Grains, Seeds, Vegoils & Meals
Aug 24 - Russia expects jump in August grain exports as record harvest rolls out
Russia is expected to increase grain exports to 3.5 million tonnes in August from 2.2 million tonnes in July, SovEcon agriculture consultancy said on Tuesday.Russia, a major global wheat exporter, exported record high volumes in the 2015/16 crop season which ended on June 30, and is likely to export even more in 2016/17 when it expects the largest crop in its post-Soviet history. Click here to read full stories.
Aug 24 - Egypt's GASC cancels wheat tender, no reason given
Egypt's General Authority for Supply Commodities (GASC) said on Tuesday it had cancelled a tender to buy wheat.Ahmed Youssef, vice chairman of GASC, did not give a reason for the cancellation.The tender was seeking wheat for Sept. 21-30 shipment. Click here to read full stories.
Aug 24 - Cofco to buy remaining stake in Nidera to take full ownership
Chinese state-run grain trader Cofco Corp said on Tuesday it will buy the remaining stake it does not already own in Dutch firm Nidera, the latest move to expand its global footprint.It will buy the minority take from Cygne BV, bringing its ownership in Nidera to 100 percent. The closure of the transaction, which is subject to regulatory approvals, is anticipated to take place in the fourth quarter. Click here to read full stories.
Aug 24 - Indiana corn yields, soy pod counts seen up from last year -tour
The annual Pro Farmer Midwest Crop Tour on Tuesday estimated corn yields in Indiana above findings last year but the projections came in sharply lower than the U.S. Department of Agriculture's outlook released on Aug. 12.The crop tour projected Indiana's corn yield at 173.42 bushels per acre, up both from last year's estimate of 142.94 bpa and the three-year crop tour average of 165.11 bpa. USDA said yields in the state would average 187 bpa, up from 150 bpa in 2015. Click here to read full stories.
Aug 24 - Canadian farmers to reap less canola, surprising trade
Canadian farmers are set to harvest slightly less canola, surprising traders, but more wheat, according to Statistics Canada's first production report of the year on Tuesday.Mostly favorable spring weather raised expectations of a bumper harvest in western Canada, where most of the country's grains and oilseeds grow. Summer storms, including tornadoes and hail, have since dampened some trade estimates. Click here to read full stories.
Aug 24 - Lactalis ready to discuss milk prices with angry French farmers
Europe's largest dairy producer, Lactalis, said on Tuesday it was ready to renegotiate milk prices paid to producers after hundreds of farmers protested outside its headquarters in northwestern France demanding higher prices.Lactalis will meet French milk producers in Paris on Thursday morning, members of France's largest farm union FNSEA said separately after holding talks with Lactalis representatives near the company's base in the town of Laval. Click here to read full stories.
Aug 24 - Australia's Murray Goulburn lifts annual profits 61 pct
Murray Goulburn, Australia's largest dairy processor, said on Wednesday its annual net profit jumped more than 60 percent, but warned it will face significant headwinds next season from an oversupplied milk market.Global milk prices have tumbled sharply amid a global supply glut, leading processors in both Australia and New Zealand to slash payments to suppliers and forcing farmers to slaughter cattle. Click here to read full stories.
Aug 24 - Brazil mulls fund to finance farming insurance, Valor says
The Brazilian government is considering the creation of a private-sector fund to help subsidize insurance for farmers, potentially cushioning them from possible budget cuts in agricultural aid, newspaper Valor Econômico reported on Tuesday.According to Valor, the proposed fund would bear part of the cost of farming insurance policies, adding that the idea is under discussion between Agriculture Minister Blairo Maggi's team, insurers and farming groups.
Aug 24 - Asian CPO Likely to Rally Into Year End on Weather, Seasonal Factors
Asian palm oil prices could continue to rally into the year end, as the impact of dry weather hasn't yet been fully digested and seasonally-lower production in the fourth quarter is expected to occur in the coming months, says OCBC Bank. "With the already negative growth in overall production levels seen year-to-date, the further fall in production may lift CPO to exceed our initial call at MYR2,800 (per) metric ton at year-end," the bank says. The Bursa Malaysia 3-month palm oil contract is trading up 13 ringgit a ton at MYR 2591/ton.
