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.
Bunge joins canola collaboration
Bunge will collaborate with Corteva Agriscience and Chevron U.S.A. Inc., a subsidiary of energy giant Chevron Corp., to introduce proprietary winter canola hybrids that produce plant-based oil with a lower carbon profile, driven by opportunities in the renewable fuels sector.
Companies betting on plant-based protein
With 52% of global consumers identifying as flexitarians (incorporating both animal-based and plant-based proteins into their diet), according to a Mintel market research report, oilseeds and legumes processors stand to benefit from this shift toward alternative protein sources. Of those consumers, nearly two-thirds are defining their eating styles as “trying to consume more plant-based foods,” leading to expanded protein options and fueling overall demand for plant-based proteins.
Market for organic products must be nurtured
While still accounting for only a modest share of grain-based foods in the United States, the market for organic products has been highly dynamic and must be nurtured and protected. Amid costly episodes of fraud over the last decade and longer, the need for the US Department of Agriculture to strengthen the National Organic Program (NOP) had become apparent.
China corn production on upswing
Corn production in China for 2022-23 is trending higher at 277.2 million tonnes, up 1.7%, or 4.6 million, from last year, and feed mills have resumed mixing more corn amid higher wheat and sorghum prices, according to a Global Agricultural Information Network report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
French soft wheat exports outside the EU on rise
The forecast for 2022-23 soft wheat exports from France outside the European Union has continued to climb to 10.6 million tonnes, 21% more than last year, on strong demand from North Africa, Reuters reported, citing farm office FranceAgriMer.
India eyes better year for wheat
Higher prices and better weather could help India’s wheat production take a leap forward with farmers planting high-yielding varieties in a wider area, Reuters reported, citing scientists and traders in the world’s second-largest grower of the grain.
Grain market review: Coarse grains
Concerns over the world economy and its effect on demand, and spillover from declines in wheat, pushed prices for maize lower in December. Worries over potential problems with shipments through the Black Sea are still in traders’ minds, while China’s COVID problems remain a threat to demand.
Cargill to acquire soybean processor
Expanding its oilseeds network, Cargill has entered a definitive agreement to acquire Owensboro Grain Company, LLC, a fifth-generation family-owned soybean processing facility and refinery located in Owensboro, Kentucky, US.
Satellite images reveal plentiful Ukraine crop
Ukraine farmers in 2022 harvested fewer tonnes of wheat than in the record-setting previous crop year, but close to the recent five-year average volume, according to analysis of satellite imagery by NASA Harvest