January 20, 2004

Argentina Revises October Corn Exports Up

Argentina has revised its corn export figures higher for October 2003, but the latest figure is still below October 2002 exports, the Agriculture Secretariat said Monday.

The latest data show that Argentina exported 617,601 tons of corn in October, down 13.4% from the 713,237 tons exported during the same month a year ago.

Earlier this month, the Secretariat reported that 590,458 tons of corn had been exported in October, putting sales down 17.2% from a year ago.

Spain bought the biggest portion of Argentine corn in October, accounting for 102,975 tons, compared with only 256 tons the previous year.

Saudi Arabia came in second with 99,320 tons against 14,239 tons the previous year. Chile ranked third with 82,280 tons against 80,681 tons a year earlier.

Argentina was the world's No. 3 corn exporter in 2003, behind China and the U.S. Analysts expect Argentina to takeover the No. 2 position in 2004 as China decreases or even ceases its corn exports.

The U.S. Department of Agriculture sees 2003-04 output at just 12.5 million tons.