ODA Market Alert: Argentina cancels their recent corn export ban

After having decided to ban corn exports until 1st of March 2021, to protect their domestic markets, the Argentinian 🇦🇷 government cancelled the ban after having met with furious farmers. The corn crop conditions in Argentina remain very poor, due to La Nina impacting weather and more than 65% of the planted area is under a severe drought deficit. In this context, it will be very interesting to follow the USDA’s production figure tomorrow. Markets currently forecast a range of between 44Mt and 48Mt (vs 50Mt earlier). CBOT is down only 1% on the news, at just under $5/bu, as the impact on world markets is relatively negligible.