Friday, October 21, 2011

France corn harvest estimates up after summer rains

France’s corn harvest will be higher than previously expected after summer rain boosted production, allowing for increased exports, according to crops office FranceAgriMer.
Current forecasts predict that farmers will harvest 14.75 million metric tons of corn, compared to 2010's 13.8 million metric tons and up from the previous estimate of 14 million metric tons. Corn futures in Paris have dropped 19% in 2011, and weekly corn-export commitments for the 27-nation bloc were 202,515 metric tons in the seven days through October 4, the highest level for one week in at least seven years, according to the EU.
Corn exports are expected to climb to 6.49 million metric tons from 5.6 million metric tons in the 2010-11 season, FranceAgriMer estimates. This number is up from a previous outlook for shipments of 6.29 million metric tons. 

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