March 16 CBOT corn futures closed higher at US$3.68 per bushel up 3.0 Usc/bu for the week.
Brazil’s corn forecast was increased by 1Mt to 83.3Mt in January by CONAB. Exports of corn were also revised up and are expected to reach 29Mt, with high demand due to weak local currency. The lower Brazilian Real supporting local farmers to sell to the export market not the domestic end users.
Informa has raised the Argentine corn crop forecast to 26 million tonnes up 4 million tonnes from their previous estimate of 22 million tonnes.
South African grain association – Grain SA has lowered their initial estimate of corn imports from 5 million tonnes to 3.8 million tonnes.
Barley prices are also lower over the week against reflecting a lack of demand and the firmer AUD.
The Aussie traded at the 72¢ this week for the first time since early January.
The Reserve Bank has left interest rates unchanged at their February 2016 meeting.
BOM forecasts rainfall is more likely to be above average across much of the southern half of Australia with the strongest probabilities in the southeast over the next 3 months.
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Weekly Report 16_02_05