Brazil auctions more maize

15/09/2016,

The Government has auctioned on 15 September a 50 000 tonnes of maize from its state reserves. This follows a previous auction for a same volume on 23 August (FPMA Food Policies), of which just 23 800 tonnes were sold. These auctions are part of the 500 000 tonnes maize release approved in June, which adds to the 500 000 tonnes already released between February and March (FPMA Food Policies). Tight market supplies reflecting this year’s reduced aggregate output (first and second season crops) pushed domestic prices of maize to record levels in mid-2016. Maize prices increased in August, after a significant decline in July, due to a further downward revision of the 2016 output estimate, now put at about 68 million tonnes, the lowest level since 2011. The measure aims to boost market supplies and ease down prices of maize and poultry and pork products.

Country: Brazil