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Supplies from Argentina and Brazil reduce corn prices in the region, according to the FAO

Large supplies of maize from Argentina and Brazil contributed in 2017 to Latin America and the Caribbean to obtain lower international prices, according to a report by FAO. today.

Santiago de Chile, Nov 21 (EFE) .- The large supplies of maize from Argentina and Brazil contributed in 2017 to Latin America and the Caribbean to obtain lower international prices, According to an FAO report released today.

In South America, Brazil's maize production in 2017 reached a new record of 99.4 million tons, 57% more than in 2016. Argentina also recorded a record production of 49.5 million tons of corn.

Regarding imports of Central American corn in 2017-2018, they are forecast to be slightly more than 21 million tons, 4% more than in 2016/17. (FAO).

Regarding exports from Brazil for the 2017-2018 season (July to June), a record crop of corn and a favorable exchange rate would increase sales to 28 million tons, 120% more than in the previous season.

Likewise, the record harvest in Argentina will boost its exports of corn to 27 million tons, well above the previous season (22.6 million tons).

With respect to corn stocks, it is expected that those of Argentina will grow while those of Brazil will reach a historical record of 15 million tons, highlights the FAO study.

On the other hand, in South America, the total wheat production of 2017 is forecast to decrease by 6%. corresponds to a reduction of 18% in Brazil's wheat production, forecast at 5.5 million tons.

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