Aug 24 - Asian CPO to Ease Significantly in Coming Quarters (Dow Jones)
Palm oil prices, after rallying by 20% in July-August driven by the delayed impact of the El Niño phenomenon on tree yields in South East Asia, will ease significantly in the coming quarters, says BMI Research in a note. "The tightness in supply driven by El Niño in 2016 will dissipate as we turn to 2017 and fundamentals for the market turn bearish for prices." It notes that palm oil will be one of the only commodities to average lower on a year-on-year basis in 2017. BMI Research forecasts palm oil prices to average MYR2,350 a metric ton in 2017, compared with MYR2,500 a ton in 2016 and MYR2,235 a ton in 2015. The Bursa Malaysia benchmark 3-month palm oil contract is trading up MYR15 per ton at MYR 2594/ton.
Aug 23 - Asian CPO Rises on Improved Demand From India, China (Dow Jones)
Asian crude palm-oil price futures rebound from losses to close higher Tuesday boosted by demand from India and topping up of stocks by China. Palm oil shipments from Malaysia, the world's second largest producer after Indonesia, increased more than 25% during August 1-20, from a month ago, according to cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. India is the world's biggest vegetable oil importer and meets most of its annual demand from top producers Indonesia and Malaysia. "India will continue to be the world's largest consumer and importer of palm oil. China too will increase its oil purchases," says a Kuala Lumpur-based trader. Benchmark palm-oil futures for November on the Bursa Malaysia Derivatives Exchange rose MYR32 to MYR2575/ton.
Aug 23 - U.S. clearance of ChemChina's Syngenta deal removes key hurdle
A U.S. national security panel has cleared ChemChina's $43 billion takeover of Swiss pesticides and seeds group Syngenta, the companies said, boosting chances that the largest foreign acquisition ever by a Chinese company will go through.The decision removes significant uncertainty over the takeover of the world's largest pesticides maker. Several U.S. lawmakers and groups representing farmers had expressed fears over a Chinese state-owned company being in a position to influence the U.S. food supply. Click here to read full stories.
Aug 23 - Egypt wheat commission submits corruption report amid calls for minister to resign
A fact-finding commission investigating corruption in Egypt's domestic wheat supplies has delivered its final report to parliament, a lawmaker said on Monday, amid mounting pressure on the minister of supplies to resign.Egypt, the world's largest importer of wheat, has been mired in controversy over whether much of the roughly 5 million tonnes of grain the government said it procured in this year's harvest exists only on paper, the result of local suppliers falsifying receipts to boost government payments. Click here to read full stories.
Aug 23 - EU crop monitor cuts grain maize, soft wheat yield estimates
The European Union's crop monitoring service significantly cut its forecast on Monday for average maize and soft wheat yields in this year's EU harvest after adverse weather.The MARS service pegged the average EU grain maize yield at 7.23 tonnes per hectare (t/ha) in 2016, down from 7.42 t/ha seen in July, mainly due to dry weather in southeastern Europe. Click here to read full stories.
Aug 23 - S. Dakota corn yield potential, soy pod counts down from 2015-tour
Harvests prospects for both corn and soybeans in South Dakota were lower than a year ago, with both crops stressed by some heat and dry conditions during the growing season, scouts on annual tour found on Monday.Scouts on the Pro Farmer Midwest Crop Tour found average corn yield potential in the state at 149.78 bushels per acre, below the tour's three-year average of 160.13. A year ago, scouts on the tour calculated the average South Dakota corn yield at 165.94 bushels per acre. Click here to read full stories.
Aug 23 - Russian wheat prices rise for fourth week
Russian wheat export prices rose for a fourth straight week as farmers continued to hold onto their top quality produce, anticipating further price increases after weather-related shortfalls in Europe, analysts said on Monday.Black Sea prices for Russian wheat with 12.5 percent protein content were $170 a tonne on a free-on-board (FOB) basis at the end of last week, up $2 from a week earlier, Russian agricultural consultancy IKAR said. Click here to read full stories.
