BUENOS AIRES, ARGENTINA — Argentina will stop corn exports until Feb. 28 as part of the government’s plan to ensure domestic food supplies, Reuters reported, citing the nation’s agriculture ministry.
Argentina is the world’s third largest corn supplier.
“This decision is based on the need to ensure the supply of grain for the sectors that use it as a raw material for the production of animal protein such as pork, chicken, eggs, milk and cattle, where corn represents a significant component of production costs,” the statement said.
Buyers can still book corn from Argentina, but only for a shipping date March 1 or later.
Argentina isn’t the only nation to take measures to protect domestic supplies. Russia announced earlier this month a grain export quota and wheat tax.
Farmers and others in the corn supply chain typically do not support intervention in the markets.
Argentina’s MAIZAR corn industry chamber said the move doesn’t make sense and there is not a lack of corn in the nation.
The Rosario grains exchange forecasts a 48 million tonne crop for 2020-21.