Argentine corn exports double in Q1
Argentine corn exports doubled in the first quarter and further increases are expected as new government policies release supplies onto the global market, Business Recorder reports.
President Mauricio Macri eliminated corn export restrictions in December, prompting farmers to sell stockpiles that had accumulated under former leader Cristina Fernandez, who tightly controlled trade.
Against the lifting of these restrictions, Argentina's corn export window will also be prolonged by two months into August due to unusually high late-season planting.
Shipments from the world's number four corn exporter rose to 7.6 million tonnes in the January to March period, from 3.8 million in the same period last year, thanks to the strong US dollar, eroding US market share when the US is typically the dominant exporter.
The US Department of Agriculture (USDA) says corn planting in Argentina is expected to spike to 4.2 million hectares in the 2016/17 season, compared to 3.2 million hectares in the 2015/16 crop year. It forecasts 2016/17 corn production at 31.5 million tonnes, which would be the highest record for the country.