Aug 23 - Depressed prices for U.S. baby pigs signal troubled hog market
U.S. hog farms devastated by a swine virus three years ago have rebuilt their herds to record levels, an accomplishment that has brought equally formidable problems.The value of young "feeder" pigs weighing 10 to 12 pounds, the building block of the U.S. pork sector, has plunged by nearly three-quarters this year, according to U.S. Department of Agriculture data. Click here to read full stories.
Aug 23 - Asian Crude Palmoil May Remain Under Pressure on July Output (Dow Jones)
Asian crude palm oil prices could remain under pressure after the Malaysia Palm Oil Board data release on Monday showed that palm oil production was up 3.5% in July from a year earlier to 1.59 million metric tons. Palm oil prices have rallied strongly over the last few weeks due to concerns that production hadn't improved as quickly as expected, following the devastating El Nino phenomenon earlier this year. Benchmark palm-oil futures for November on the Bursa Malaysia Derivatives Exchange fell 35 ringgit to MYR2543 per ton. Click here to read full stories.
Aug 22 - Asian Crude Palmoil Ends Lower on Production Concerns (Dow Jones)
Asian crude palm oil prices end Monday end in the red on worries about higher output. "Investor sentiment is low on worries of a rise in palm oil production," says a Kuala Lumpur-based trader. Crude palm oil output rose 3.5% to 1.59 million tons in July, according to the Malaysian Palm Oil Board. The fall in crude palm oil prices come despite a strong export performance. On Sunday, cargo surveyor Intertek Agri Services estimated Malaysia's palm oil exports during the Aug. 1-20 period, up 25.6% from a month ago at 1,027,039 metric tons. Another surveyor SGS (Malaysia) Bhd. estimated Malaysia's palm oil exports during the same period up 27.4% on month at 1,045,079 metric tons. Benchmark palm-oil futures for November on the Bursa Malaysia Derivatives Exchange fell MYR36 to MYR2542/ton.
Aug 22 - Russian ministry proposes zero wheat export tax - agencies
The Russian agriculture ministry has proposed reducing a floating wheat export tax to zero until July 1, 2017, Russian news agencies reported on Friday, citing a senior official at the ministry.The official's comments dented the hopes of traders who had expected the ministry to propose cancelling altogether the tax mechanism, which is at a minimum level of 10 roubles ($0.16) per tonne now but could rise if the rouble currency declines. Click here to read full stories.
Aug 22 - Bangladesh turns to Black Sea region for wheat as India supply fades
Grain millers in Bangladesh are boosting their wheat purchases from Russia and Ukraine as cargoes from key exporter India fade due to a supply squeeze in that country.Bangladesh has booked about 800,000 tonnes of wheat from the Black Sea region for shipment between mid-July and October, up from around 550,000-600,000 tonnes in the same period last year, two trade sources said. Click here to read full stories.
Aug 22 - Argentina seen planting less soy this year as corn area expands
Argentine soy planting area will shrink by up to 4 percent this year as farmers use more land to produce corn, analysts said, citing the government's elimination of corn export taxes.Argentina is the world's No. 3 corn and soybean supplier. Growers around the Pampas farm belt will start sowing both crops next month, at the start of the Southern Hemisphere spring. Click here to read full stories.
Aug 22 - Speculators back away from bullish bets on cotton as prices sink
Speculators retreated from their largest net long position in cotton contracts on ICE Futures U.S in 8-1/2 years in the week ended Aug. 16, also slashing their coffee net long to a two-month low, U.S. government data showed on Friday.They cut their bullish bets in raw sugar but raised their net long position in cocoa futures and options, the Commodity Futures Trading Commission data showed. Click here to read full stories.
Aug 22 - Trump team talks trade, labor with U.S. farm groups
Advisers to Republican presidential nominee Donald Trump pledged to U.S. agricultural groups that he will give growers and states a say on national farm policy should he be elected, two association leaders said on Friday.Eleven groups representing farmers, seed companies and other players in the sector met for the first time with Trump's top agricultural advisers in Washington on Monday to make recommendations on policy, following a similar meeting with representatives of rival Democratic nominee Hillary Clinton in June. Click here to read full stories.
