The National Agriculture Society (SNA) this week predicted 2 to 4% growth in 2011 for Chile’s agriculture-based industries, compared to this current year’s dismal 1.9% growth.
Russia is interested in purchasing 3 million tons of Argentine animal feed corn to supply its domestic market following the catastrophic drought and fires suffered by the country during summer months in the northern hemisphere.
World corn production will be 0.5% lower than forecast last month as reduced U.S. and Brazilian crops result in smaller-than-estimated inventories, the International Grains Council reported on Thursday.
Brazil is poised to confirm its largest crop ever, 147.1 million tons in 2009/2010, which is 9% higher that the 135.1 million of 2008/09 according to the latest survey from Conab, the country’s National Supply Agency. The latest record was in 2007/08 with 146 million tons.
Corn futures rose to a two-month high on mounting demand from China, the world’s second-biggest consumer.