last release: April 2017
Average world maize export quotations fell sharply in March, with the IGC GOI sub-Index dropping by 5 percent to a one-year low, as South American crop prospects turned brighter, setting the scene for more intense export competition in the second half of 2017. A particularly steep decline was noted in spot prices in Argentina, where harvesting got off to a quick start, triggering a wave of farmer selling. The US market also turned lower, with sentiment more bearish amid a generally heavy supply outlook. With the start of Brazil’s shipping programme still some months away, FOB values there were mostly unquoted. Black Sea prices also softened but with overall losses capped by firm underlying export demand.