Argentina was left unchanged export duty on corn

the Argentine Government on Thursday resumed the registration of export contracts after increase of export duties on soybeans and the oil from 30% to 33%, while the duty on wheat and corn was left at 12%.

Before the shift duties, the government stopped the registration of exports, rather than almost a week stopped the sale.

In anticipation of higher duties Argentinian farmers have filed applications for licences to export 95.5 million tonnes of grain and oilseeds compared to 52.4 million MT a year ago, tou the rate of export of suspension of registration is not greatly reduced. Last week, the number of registered applications for export license increased from 5 to 13 thousand tons, of which corn of the new harvest 10 thousand tons, while last year the figure was 745 thousand tons.

Weekly export sales of Argentine corn amounted to 628 thousand tonnes, of which 175 thousand tons of new harvest and 453 thousand tons of old. Last year in this period has sold 1.79 million tons of maize, of which a new crop of 1.27 million tons and the old – 516 thousand tons.

World importers abandon the expensive American and Ukrainian corn, preferring the cheaper and more quality South American.

the experts of the Grain exchange Buenos Aires, increased in comparison with the previous forecast estimate of the soybean crop by 1.4 million tonnes to 54.5 million tonnes and corn - by 1 million tons to 50 million tons, which is inferior to the last year of 50.6 million tonnes, But forecasts of production may increase due to favorable precipitation.

According to estimates by INTL FCStone, Brazil in the current marketing year may collect a record 101,1 million tons of corn. High prices in the domestic market will increase sowing areas of maize of the second crop, so the forecast of production increased by 3.2% to 74,28 million tons.

Export sales of US corn for the week decreased by 11% to 765 thousand tonnes, which was at least expert expectations and lowered the may futures on corn to 149,68 $/t

Weekly exports of corn from the United States amounted to 884 thousand tons, which is significantly less than the 1.1 million tonnes that need to export weekly to reach the projected for the current season, the level of 43.8 million tonnes, although in fact, since MG is realized only 14,139 million tons.