Page ARCHIVE

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.

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.

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.

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).

Ukraine grain exports tumble

Entering its second year of war, Ukraine’s grain exports have tumbled to 31.8 million tonnes, down 27% so far for the 2022-23 season as Russia’s invasion grinds down agricultural production and infrastructure that previously contributed substantially to world markets, Reuters reported, citing Feb. 27 agricultural ministry data.