India’s rice stocks reach record high
While its wheat stocks continue to drop, India’s rice stocks hit a record at the beginning of January, reaching eight times the government’s target, Reuters reported. Rice reserves totaled 60.9 million tonnes on Jan. 1, much higher than the target of 7.6 million tonnes. Wheat stocks were at 18.4 million tonnes, above the target of 13.8 million...
FAS bullish on Argentine soybean crop
Strong soybean production and crush are anticipated in Argentina in the 2024-25 marketing year, but those lofty projections could be impacted by a developing La Niña weather pattern, according to the latest report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. With nearly 90% of the soybean crop planted, crop development...
Dryness expected in Brazil, Argentina
La Niña still has not evolved after various computer forecast models predicted it was imminent since last spring. Changes in ocean surface temperatures finally have become significant enough that traditional La Niña-biased conditions are beginning to show up around the world. An official La Niña event may not ever evolve, or if it does evolve...
CPKC doubles capacity at US-Mexico border with new bridge
Canadian Pacific Kansas City (CPKC) completed construction of a new international railway bridge that more than doubles its capacity at the US-Mexico border. The Patrick J. Ottensmeyer International Railway Bridge spans the Rio Grande River from Laredo, Texas, US, to Nuevo Laredo, Tamaulipas, Mexico. The Laredo crossing is the busiest in North America and the...
New grain terminal opens in Saudi Arabia
National Grain Co., a joint venture between the Saudi Agricultural and Livestock Investment Co. (SALIC) and Bahri, inaugurated the Yanbu Grain Handling Terminal on Dec. 22 at Yanbu Commercial Port. The company said the new terminal features a storage capacity of 156,000 tonnes, including 12 silos with a total capacity of 96,000 tonnes and a...
Heat, dryness expected in Brazil
Most of the commodity trade fear of La Niña negatively influencing South America has passed. Weather conditions since the end of October have been mostly very good in Brazil and Argentina and the market mentality has been more bearish than bullish over futures prices; however, changing weather this month is likely to bring a little...
Viterra drops plans to acquire Cargill sites in South Australia
Viterra no longer plans to acquire the South Australian GrainFlow handling and storage sites and mobile ship loader from Cargill, and the companies have withdrawn their application from the Australian Competition and Consumer Commission. Viterra and Cargill initially announced the acquisition in September. The five Cargill GrainFlow sites that were part of the transaction are...
Brazil expecting record grain output
Brazil is anticipating a bin-busting grain harvest in the 2024-25 marketing year, according to a report from the National Supply Company (Conab), released on Dec. 12. Conab forecasts record grain production at 322.4 million tonnes, which would represent an 8.2% increase from 2023-24. The company projects that 81.39 million hectares will be sown in the...
Russia to cut wheat exports
Reuters reported, citing the Russian government, that Russia, the world’s leading exporter, plans to cut its wheat export quota by two-thirds in 2025. It will also hike wheat export duties by over 18% beginning Dec. 4, 2024, and eliminate import quotas for some staple foods. The Eurasian Economic Union (EEU) Council said Russia’s export quotas...
Playing Russian roulette with fertilizers
Russian fertilizer exports are booming, largely driven by soaring sales to European customers. This trend sparks fierce debates in Europe on whether to restrict fertilizer flowing from the east, which could fuel food inflation in the European Union (EU). However, an alternative might be much worse, as the risk of fertilizer imports eventually being weaponized...