South Africa 2023-24 Corn Export Estimate Lowered 12%

By George Mwangi

Special to Dow Jones Newswires

South Africa's corn export estimate has been lowered by 12% in the current marketing year, the U.S. Agriculture Department said late Wednesday.

Exports are now seen at 3.0 million metric tons, down from an earlier estimate of 3.4 million tons in the marketing year started in May 2023, the agency said in its grain and feed update.

Export estimates for 2022-23 have also been revised down by 5% to 3.8 million tons.

South Africa's corn exports started to decline in recent weeks after the Northern Hemisphere countries' corn harvest started being sold in the world markets, it said.

In addition, corn exports compete with local soybeans exports for loading slots due to structural and capacity constraints at South African ports.

South Africa produced its second-largest corn harvest on record in 2022-23 at 17.1 million tons, up from 16.1 million tons of the prior year, the USDA said, citing the final production report from the country's crop estimate committee.

In the current marketing year, production is seen 7.6% lower at 15.8 million tons, USDA said.

South Africa produces both yellow and white corn varieties.

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01-26-24 0714ET