HIGH PRICES REDUCING INDIA’S CORN EXPORTS
Corn exports from India have plummeted recently as domestic prices have surged due to strong demand from the country’s poultry and ethanol industries. Traditional importers of Indian corn, such as Vietnam, Nepal, and Malaysia, have shifted their purchases to South American countries that are offering it at a lower price. They said Indian corn costs about $300 per tonne, compared to $230 per tonne in South American countries. India, which typically exports between 250,000 to 300,000 tonnes of corn per month, only exported 30,000 tonnes in December, the exporters told Reuters. Domestic corn production also has played a factor in the increase in prices. India’s government estimates that last summer’s corn production was 22.5 million tonnes, but traders told Reuters that the actual output was much lower and that the winter crop also could be lower than predicted.
(Link: WorldGrain)
ARGENTINE SOYBEAN PLANTINGS NEARLY COMPLETE, BOOSTED BY MOISTURE
Argentina’s soybean plantings are nearly complete for the current season, with 97% of some 17.3 million hectares of farmland set aside for the harvest already planted, the Buenos Aires grains exchange said on Thursday. Argentina’s main farmland has benefited from abundant recent rains attributed to the weather phenomenon known as El Nino. According to a weekly crop report from the grains exchange, 55% of the country’s planted soybeans feature “excellent/good” conditions, and 28% are categorized as entering the reproductive phase. About 90% of the land planted with soybeans shows “optimal/appropriate” moisture conditions.
The report added that nearly 90% of the 2023/24 corn crop is planted. It cautioned that rainfall in eastern parts of the South American country will likely cause excessive moisture, but noted that only around 3% of plantings would be affected. The 2023/24 wheat crop is nearly 98% planted, with the grains exchange maintaining its harvest forecast of 15.1 million metric tons. Argentina mostly exports wheat to buyers in Brazil and Indonesia.
(Link: Sucessful Farming)
