In the four days following last week's reopening of the Argentine corn export registry, 2.18 million metric tons of 2007-08 corn was declared for export according to the Ag Secretariat. The corn export registry had been closed since the middle of last year.

Previously exporters had to declare a year in advance, but when the registry reopened on Jan. 31 a 30-day advance notice was instated. Exporters have a 15-day grace period beyond those 30 days to actually ship exports. The registry will close again in November.

Although the corn harvest has just begun in Argentina, USDA forecasts a harvest of 22.5 million tons, although due to dry weather and a late frost, local estimates are somewhat lower.