The estimated rise in Thailand's 2008-09 corn crop of 3.7 million tons, up from the proceeding year's 3.6 million tons, is expected to double Thai corn exports on surging foreign demand, following India's recent corn export ban through October 15th.
The Indian ban has pushed Thai export corn prices to $350 per ton, up from $280 in late June and would probably rise further if demand continues to outpace supply, as exporters compete with feed producers to buy corn, primarily for the main buyers in Malaysia, Vietnam and Indonesia.
Thailand's feed producers have requested permission from the Commerce Ministry to raise their selling price by 20% to help offset the higher cost of corn which should remain high for the rest of the year.
