Brazil releases additional maize from state reserves

24/08/2016,

The Government of Brazil auctioned on 23 August a further 50 000 tonnes of maize from its state reserves, following a first auction of 50 000 tonnes already earlier in the month. These volumes are part of the 500 000 tonnes release approved in June, which adds to the 500 000 tonnes of maize 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 and despite recent declines with the ongoing 2016 second season harvest, prices remain well above their year-earlier levels. The measure aims to boost market supplies and ease down prices of maize and poultry and pork products.

Country: Brazil