FAO: Global cereal prices decline in November
Due mainly to declines in international corn and wheat prices, the United Nations’ Food and Agriculture Organization’s (FAO) Cereal Price Index for November decreased by 3% from the previous month, according to a report released on Dec. 8. International prices of coarse grains dropped by 5.6% in November, led by a sharp fall in corn prices, while wheat prices declined by 2.4%, the FAO said. Its All-Rice Price Index remained stable month-on-month amidst contrasting price movements across different origins and…
Russia forecasting record grain exports
With nearly 98% of its harvest collected, Russia is forecasting over 65 million tonnes of grain exports during the 2023-24 marketing season, Reuters reported, citing Russian news agency Interfax. Russian Agriculture Minister Dmitry Patrushev said on Nov. 28 that more than 151 million tonnes of grain in bunker weight had been threshed, including almost 99 million tonnes of wheat, according to Interfax.
China’s grain feed use on upswing
China’s grain feed and residual use in marketing year 2023-24 is projected to rise slightly to 285 million tonnes, up 2.7% from 282.3 million tonnes in 2022-23, according to a Global Agricultural Information Network (GAIN) report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. FAS Post Beijing anticipates corn production in 2023-24 to edge higher to 280 million tonnes due to a larger planted area at 40.927 million hectares (up 1.9%) and improved yields. Feed and…
Ukraine ‘humanitarian corridor’ exports near 4 million tonnes
Ukraine has exported nearly 4 million tonnes via its “humanitarian corridor” since shipments started in August, Ukrainian President Volodymyr Zelenskiy said on Nov. 14, Reuters reported.
Argentine wheat crop revised lower.
Due to widespread dry conditions, Argentina’s wheat production forecast for the 2023-24 marketing year has been revised lower in the most recent Global Agricultural Information Network report from the US Department of Agriculture’s Foreign Agricultural Service (FAS). The FAS dropped its projections for Argentine wheat output by 2 million tonnes from the previous forecast to 14.5 million tonnes. If realized, the total would still be 2 million tonnes higher than the country’s 2022-23 drought-stricken crop. Argentina, typically the largest wheat…
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.
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.
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.
Romania to boost Ukrainian grain exports
With additional staff and the completion of EU-funded infrastructure projects, Romania said it could double its monthly transit of Ukrainian grain to its Black Sea port of Constanta to 4 million tonnes in coming months, particularly via the Danube River, Reuters reported, citing Romania's minister of transport. Ukraine is one of the world’s top grain exporters, and Russia has been attacking its agricultural and port infrastructure after refusing to extend the Black Sea Grain Initiative brokered by the United Nations…
Cargill revenues rise 7% to $177 billion
Excellent execution” and “customers’ partnerships” helped Cargill deliver an increase in revenues in the fiscal year ended May 31. At $177 billion, revenues were up 7% from fiscal 2022, the company noted in its annual report. Cargill said the rise in revenue in part reflected the benefit of several investments undertaken in 2023, including a new joint venture with Wayne-Sanderson Farms, which the company said positions it for growth in North American poultry. Additionally, Cargill acquired Owensboro Grain Co., which…