Aug 22 - More cattle entered U.S. feedlots in July than anticipated - USDA
Cattle placed in U.S. feedlots in July rose 2.0 percent compared to a year earlier, the U.S. Department of Agriculture said on Friday, which topped most analysts' estimates. Chicago Mercantile Exchange live cattle futures' wide discounts to what packers paid feedlots for slaughter-ready - or cash - cattle. That encouraged sellers to send animals to market earlier than they otherwise would have, analysts said. Click here to read full stories.
Aug 19 - Asian Crude Palmoil Rises After Profit Taking (Dow Jones)
Bursa Malaysia benchmark palm oil contracts bounced back to reverse losses, which traders attribute to profit taking after a sharp rally in prices. However, palm oil continues to be supported by concerns that yields haven't recovered as quickly as expected following the El Nino phenomenon earlier this year, while exports remain solid. The Bursa Malaysia November palm contract ended up 3 ringgit a ton at MYR2,579 per ton.
Aug 19 - USDA forecast gives mixed signals to soybean market – Braun
Although last Friday’s soybean supply and demand report from the U.S. Department of Agriculture delivered a bearish feel to the market, there were quite a few bullish components lurking within. USDA projected record U.S. soybean yields for this year’s harvest, offsetting a massive demand-based decrease in domestic old-crop carryout of 95 million bushels. Click here to read full stories.
Aug 19 - U.S. corn syrup makers seek record prices even as sugar finds more favor
All four of the major U.S. corn syrup makers are raising prices, letters to customers seen by Reuters show, despite a years of slowing demand and as food companies such as McDonald's Corp swap the syrup for sugar in their products. Corn sweetener manufacturers including Archer Daniels Midland Co and Cargill Inc sent letters to buyers this month seeking to lock in forward prices for 2017, in the annual kickoff to negotiations.Click here to read full stories.
Aug 19 - Ukraine grain exports jump 41 pct in July - analyst
Ukraine's grain exports rose by around 41 percent in July versus June to 2.8 million tonnes, analyst UkrAgroConsult said on Thursday. Agriculture ministry officials said this week Ukraine could export a record 41 million tonnes of grain in the 2016/17, including 17 million tonnes of wheat. Click here to read full stories.
Aug 19 - China July cotton imports drop 10 pct on year
China, the world's top textile exporter, imported 94,800 tonnes of cotton in July, down 10.2 percent year-on-year, the China Cotton Association said late on Thursday. Cotton imports fell 49.5 percent to 525,000 tonnes in the first seven months of this year, it said, citing customs data. Click here to read full stories.
Aug 19 - South Africa grain body says court rules government must hike wheat tariff
A South African court has ordered the government to increase the tariff on wheat imports by 30 percent, the country's largest grain producer body said on Thursday, a measure that should have been implemented weeks ago. South Africa changes the tariff on a regular basis using a variable formula based on world price movements. Industry group Grain SA says the tariff should have been adjusted in late May to 1,591 rand a tonne, from 1,224 rand, a 30 percent hike. Click here to read full stories.
Aug 19 - Online U.S. cattle auctions set to resume as gov't examines markets
An online U.S. cattle auction that ranchers and traders hope will restore transparency to livestock pricing and reduce volatility in futures contracts is set to resume operations in September following a three-month halt, its owner said on Thursday. Separately, a U.S. watchdog agency said it will take at least nine months to complete a government review of U.S. cattle markets that was prompted by complaints about a sharp drop in prices last year. Click here to read full stories.
Aug 19 - Argentina lowers its wheat area estimate to 5.19 mln hectares
Argentine farmers will likely plant 5.19 million hectares with wheat this year, the agriculture ministry said in its monthly crop report on Thursday, cutting its previous estimate of 5.25 million hectares. The ministry cited excessive rains in some farm areas as the reason for the adjustment. The estimate remained well above the 4.3 million hectares that the Buenos Aires Grains exchange estimates for the nearly completed 2016/17 planting season. Click here to read full stories.
