Global grain trade review
The grains market has moved this year from handling an unprecedented worldwide pandemic to dealing with a war involving two of the planet’s biggest exporting nations. At the same time, as always, the fundamentals of supply and demand continue to exert their influence.
China’s soybean imports hit the lowest level since 2014
China’s soybean imports hit their lowest level for any month since 2014 this October, according to customs data, Reuters reported.
FAO Cereal Price Index rises again
The benchmark for world food commodity prices was broadly stable in October, with rising cereal prices more than offset by declines in quotations for other staples, the Food and Agriculture Organization of the United Nations (FAO) reported on Nov. 4.
Russia suspends participation in grain deal
Despite Russia proclaiming that it has suspended its participation in the United Nations-brokered grain export deal with Ukraine, grain ships continued to exit Ukraine’s Black Sea ports on Oct. 31, according to various media reports
India says its wheat, rice stocks sufficient
Following a summer of concern, India’s stocks of rice and wheat have been pronounced sufficient, and wheat could be sold by the government to help control domestic prices, if necessary, Reuters reported, citing the Ministry of Consumer Affairs, Food and Public Distribution.
Argentine wheat crop projections continue to fall.
Drought-stricken Argentina’s 2022-23 wheat crop projections continue to trend downward as the country’s two major grain exchanges cut their forecasts on Oct. 13, according to Reuters.
FAO sees drop in global grain output
The United Nations’ Food and Agriculture Organization (FAO) projected a further reduction in global grain production in its latest Cereal Supply and Demand Brief, released on Oct. 6. The FAO pegged output in 2022 at 2.768 billion tonnes, a 1.7% decline from last year’s crop.
FAC examines impact of war on global food security
The Food Assistance Committee (FAC) during a meeting on Sept. 30 discussed the impact of Russia’s invasion of Ukraine on global grain markets
Ukraine shipments near 5 million tonnes
Nearly 5 million tonnes of agricultural products have been shipped from Ukraine’s Black Sea ports since the United Nations and Turkey brokered a deal on July 22, allowing grain shipments to restart following a five-month Russian blockade, Reuters reported.
Record wheat crop forecast for Brazil
The latest wheat forecast for Brazil, a record 10.935 million tonnes, has the nation poised to reverse its status as a net importer of the crop in the coming years, Reuters reported, citing an estimate by agribusiness consultancy Safras & Mercado.