South Africa: Grain and Feed Update
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South Africa is currently harvesting its second largest corn crop in history and a fourth consecutive bumper crop. This creates a bearish outlook on local corn prices and will limit an expansion in the area to be planted with corn in marketing year (MY) 2023/24. Additionally, Post foresees that the positive trend in soybean plantings will continue, also limiting possible expansion of corn area. However, South Africa should maintain its status as a net exporter of corn under normal climatic conditions. Post estimates South Africa could export around 2.5 million metric tons (MMT) of corn in MY 2023/24, while exports in MY 2022/23 are expected to reach 4 MMT. In MY 2021/22, South Africa?exported 3.7 MMT of corn, keeping exports on the same level as MY 2020/21.
