FW: Corn bull spreading – Arg rumor

• Argentina’s government will meet on Monday and may include talks on adding a new export tax of 10% on all corn and wheat exports. They already have the export tax on the soybean complex but took it off the corn and wheat. Corn is very completive out of Argentina versus Brazil and US.
• This rumor is supporting Chicago corn bull spreading.
• Note early harvested corn out of Ukraine appears to be very favorable so selected major importers may turn to Ukraine in addition to US.

Selected major exporting country corn export prices

Selected country corn basis

Source: Reuters and FI

Terry Reilly

Senior Commodity Analyst – Grain and Oilseeds

Futures International │190 S LaSalle St., Suite 410│Chicago, IL  60603

W: 312.604.1366

treilly@futures-int.com

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Skype: fi.treilly

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