Argentine Corn ‘Terrifyingly’ Cheap as Farmers Meet Quotas
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Corn in Argentina, the world’s second-largest exporter, is trading at close to a 50 percent discount relative to U.S. benchmark prices as farmers struggle to sell stocks after meeting government export quotas.
Corn for delivery this month on Argentina’s Rosario Cereals Exchange closed at $158 per ton, or about $3.95 per bushel, on Sept. 9, after plunging 15 percent this year. That compares with $7.36 a bushel for December corn on the Chicago Board of Trade, where prices surged 17 percent this year after the hottest summer since 1955 in the U.S., the world’s top corn shipper.