Last week, South Africa actively exporter a lot of corn. The USA, the world’s biggest corn exporter, is now unable to export substantial amounts of corn due to poor harvest caused by severed prolonged droughts. Therefore, corn importers are now actively looking for alternatives. And they seem to have found one.
South Africa has exported 92 856 ton of corn this year. This is the biggest export volume since December 2011. Mexico, that is a major importer of corn, has bought 87 300 tons.
Therefore, South Africa has boosted its corn export by 18% this year. Last week, neighboring countries imported 2960 tons.
The chart below, courtesy of , reflects the current state of affairs in the market of corn futures.
The price is rallying. The corn futures contract of December delivery appreciated by 1.6% ton in Johannesburg.
