Argentina's corn export seen at 33.5 million mt in 2019-20, down 9.5% on year: BCR

New Delhi — Corn exports from Argentina was 33.5 million mt in the March 2020-February 2021 period, as compared to the record 37 million mt in the same 2018-19 period, according to a forecast by Rosario Board of Trade (BCR).

Record production, favorable currency exchange rate and an increase in demand boosted corn exports during the last marketing year. This year, however, an increase in the export duty and a drop in production are expected to weigh on exports from Argentina.

The trade board has also cautioned that exports are subject to revision due to uncertainty regarding global economy due to the COVID-19 pandemic.

Exporters have already recorded forward sales amounting 19.7 million mt for 2019-20 season.

Argentina is the third largest exporter of corn in the world following the US and Brazil.

Corn production is pegged at 50 million mt for 2019-20, down 2.9% year-on-year, according to the trade board's estimate.

Dry weather conditions during planting season this year is seen reducing the corn-crop yields in the country.