South Africa’s Corn-Export Forecast Raised in Boon for Neighbors
- Agricultural chamber raises estimate 28% to 1.85 million tons
- Increase will ease pressure on neighbors hit by El Niño
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South Africa’s Agricultural Business Chamber raised its forecast for the country’s corn exports as local consumers use more low-cost grain imported from South America and free up tonnage for drought-hit neighbors.
The country will likely export 1.85 million tons of corn in the 12-month marketing season to the end of April, Wandile Sihlobo, chief economist at the chamber known as Agbiz, said Tuesday in a note sent to Bloomberg. While that’s up 28% from its June forecast of 1.44 million tons, it would still be the least in five years as South Africa’s own crop plunged by a fifth.