Aug 19 - U.S. EPA has not completed required review of biofuel mandate -report
The U.S. Environmental Protection Agency has not complied with federal requirements to study the effects of the nation's biofuel use mandate, an agency watchdog said on Thursday. EPA's Inspector General concluded that the agency has not issued a report to Congress on the environmental impacts of the Renewable Fuel Standard (RFS) since 2011, even though federal law requires that the agency provide a report every three years. Click here to read full stories.
Aug 19 - Asian Crude Palm Oil Rallies as Supply Concerns Persist (Dow Jones)
Asian crude palm oil prices have rallied in early trade after a couple of days of profit taking, says a Kuala Lumpur-based trader. He notes that plantation operators are saying that supply has been slower than expected and this is causing concern about supply. The Bursa Malaysia 3-month palm oil contract is trading up 22 ringgit at MYR2598 a ton.
Aug 18 - Asia Crude Palmoil Trades Lower, Likely on Profit Taking (Dow Jones)
Asian CPO is trading sharply lower. This was likely due to profit taking as the price of palm oil has risen sharply over the last couple of weeks. Prices, however, remain elevated as investors worry that supply will remain tight over the coming weeks as both India and China rebuild stocks and production has not recovered from the El Nino as quickly as some expected. The Bursa Malaysia three-month palm oil price ends down 65 ringgit to 2578 ringgit a ton Thursday.
Aug 18 - Asian Crude Palmoil Dips but Prices Remain Strong (Dow Jones)
Asian crude palm oil futures contracts are slightly lower in early trading although the futures contract remains high. Prices have rallied strongly in recent weeks on an improvement in exports from Malaysia and expectations that both China and India will need to rebuild stocks of palm oil, having let them reduce at the start of the year. The Bursa Malaysia three-month palm oil contract is down 8 ringgit a ton at 2635 ringgit a ton.
Aug 18 - Monsanto gives Bayer limited access to its books - sources
U.S. seed company Monsanto has given German suitor Bayer AG limited access to its books after turning down a sweetened $64 billion takeover offer last month, two sources familiar with the situation told Reuters. The parties have not yet signed a non-disclosure agreement, which would allow Bayer to conduct due diligence, but Monsanto is giving the company a limited drip of information, the sources said. Click here to read full stories.
Aug 18 - France wheat imports set to continue after poor crop
A vessel is due to reach France next week to unload wheat from Bulgaria while cargoes of UK wheat are also expected at French ports, shipping data showed on Wednesday, in a sign of unusual imports of wheat into France following a poor harvest. The bulk carrier AS Elenia is transporting 33,500 tonnes of wheat that was loaded at the Bulgarian Black Sea port of Varna, the data showed. Click here to read full stories.
Aug 18 - Ukraine sees high 2016 grain harvest, record exports
Ukraine's 2016 grain harvest is likely to be around 63 million tonnes - 3 million more than last year, agriculture ministry official Leonid Sukhomlin said at a briefing on Wednesday. He said better than expected weather this spring and summer had increased the yield of wheat and other grains. Click here to read full stories.
Aug 18 - Philippines to buy 1 mln tonnes of rice as prices drop
The Philippines, one of the world's top rice buyers, is planning to import 1 million tonnes of the grain to secure supply of the country's food staple through next year while prices are low, Economic Planning Secretary Ernesto Pernia said on Thursday. The immediate volume to be purchased will be the 250,000 tonnes that the government announced on Aug. 9, followed by another tranche of 250,000 tonnes, he said. Click here to read full stories.
Aug 18 - Monsanto's Climate Corp to expand digital farming platform
Monsanto Co's Climate Corporation is building a network of in-field sensors to expand the scope of soil, weather and other data flowing into its digital agriculture tools that help farmers increase crop yields and reduce costs, the company said on Wednesday. San Francisco-based Climate also said it will open up its software infrastructure to third-party developers, enabling them to create new applications that enhance the data-fueled services it currently offers. Climate announced a deal with a Kansas-based soil sensor company on Wednesday but did not disclose terms. Click here to read full stories.
