February 7, 2008
Argentina corn export sales soar following new harvest
Argentine grain exporters have declared 2.18 million tonnes of 2007-08 corn for export over the past four days, even though the corn harvest has only just begun, the Agriculture Secretariat said. The data reflect export commitments up to February 5.
Last week the government announced that export registries for wheat and corn would be opened, effective Jan. 31. New corn export commitments had been blocked since mid-2007.
Corn export declarations are now limited to 30 days in advance of shipment, compared with the one year advance previously allowed. Companies will have a 15-day grace period beyond the initial 30 days to actually complete shipment. The registry will be closed again in November.
The US Department of Agriculture forecasts Argentina's 2007-08 corn production at 22.5 million tonnes, but local analysts expect output to be lower due to dry weather conditions and damage from a late frost.
The Buenos Aires Cereals Exchange forecasts output of 20.5 million tonnes this season.
The USDA projects Argentina will export 15 million tonnes of corn from the 2007-08 crop.