TRT Market Reports

The European Union and Canada supplied nearly all of Morocco’s imported wheat in the 2022-23 marketing year, according to a Global Agricultural Information Network report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. The report showed that the EU — mainly France — supplied 5 million of the 6.2 million tonnes of Morocco’s imported wheat, while Canada supplied just over 1 million tonnes.

Nigerian President Bola Tinubu’s push to reshape Africa’s biggest economy appears to be a case of too far, too fast. Four months after he took office, inflation is surging and the naira’s street value has slipped to the psychologically important level of 1,000 to the dollar. The national power grid collapsed twice in September and a surge in business confidence that accompanied his announcement of a spate of reforms has dissipated.

Zimbabwean farmers are bracing for declining precipitation in the forthcoming agricultural season, with some opting to plant early and others to skip maize and go for other drought-resistant and early-maturing crops.

The Internally Displaced Persons (IDPs) in IDP camp one, located at Daudu/ Uikpam road in Mbawa Ward, Guma local government area of Benue State have accused the officials of the State Emergency Management Agency (SEMA) of selling their reliefs and aid while starving them.

The Ministry of Agriculture has committed itself to making the requisite investment to ensure the production of rice, which is the country’s staple food. The Ministry’s commitment comes at the opening of a two-day national rice symposium, which organizers say is geared towards identifying “policies and strategies” that would improve domestic rice production…

Kenya, for example, produces wheat, which is mainly milled into flour that costs approximately Sh100 per kilogramme, or Sh100,000 per tonne. However, the country imports processed wheat products such as noodles expensively, yet they can easily be produced locally given a conducive environment.

As they count their losses, large scale rice farmers in the country have appealed to the Presidency to wade into the controversy surrounding the N1 trillion Anchor Borrowers’ Loans they allegedly defaulted in repaying. Their appeal came against the presidential directive to security agencies to recover the huge loans from the beneficiaries.

The 2023 African Agriculture Status Report has indicated that 50 percent of Africans lack access to sufficient food, Graphic.com has said. It said six hundred and fifty million people in Africa lack economic or physical access to sufficient food.

Russia has sent food aid to the Central African Republic (CAR), Moscow’s ambassador, Aleksandr Bikantov, told RIA Novosti on Friday. Russian President Vladimir Putin had previously announced that Moscow would send up to 50,000 tons of grain to six African countries at no cost, during a speech at the Russia-Africa Summit in July.

The World Bank has said that the Niger coup d’état may increase pressure on the food markets in Nigeria and other West African countries. The Nigerien coup d’état, according to the bank, increases the likelihood that seven million more people in the region will experience severe food insecurity.

Australia’s inflation indicator accelerated last month, led by surging fuel prices and rising rents, making it clear the battle to combat increasing household prices is not over. The consumer price index for August came in at an annual 5.2%, according to the Bureau of Statistics, up from 4.9% a month earlier, representing the first jump in four months and erasing recent progress in bringing inflation down.

Rural voter anger at New Zealand's environmental policies to tackle climate change and reduce carbon emissions may contribute to a return of right-wing parties to power at an Oct 14 election, a shift that could diminish the country's green image.

Australian crop yields could be 4 per cent below current levels by 2063, reducing the country's economic output by A$1.8 billion ($1.2bn) a year, unless action is taken to mitigate the impact of climate change, Treasurer Jim Chalmers said on Tuesday.

As farmers around Australia brace for another El Niño, communities are starting drought preparations early to avoid the pitfalls of the past. At a national drought forum in Rockhampton, Queensland, Australia's agricultural leaders are working on plans to help regions cope with a return to dry conditions.

Chicago wheat futures gained more ground on Monday, with prices underpinned by concerns over lacklustre production in key Southern Hemisphere suppliers such as Australia and Argentina. Corn slid, while soybeans were flat as prices of both crops remained under pressure from U.S. harvest and South American supplies.

A global crisis looks set to grip the Australian summer as forces conspire and the frontline will be in our supermarkets. Is the price of potatoes still burning a hole in your pocket? Are staples like bread and milk eating into your budget?

RECENT rain has arrested the slide in grain yield potential for Western Australia, according to the Grain Industry Association of WA September crop report released today. “Rain across large areas of the Western Australian grain belt a week ago, has halted the dramatic slide in grain yield potential that was occurring in the northern regions and improved the prospects for growers in the southern regions,”

The declaration of El Nino by the Bureau of Meteorology is expected to stop Australia’s record run of agriculture production. The dry conditions will cause crop production to fall and at the same time prices for most agriculture commodities are expected to ease from their recent highs.