Aug 18 - Can U.S. corn actually pull off 175 bushels per acre? Braun
Last Friday, the agriculture market was hit with the news that big yields will make the world's largest corn crop significantly larger in 2016. In its much-anticipated August report, U.S. Department of Agriculture’s statistics agency placed domestic corn yield at 175.1 bushels per acre. This easily tops both what the market was expecting (170.6 bushels per acre) and 2014’s record (171 bushels per acre). Click here to read full stories.
Aug 18 - U.S. senator expresses concern about ag tech mergers
Two major mergers in agricultural technology and seeds could hurt competition in the industry and make it harder for smaller companies to compete, Senator Charles Grassley, chairman of the Senate Judiciary Committee, wrote in a letter on Wednesday sent to antitrust enforcers. Grassley, a Republican from Iowa, urged the Federal Trade Commission, which is reviewing the purchase of Syngenta AG by the China National Chemical Corp, and the Justice Department, which is looking at the merger of Dow Chemical Co and DuPont Co, to coordinate on the two reviews. Click here to read full stories.
Aug 17 - Asian Crude Palmoil rallies on Soybean Gains, Stronger Exports (Dow Jones)Asian crude palm-oil prices rallied sharply buoyed by gains in soybean oil prices on the Chicago Board of Trade. Soybean oil is used as a substitute for palm oil so the prices often impact each other. Traders said robust exports may have also lent support to the market as data from cargo surveyor Intertek Testing Services this week showed a 30% jump in palm-oil shipments in the first half of August compared to the same time last month. David Ng, an analyst at Philip Futures brokerage in Kuala Lumpur expects prices to trade between 2550 ringgit a ton and 2680 ringgit a ton during the next few days. The November benchmark palm-oil contract on the Bursa Malaysia Derivatives Exchange last traded 109 ringgit higher at 2,648 ringgit a ton Wednesday. Click here to read full stories.
Aug 17 - Asian Crude Palmoil Bounces on Bargain Hunting (Dow Jones)
The Asian crude palm oil has bounced in early trading, likely due to some bargain hunting
after prices fell Tuesday following the sharp rally over the past couple of weeks. Prices are expected to hold up over the coming months as exports continue to improve and there are expectations that demand from China and India will continue as stocks remain low in both countries, traders said. The Bursa Malaysia benchmark 3-month contract is up 31 ringgit at MYR2570 a ton.
Aug 17 - Russia faces lack of grain storage as record crop looms - union
Russia is facing a lack of grain storage as it remains on track to produce the largest cereals crop in post-Soviet history, the head of Russia's Grain Union, a non-government farmers' lobby group, said on Tuesday. Arkady Zlochevsky, the head of the union, told a briefing in Moscow he expected a grain crop in a range of 114-118 million tonnes, including 69.5 million tonnes of wheat. Click here to read full stories.
Aug 17 - Indian refiners switch to soyoil as palm prices rally
The share of palm oil in India's growing edible oil imports is likely to plunge to a record low this marketing year as a rally in prices slashes its discount over rival soyoil. That shift in the world's top palm oil importer could drag on benchmark prices for palm oil that have surged around a third in the last 12 months, while bolstering markets for soyoil. Click here to read full stories.
Aug 17 - UK farmland demand falls sharply as Brexit adds to price woes
Demand for farmland in Britain fell sharply in the first half of 2016, hurt by low commodity prices and uncertainty around the European Union membership referendum, the Royal Institution of Chartered Surveyors (RICS) said on Wednesday. Forty-nine percent of chartered surveyors said they expected prices to fall across all types of farms in the coming year, according to RICS and the Royal Agricultural University survey. Click here to read full stories.
Aug 17 - German 2016 wheat, rapeseed crops seen down after repeated rain
Germany's 2016 wheat harvest will fall 8.8 percent on the year to 24.21 million tonnes after crops suffered from rain but crop quality in export regions is still expected to be good, the country's association of farm cooperatives said on Tuesday. The latest forecast is below the 25.4 million tonnes the association estimated in July with crops in the meantime suffering from persistent harvest-time showers in major German grain belts. Click here to read full stories.
Aug 17 - Trump names six U.S. governors as agricultural advisors
U.S. Republican presidential nominee Donald Trump named 64 agriculture policy advisors on Tuesday, including the governors of Iowa and five other farm states and a former federal agriculture