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…
CoBank: Grain, oilseed prices continue to slide
Grain and oilseed prices continued to slide last quarter under pressure of a strengthening US dollar, arrival of the South American harvest and plentiful domestic inventories, according to a new quarterly report from CoBank’s Knowledge Exchange. Corn, grain sorghum, barley and oats all saw major reductions since last year, while soybeans, cotton, spring wheat and durum wheat each experienced increases, the report said.
Ukraine to plant more oilseeds.
While Ukrainian farmers are expected to plant more oilseeds, with the exception of sunflowers, production volumes in 2024-25 could be dampened by lower yields. Soybean production area is estimated at 2.1 million hectares, an 18% increase, and rapeseed area is estimated at 1.5 million hectares, a 7% increase, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. Sunflower seeds production area is about the same at 5 million hectares.
Brazil’s soybean production revised to lower.
Although Brazil’s latest soybean production forecast for the 2023-24 marketing year has been revised lower to 158.5 million tonnes, it still would top last year’s record total, if realized, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. The previous projection in October was for a crop of 161 million tonnes — 3 million tonnes higher than in 2022-23 — but the FAS said poor weather resulting from El Niño has lowered expectations…
IGC: World soybean output up 7% year on year
IGC: World soybean output up 7% year on year. The International Grains Council (IGC) in its latest Grain Market Report revised global soybean production higher in marketing year 2023-24 to a record 395 million tonnes. The increase in output is chiefly linked to bigger crops in South America, the IGC said
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.
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…
Brazil’s corn, and soybean estimates were revised higher
Brazil’s crop estimating agency, Conab, on Aug. 10 raised its official corn crop estimate for the current marketing year to a record 129.9 million tonnes, up 2.2 million from its previous estimate. The upward revision is due to safrinha corn production being higher than previously forecast. Conab also raised its 2022-23 corn exports forecast to 50 million tonnes, an increase of 2 million from its prior outlook.
Bunge, Viterra agree to $18 billion merger.
Bunge and Viterra announced on June 13 that they have agreed to a merger that will create one of the world’s largest agribusiness firms, moving it closer in size and scope to leading agribusiness giants Cargill and ADM. As part of the $18 billion deal, which was unanimously approved by both companies’ board of directors, Viterra shareholders will receive about 65.6 million shares of Bunge stock, carrying a value of about $6.2 billion, and approximately $2 billion in cash. Bunge…
Bunge, Viterra reportedly inching closer to deal.
Negotiations of a potential merger between agribusiness giants Bunge Ltd. and Viterra have reached a critical stage as the companies attempt to put the final touches on a deal that would combine two of the world’s largest agricultural traders, Reuters reported on June 8, citing sources familiar with the matter. The sources told Reuters that Bunge, whose market value is about $14 billion, would pay for most of the deal with stock as well as cash and debt financing from…