However, thanks to the extensive rains that began to fall at the end of February that “changed the scenario in a good part of the Pampas region”, in particular the province of Buenos Aires, losses at the national level were limited to only 500,000 tons.
Regarding 2021/22 corn, the Stock Exchange also explained that the rainfall in recent weeks, which in some parts exceeded the monthly average, would compensate for some of the losses caused by the drought. “The yield projections of the late sowings (of corn) would temper the very poor performance of the early ones in the central strip,” said the BCR.
An opportunity for Argentina
In the last hours, it was learned that Spain and France proposed to the European Union (EU) to eliminate restrictions on genetically modified grains from South America and the United States, initially, temporarily. In addition to the US, the beneficiaries would be Argentina, Brazil and Canada. Currently the country has restricted entry to the European market as a result of certain residues as a result of certain phytosanitary residues that they contain. The measure focuses mainly on the supply of corn, according to the Bloomberg news agency.
The Spanish Confederation of Manufacturers of Compound Feed for Animals (Cesfac) supported the proposal of Plans to import cereals in markets such as Argentina, the United States and Canada. The Spanish employers recalled that in Argentina there are 7.5 million tons of corn available (adding another 15.4 from the end of March) and 100,000 tons of sunflower seed.
“These amounts would serve to more than cover the needs of the Spanish production of compound feed for animals and a good part of the European demand,” said a statement from the employers’ association released by Europa Press.
According to Wednesday’s data, available corn stood at US$289.36 per ton, by the profit-taking movement of investment funds and by the fall in wheat prices.
Source: Ambito
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