Argentina's July corn exports could hit monthly record

Corn port delivery delays in Argentina due to rainy weather hampering the harvest could lead to record high exports in July, market sources told Agricensus.

According to market sources, corn volumes nominated for June shipment were originally around 3.9 million mt, while only 1.8 million mt have so far been loaded, as "there's no physical corn in the market," according to one Argentina-based source. 

Thus, part of that volume will need to pass to July, nominations for which were heard at a similarly high level of 3.8 million mt.

"With this heavy volume to come and a big program to come next month, I'm expecting July exports to be around 4.2 - 4.3 million mt reaching a record high," an Argentina-based source said.

"I think much of the delayed loading will be put off till July, and it will be a month of a high level of operations," another source added.

A broker also agreed, but mentioned that it all now depends on the weather - "once the weather gets nice and cold we should see a speedup in logistics and harvest rate."

The forecast showed that next week the weather will become more favourable for harvesting, with rains concentrated mainly in the northern regions of the country, while other parts of the county look dryer, so port deliveries should resume.

"it is going to be a challenge, but next 10 days we are going to have frost, and no rains, so everyone will harvest the corn," according to the third source.

The previous record corn export in Argentina was seen in August of 2016 when 4.054 million mt were shipped.