An increase in area and “excellent yields” are likely to push Argentina’s corn production to 48 million mt, according to the weekly report from the Buenos Aires Grain Exchange, as the country’s growing conditions boost the outlook.
For corn, however, the weather has boosted area, yield and production.
Corn futures ended the Thursday session mixed, with 2019 contracts 3/4 to 2 cents higher and back months lower. USDA reported 586,461 MT of old crop export bookings in the week that ended on April 25.
That was a 24.8% drop from the previous week and down 42.5% from last year. Japan purchased 301,400 MT of the 18/19 total. New crop sales totaled 209,464 MT, with 180,000 MT bought by Mexican importers.
The Export Sales report also showed 124,000 MT of sorghum sold to China. The Buenos Aires Grain Exchange revised their 2018/19 Argentine corn estimate 2 MMT higher at 48 MMT.
They also showed that 30.9% of the country’s crop was harvested vs. the 29.7% average.
Brazil Trade Ministry data shows the country exported 426,027 MT of corn in April, less than half of March but more than 3.7 times larger than last year.