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Corn Rises on Possible Argentina Export Tax, Tighter US Supplies

Corn futures are rallying on Thursday as investors were on the hunt for some bargains in the broader commodities market. Corn is also benefiting from the political developments in Argentina that could lift prices in the short-term. Now that prices have topped $5, is $6 on the horizon?

March corn futures picked up $0.065, or 1.25%, to $5.285 per pound at 14:15 GMT on Thursday on the Chicago Board of Trade (CBoT). Corn is on track for a weekly loss of about 1%, but it has had a strong start to 2021 by advancing nearly 9% in the few trading weeks of the calendar year.

Farmers in Argentina have been ramping up sales from the upcoming 2020–2021 corn harvest over reports that the government attempt to intervene in international sales. According to Ministry of Agriculture data, producers sold 1.07 million tons of 2020–2021 marketing year corn between January 7 and January 13. Producers sold a little more than 334,000 during the same time a year ago.

Officials are weighing policies that would ensure ample food inventories in the South American country. One proposal would involve a two-month suspension of exports and a daily limit on global shipments. With consumer price inflation (CPI) hitting 4% in December, Buenos Aires may try to introduce export limits to slow down increases in domestic food prices.

This would have a considerable impact on the market since Argentina is the third-largest corn producer. Jorge Chemes, president of the Argentine Rural Association, or CRA, is not happy, telling Reuters:

Interventionist measures do not work. There is fear that the government will enact new measures aimed at increasing the domestic supply of corn, and that it might try to do the same with wheat and beef.

Argentina would follow in the footsteps of other commodity-rich nations that have imposed export taxes. Russia recently raised and extended its penalty on wheat shipments to limit exports, while Ukraine is mulling over similar export limitations.

Plus, the US Department of Agriculture (USDA) slashed its supply outlook in its most recent World Agricultural Supply and Demand Estimates (WASDE) report.

In other industry news, General Administration of Customs data highlighted that China imported a record 11.3 million tons of corn in 2020, including more than two million tons in December. Early estimates suggest that Beijing will purchase 30 million tons this year.

In other agricultural commodities, March wheat futures were unchanged at $6.675 per bushel. March soybean futures tacked on $0.1175, or 0.89%, to $13.8175 a bushel. March coffee futures edged up by $0.006, or 0.48%, to $1.258 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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source https://www.earnforex.com/commodities/corn-rises-on-possible-argentina-export-tax-tigher-us-supplies/