Argentine corn growers planted 6.6 million hectares, 3.6% more than in the last cycle and 26% above the 5-year average. In the country's core productive area, first-crop corn grew remarkably. Therefore, by November 1, corn planting progress was 12% ahead of last 5-year average.
In the local market, corn purchases reach 3 million tons, almost twice the volume negotiated during the same period in the previous year; 67.7% of the total will be delivered in between February and April. The delivery peak at Rosario Hub ports is likely to take place in March. More than 2.4 million tons of corn are scheduled to enter the terminals in March, already. Compared to the previous marketing year, this volume is 90% higher.
Last week, corn continued to be at the spotlight in the local spot market. The price published by the Arbitration Chamber of Cereals on Thursday was US$ 139.8/t. As for March and August forwards, the price was around US$ 140/t.