US winter wheat forecast surprises analysts
The US Department of Agriculture (USDA) in its July 12 Crop Production report forecast US 2023 winter wheat production at 1.206 billion bushels, up 6% from the June forecast of 1.136 billion bushels and up 103 million bushels, or 9%, from 1.104 billion bushels in 2022.
Bunge Q1 earnings fall short of last year’s record
First-quarter earnings at Bunge Ltd. fell short of last year’s record results, dragged down in part by sluggish oilseed processing results in Argentina, Asia and Europe, which more than offset strong crush margins in North America and Brazil. Bunge net income in the first quarter ended March 31 was $632 million, equal to $4.15 per share on the common stock, down 8.2% from $688 million, or $4.48 per share, in the first quarter of fiscal 2022. Sales totaled $15.33 billion,…
Australian wheat output projected to decline
After three consecutive years of record-setting wheat crops in Australia, production in marketing year 2023-24 is forecast to dip 25% from the previous year to what would still be the fourth largest total over the last 10 years, according to a Global Agricultural Information Network report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. “Favorable conditions around the time of winter grain planting across most production areas of Australia bodes well for the establishment and early…
EU plans help for farmers in countries bordering Ukraine
The European Union (EU) is planning a package worth 100 million euros ($109.32 million) to support farmers as countries bordering Ukraine have begun to restrict imports of Ukrainian cereals that they say have depressed their domestic market prices, Reuters reported, citing a European Commission spokesperson.
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.
Australia, China seek truce in barley dispute.
Australia announced on April 11 that it has taken steps to attempt to reopen the Chinese market to Australian barley, which essentially has been banned by China during the past three years after its government imposed an 80% import tariff in 2020.
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.
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).