The USDA FAS world grain markets report has noted an increase in export bids for major exporters since the July WASDE report. US bids saw the least change, while Ukrainian and Brazilian bids increased due to supply expectations affected by weather conditions. In contrast, Argentine bids remained stable and farmer sales and exports in Brazil and Argentina remained sluggish.
India's surge in domestic demand for corn, driven by government ethanol policy and the poultry market, has resulted in record imports for TY 2023/24. This has led to a significant drop-off in India's corn exports to countries like Vietnam, Nepal, and Bangladesh, which have shifted to other exporters or relied more on domestic supplies. High global supplies have also caused a drop in international corn prices, further incentivizing traders to keep supplies in India.