Australia's wheat production is likely to decline further as hot and dry weather in September, a crucial month for crop development, curbs yields, threatening to tighten global supplies.Analysts have cut their forecasts for Australia's wheat harvest by at least a million metric tons from the official forecast made earlier this month and said more crop losses were likely if the dryness continued.

Foods prices could be volatile in the coming months as Australia is hit by hotter and drier weather patterns. The Bureau of Meteorology on Tuesday formally declared an El Nino event in the Pacific Ocean, to Australia’s east, and a positive Indian Ocean Dipole, to the west, which are expected to bring drier and hotter weather. 

Russian President Vladimir Putin urged the government to respond "more promptly" to rising fuel prices Wednesday, as the cost of wholesale petrol continued to grow despite an export ban. Russia's government announced last week it was temporarily limiting exports of petrol and diesel fuel to "stabilize" the domestic market, amid reports of shortages in some regions.

The procedure for the Ukrainian government to issue licenses to agricultural entrepreneurs for the export of wheat, rapeseed, corn and sunflower to Poland was discussed by Minister of Agrarian Policy and Food of Ukraine Mykola Solsky during an online meeting with Minister of Agriculture and Rural Development of the Republic of Poland Robert Telus, the press service of the Ministry of Agrarian Policy reported.

In the letter, the Hungarian farmers demand that “the suspension of the import ban on Ukrainian grain be reviewed immediately and the restriction be reinstated, taking into account technical criteria.” They draw attention to the fact that in addition to misguided EU sanctions, the energy crisis, and increased input costs, the lifting of the import ban is now causing major difficulties for farmers.

Agricultural price indices data released by Eurostat today show that the recent price growth of agricultural commodities in the EU slowed sharply in the second quarter of 2023 (when compared with the same quarter of 2022). Furthermore, the average price of goods and services currently consumed in agriculture (input not related to investment) declined between Q2 2022 and Q2 2023…

Countries from the E.U.'s eastern wing on Tuesday called on the European Commission to boost checks on solidarity lanes for Ukrainian grains and introduce a deposit system for exports. Ukraine has been in dispute with neighboring allies over restrictions on its grain, which it has been forced to send overland since Russia's invasion last year.

The issue has become a hot-button topic ahead of Poland's general election on October 15 and threatens to create a major rift between Poland and Ukraine, as well as deepening mistrust between Warsaw and the EU. "Since the start of the war in Ukraine, our situation has changed dramatically," said the 65-year-old, who grows wheat…

A modest rebound in U.S. wheat production and supplies is improving the outlook for profitability among grain elevators that store wheat. Futures market carries have improved for all three major classes of wheat and the buy basis is widening following a bigger harvest.

Making the CAP more environmentally and climate-friendly was the aim of the latest reform, which came into force in January 2023 and includes ‘eco-schemes’ through which farmers can receive extra money for implementing certain measures. However, it is up to the individual EU countries to decide which environmental and climate measures will be rewarded and how much money they will receive.

The European Union has a “very imbalanced” trade relationship with China, according to the EU’s chief trade negotiator. While it is seeking to reduce its vulnerability when it comes to “strategic products,” that doesn’t mean the EU is disengaging with China, with which it has record trade…

Russia stunned global oil markets Thursday by announcing a temporary ban on exports of gasoline and diesel starting Sep. 21, in a bid by Moscow to stabilize volatile prices and supplies on the domestic market. The move will effectively remove 1 million barrels per day of motor fuel exports — 80% of which is diesel…

Grains producers in Brazil, Paraguay and Argentina published on Tuesday a manifest criticizing the European Union's anti-deforestation rules which, according to them, will disrupt grains trade across the globe. Several months ago, the European Union passed rules banning the purchase of products linked with deforestation after December 2020, a move seen as "protectionism" by the South American food producers.

The world’s biggest crop trading houses have a message for the next president of Argentina: Free up soy production and exports, or risk getting left behind by rival suppliers Brazil and the United States. Officials from Cargill Inc, Louis Dreyfus Co, and China’s state-owned Cofco Corp were unanimous in their concern over the South American nation’s outlook as it heads toward a crucial election next month.

There is great potential for Belize to increase its exportation of rice.  With India’s recent announcement to halt the provision of rice, there is a wide gap that would need filling, and Belize is hoping to capitalize on that.  Minister of Agriculture, Abelardo Mai, explained that these are the economic opportunities that Belize will be tapping into.

AS THE soybean planting window fast approaches, the influence of Brazil’s weather increases significantly as a driver of global grain production and agricultural commodity prices. And other than some scattered showers over parts of Mato Grosso, the forecast for at least the next two weeks is extremely hot and devoid of the required planting rains.

