Argentina to approve more corn exports

Country forecast to produce at least 26 million metric tons of corn in 2013

The Argentina government will approve at least 3 million metric tons more in 2012–2013 corn exports, according to Agriculture Secretary Lorenzo Basso. 

Forecasting a harvest of at least 26 million metric tons, Basso said the additional export quota will be granted late in January or in February, once the government has a more accurate forecast for overall production. The government has already freed 15 million metric tons of 2012–2013 corn for export and 8 million metric tons is needed for domestic consumption.

The U.S. Department of Agriculture forecasts an Argentine crop of 28 million metric tons. To reach that target, the South American country needs rain before the end of January — rain they may not get, say country meteorologists. This is a change from August through December 2012, when some areas were actually lost to flooding.