Bloomberg News

Argentina Said to Increase Corn Export Quota by 7 Million Tons

October 17, 2012

Argentina plans to increase corn export quotas for the 2012-2013 crop as the government seeks additional revenue for energy subsidies, said a government official.

The additional quota would be announced in late December or early January, if the cereal’s estimated planted area remains at 4 million hectares, rain continues benefiting the crop and there’s no repeat of last year’s drought, said the official, who asked not to be named because the decision relies on weather conditions. Argentina charges export taxes on agricultural products including corn and soybeans, its biggest source of export revenue.

Authorities will allow the export of an additional 7 million metric tons of corn to an announced 15 million metric tons, the official said.

The Agricultural Ministry is forecasting a 2012-2013 harvest of at least 28 million tons. Argentina, the second- largest corn exporter, was listed as an approved supplier to China, the second-biggest consumer of the crop, in April.

Alejandra Koser, a press officer at the agriculture ministry in Buenos Aires, declined to comment on an expanded quota.

To contact the reporter on this story: Pablo Gonzalez in Buenos Aires at pgonzalez49@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net


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