last release: March 2017
After two consecutive monthly gains, average maize export quotations retreated slightly in February, but with the IGC sub-Index still up by around 4 percent compared to a year ago. Weakness was attributed to a modest pullback in South American values, where crop prospects were more positive than in January. However, due to tight old crop availabilities, Brazilian maize was very thinly traded. Net gains were recorded in spot US FOB prices, where light underpinning stemmed from robust demand from exporters and ethanol processors. Logistical constraints in and around Pacific North West ports were also supportive.