Ocean freight rates for US grain dropped in the third quarter.
Ocean freight rates for shipping grain from the US Gulf and Pacific Northwest dropped in the third quarter compared to the previous quarter and from a year ago, according to the Oct. 26 Grain Transportation Report from the US Department of Agriculture (USDA). Compared to the prior four-year average, rate for routes from the Gulf and Pacific Northwest to Japan decreased while rate for routes from the US Gulf to Europe increased.
Bunge marks 100 years in Australia
Bunge Ltd. is marking a century in Australia throughout October, hosting an event with more than 100 local partners at Lake Towerrinning, Moodiarrup, Western Australia, and giving back to the communities in which operates. Bunge (Australia) Pty. Ltd. was established in Melbourne in 1923, focusing on grain trading in the wheat and barley export markets. A century later, Bunge brings grains and oilseeds from Western Australia to countries in Asia, Africa, South America and Europe. The company operates a port…
Russia signs grain export deal with China.
A Russian export company has signed a deal to export 70 million tonnes of grain, legumes and oilseeds to China, Reuters reported on Oct. 18. The company, EPT, said the contract was for 12 years with a possible extension, according to Reuters.
Ukraine says nearly 300,000 tonnes of grain destroyed.
Russia’s attacks on Ukraine’s agricultural infrastructure and ships since July have destroyed nearly 300,000 tonnes of grain, Reuters reported, citing the Ukrainian government. Since Russia quit the Black Sea Grain Initiative in July, its military forces have hit six civilian ships and 150 port and grain facilities during 17 attacks, destroying crops headed for export, Deputy Prime Minister Oleksandr Kubrakov said in a statement.
UN, Russian officials discuss grain exports
Talks aimed at providing Ukraine and Russia “unimpeded access” to global grain and fertilizer markets were held between the United Nations and Russian officials Oct. 9 in Moscow, Reuters reported. UN spokesperson Stephane Dujarric said top UN trade official Rebeca Grynspan was in Moscow and UN aid chief Martin Griffiths joined the talks virtually.
Bunge shareholders vote for Viterra acquisition
Bunge Ltd. shareholders on Oct. 5 voted in favor of the company’s acquisition of Viterra Ltd., approving the issuance of 65,611,831 common shares, par value of 1¢ per share. The shareholders also voted in support of moving the company’s global agribusiness’ place of incorporation from Bermuda to Switzerland. Bunge’s operational headquarters will remain in St. Louis. “We appreciate our shareholders’ vote of confidence in our strategy to position Bunge as a premier global agribusiness solutions company through the merger with…
US HRW wheat exports projected at record low
US Hard Red Winter (HRW) wheat exports are forecast to fall to their lowest level since the US Department of Agriculture (USDA) began tracking such data in 1973, according to a recent report from the Economic Research Service (ERS). In its monthly Wheat Outlook Report, released on Sept. 14, the ERS projected HRW exports to decline to 155 million tonnes, revised downward by 10 million tonnes from its August projection.
Poland to extend embargo of Ukraine grain
Poland announced on Sept. 12 that it will not lift its embargo of imports of Ukrainian grain this week as originally planned. Poland Prime Minister Mateusz Morawiecki said resuming imports would hurt Polish farmers.
Argentina anticipates rebound in soybean crop
Argentina’s soybean crop is expected to rebound in the 2023-24 crop year to an estimated 50 million tonnes, up from 21 million tonnes last season, according to a Sept. 7 report from the Buenos Aires grain exchange. The country is a top exporter of processed soybeans and also a major corn and wheat supplier. A historic drought sharply reduced production last season.
Brazil overtakes US as top corn exporter
Brazil will overtake the United States as the world’s top corn exporter in the 2022-23 marketing year and is projected to be the leading exporter in 2023-24 as well, according to statistics from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. The only other year in which Brazil topped the United States in corn exports was in 2012-13, a year in which a severe drought impacted US corn production.