Grain market review: Oilseeds
The prospect of ample supplies, despite weather problems in some producing regions, is pushing oilseeds prices lower. The Foreign Agricultural Service (FAS) of the US Department of Agriculture said on June 12 in its Oilseeds: World Markets and Trade report that the US soybean oil price premium compared to other major exporters has declined, and...
COFCO, GROWMARK enter agreements on grain assets
COFCO International, Ltd. and GROWMARK Inc., on June 20, announced they have entered into definitive agreements regarding grain assets in Illinois. Beijing, China-based COFCO International has agreed to purchase GROWMARK’s minority stake in a transloading facility located in Cahokia. In contrast, GROWMARK has agreed to purchase a Chicago grain warehouse facility, known as the B-House, from...
COCERAL increases EU grain outlook
In its latest 2024 European Union/United Kingdom grain crop forecast, released on June 10, COCERAL increased its projection slightly to 296 million tonnes, about 500,000 tonnes higher than the previous projection in March. If realized, it would still be about 3.2 million tonnes higher than production in 2023, said COCERAL, a European association focusing on...
Australian winter crop totals expected to increase 9%
Australia’s overall winter crop production is expected to increase 9% to 51.3 million tonnes in 2024-25 and be the fifth highest on record, according to the June report from ABARES. Wheat production is forecast to increase by 12% to 29.1 million tonnes, while barley production is estimated at 7% to 11.5 million tonnes. Canola production...
Bunge, Zen-Noh to buy stake in Brazil terminal
Bunge Global SA and Zen-Noh Group have agreed through a joint venture to purchase 50% of a grain terminal at the Port of Santos from Brazilian rail operator Rumo for 600 million reais ($115.3 million), Reuters reported, citing a securities filing. Rumo said in the filing that it had tied up the binding agreement to sell its...
Untimely rains impacting French grains
Recent rains have dampened France’s wheat and barley outlook while slowing maize (corn) planting in the European Union’s largest grains producer, Reuters reported, citing data from farm office FranceAgriMer. A warm, sunny stretch earlier in May had helped crops and soil dry out after a damp growing season. Still, recent showers have raised concern that wet...
US, Russia may hold key for bullish market
A ridge of high pressure evolved recently over the heart of Russia’s grain production region grabbing some attention in the commodity trade. Ridges of high pressure aloft over Russia tend to occur in years of El Niño to La Niña transition. Sometimes a similar ridge of high pressure evolves over the central United States impacting the Great Plains, western Corn and Soybean Belt and the southeastern Canada Prairies with drier and warmer-than-usual weather. Producers and traders who are looking for…
Larger second crop to boost Argentina’s soy production
Argentina’s soybean production is expected to increase in 2024-25, with a larger planted second soy crop, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA). Production is estimated at 51 million tonnes, up 1.5 million tonnes from the previous harvest. Soybean planted acreage is forecast to increase to 17.8 million hectares with an increased second soy crop planting due to fears of a dry year and the potential threat of the chicharrita…
New Orleans leads global grain ports
The port region of New Orleans, Louisiana, US, was the world’s No. 1 grain and oilseeds export hub in 2023, leading the two major South American hubs, according to a report published by Argentina’s Rosario Grains Exchange. The Port of New Orleans Region was listed first at 63.4 million tonnes of grains and oilseeds exported, while Santos port in Brazil exported 62.3 million tonnes, followed by Argentina’s Rosario port at 42.4 million, Belém, Brazil, at 38.17 million, and Vancouver, British…
Argentina investing in new grain port
The Argentine government said it plans to invest approximately $550 million to build a new grain port in the Rosario region. The region is considered a vital agricultural center for Argentina, accounting for more than 80% of the country’s agricultural and agro-industrial exports.