Bunge to acquire multi-oil refinery
Bunge Ltd., through its Bunge Loders Croklaan joint venture with IOI Corporation Berhad, has entered an agreement to acquire a newly constructed, port-based refinery from Fuji Oil New Orleans, LLC. The refinery is located in IMTT’s (International-Matex Tank Terminals) Avondale Terminal, Louisiana. Financial terms of the agreement were not disclosed.
US spring wheat plantings at a 50-year low
The US Department of Agriculture’s March 31 Prospective Plantings report brought some surprises but may ultimately yield to weather as the primary final planting factor this spring. The USDA said farmers intend to plant 91.996 million acres to corn in 2023, up 4% from last year, 87.505 million acres to soybeans, up 0.1%, and 49.855 million acres to all wheat, up 9%, including winter wheat, up 13%, durum, up 9% and spring wheat other than durum, down 2.4%. Area planted…
Cargill to stop elevating Russian grain exports.
Citing mounting challenges to its grain export operations in Russia, Cargill will cease elevating Russian grain in the new export season that begins July 1.
Focus on South Korea
With less than a quarter of its land used for agriculture, South Korea relies heavily on imports, particularly wheat and corn, while producing a significant amount of rice.
Grain market review: Oilseeds
A likely record Brazilian crop, with Argentina’s production problems already factored in, and subdued demand were at the top of the list of factors behind easing oilseeds prices in recent weeks.
Bunge joins canola collaboration
Bunge will collaborate with Corteva Agriscience and Chevron U.S.A. Inc., a subsidiary of energy giant Chevron Corp., to introduce proprietary winter canola hybrids that produce plant-based oil with a lower carbon profile, driven by opportunities in the renewable fuels sector.
BASF announcement surprises wheat industry
With global wheat supplies tightening due to climate change and the war between Russia and Ukraine, two of the world’s biggest wheat producers and exporters, finding ways to maximize wheat yields and produce seed that is resistance to drought and disease has never been more important.
Kazakhstan’s wheat, barley production improves in 2022-23
Wheat and barley production in Kazakhstan improved in 2022-23, with both experiencing a 39% increase from the previous year, according to a report from the Foreign Agricultural Service of the US Department of Agriculture (USDA).
Russia may abolish grain export quota
Russia, the world’s largest wheat exporter, is considering abolishing its grain export quota
Companies betting on plant-based protein
With 52% of global consumers identifying as flexitarians (incorporating both animal-based and plant-based proteins into their diet), according to a Mintel market research report, oilseeds and legumes processors stand to benefit from this shift toward alternative protein sources. Of those consumers, nearly two-thirds are defining their eating styles as “trying to consume more plant-based foods,” leading to expanded protein options and fueling overall demand for plant-based proteins.