LAGOS EYE NEWS

Argentina Suspends Corn Exportation |LAGOS EYE NEWS

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Argentina has suspended sales of corn for export until February 28.

This was announced by the ministry of agriculture, the surprise move is part of the government’s effort to ensure ample domestic food supplies.

Argentina’s government is struggling to control food price inflation and help low-income families contending with an economy shrinking during the pandemic. Buyers can still book corn from Argentina, but only for a shipping date March 1 or later.

Russia, in December, 2020 announced a grain export quota and wheat tax as President Vladimir Putin criticised rising food prices.

And major agricultural exporter Brazil has imported staples including soybeans. Chicago Board of Trade corn futures notched a 6-1/2-year high after Argentina’s announcement.

The South American grains powerhouse is also a big international soybean and wheat supplier as well as the world’s top exporter of soymeal livestock feed.

“To date, 34.23 million tonnes of corn from the 2019/20 season has been authorised for export, out of a exportable total of 38.50 million tonnes,” the statement said.

The objective of the measurement is that the remaining 4.27 million tonnes remain available for domestic consumption, in order to ensure the supply during the summer months when the supply of cereal tends to be scarce,” it added.

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