From: Terry Reilly
Sent: Friday, August 31, 2018 11:09:07 AM (UTC-06:00) Central Time (US & Canada)
Subject: Corn bull spreading – Arg rumor
- Argentina’s government will meet on Monday and may include talks on adding a new export tax of 10% on all corn and wheat exports. They already have the export tax on the soybean complex but took it off the corn and wheat. Corn is very completive out of Argentina versus Brazil and US.
- This rumor is supporting Chicago corn bull spreading.
- Note early harvested corn out of Ukraine appears to be very favorable so selected major importers may turn to Ukraine in addition to US.
Selected major exporting country corn export prices
Selected country corn basis
Source: Reuters and FI
Senior Commodity Analyst – Grain and Oilseeds
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