Argentina's ag minister Norberto Yauhar says it will export an additional 2.75 million metric tons (MMT) of 2011-12 corn, bringing its exports to 16.45 MMT.
"The additional shipments, together with recent better-than-expected figures from the U.S. Department of Agriculture, should help ease tight international markets," Yauhar said.
The announcement of higher exports came during at meeting of the Food and Agriculture Organization (FAO) of the United Nation's. The Minister spoke about the prospects for the upcoming harvest, noting that the outlook for both rainfall and plantings of corn and soybeans were positive. He added that Argentina has already earmarked 15 MMT of corn and 5 MMT of wheat for export for the 2012-13 season and the country maintains reserves of one million tons of corn and one million tons of wheat.