-Industry Secretariat show them optimistic about a new extension of the corn planted area during 2019/2020 that will start since September. The Rosario Grain Exchange (BCR) estimates that corn area could increase another 10% this new season.
Source: efarmnews
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