Argentina's Rosario grains exchange on Wednesday issued an upbeat forecast for the South American country's 2023/24 soybean and corn harvests. The exchange predicted a 48 million metric ton harvest of soybeans, up from 20 million tons in the last season, while the corn harvest could stand at 56 million tons, up from 34 million tons expected for 2022/23.

Argentina’s economic activity snapped a four-month decline to expand in July, representing a brief respite as South America’s second-largest economy slides into recession. The economy grew 2.4% in July from a month earlier, compared with the 0.9% median estimate…

Moderately strong El Nino conditions have formed in the Pacific Ocean, and forecasters are confident they will last into early 2024, possibly bringing relief to some dry grain production areas of the Americas. That replaces the La Nina cycle that lasted nearly three years and introduced severe drought to the U.S. Plains and Argentina over the last year.

Brazil’s 2023/24 soybean planting has reached as of last Thursday 1.9% of the expected area, agribusiness consultancy AgRural said on Monday, above the 1.5% seen at the same period a year ago and the quickest pace in five years. Sowing was up 1.3 percentage point from the previous week…

Argentina's sales of the upcoming wheat crop are the slowest in seven years, delayed by farmers waiting for heavier rainfall and gambling on the result of the country's Oct. 22 presidential election, with some candidates pledging tax cuts on grains exports. Argentina, a major exporter of wheat, along with soy and corn, has recorded just 1.51 million metric tons of pre-sales of the upcoming 2023/24 harvest…

Argentina’s 2023/24 soy planting area will be an estimated 16 million hectares (39.54 million acres), the government said, the same as the previous drought-hit season in one of the world’s top exporters of processed soy oil and meal.

Egypt will hold a presidential vote on December 10-12, election officials said Monday, at a time the Arab world’s most populous country is mired in a painful economic crisis. President Abdel Fattah El-Sisi, a former army chief in power for nearly a decade, has yet to formally announce his candidacy…

The value of Iran’s exports of agricultural products increased by 10.14 percent in the first five months of the current Iranian calendar year (March 21-August 22), according to the data released by the Islamic Republic of Iran Customs Administration (IRICA).

Egypt is in talks to buy 1 million tons of Russian wheat through a government-to-government deal, people familiar with the matter said. The talks have taken place for delivery this season, said the people, who asked not to be identified as the information isn’t public. It’s not clear how close the two countries are to a deal.

The ban on import of wheat by street into Kazakhstan has been prolonged from October 11 of this 12 months for a interval of 6 months, Trend stories. As famous by the Ministry of Agriculture, this step was taken to eradicate unlawful imports of wheat.

From September 8 to 14, 2023, the staff of the Plant Quarantine Department conducted phytosanitary control over 5,304 tons of domestic agricultural products destined for export, according to the Ministry of Agriculture's press service.

Kazakhstan is prepared to act as a regional food supply hub in order to improve global food security, President Kassym-Jomart Tokayev said while addressing the 78th session of the UN General Assembly in New York. The country has the required resources, infrastructure and logistics for this purpose, he added.

According to the data released by the Meteorological Organization, most parts of the country were affected by moderate to severe drought over the past three crop years. Only some provinces did experience normal precipitation. The crop year, from September 23, 2022, to September 22, 2023, recorded a cumulative rainfall of 188.8 mm, a 6.2 percent increase…

Iraqi Prime Minister Mohammed Shia Al Sudani said on Monday that new measures tackling devastating water scarcity in the country will be introduced soon. The UN classifies the oil-rich nation as the fifth most vulnerable country in the world to climate change.

The UAE aims to boost the contribution of food and agriculture to its economy by $10 billion and create 20,000 jobs in the next five years amid measures to boost food security in the country, the Minister of Economy has said. “With a growing population, food security assuming the highest priority, the UAE is doing well on this front and was on the top of the global food security index 2022…

The statistics showed the oil sector’s economic growth rose to 16.4 percent in the first quarter of the current Iranian calendar year (started March 21, 2023) from 3.5 percent compared to the same period last year (from March 21 to June 22, 2022).

The decline in global wheat prices witnessed in recent months could slow and prices could start to move sideways over the coming months, says the Agricultural Business Chamber (Agbiz). The latest report from the International Grains Council placed the 2023/24 global wheat production at 783 million tonnes, down 3% from the previous season.

In the south, long and medium grain milled rice steady.

Thailand’s export prices fell a further one percent as the Thai baht continues to weaken.

FAS Manila expects rice imports to decline to 3.5 million MT as high prices in the international market and price ceilings ordered by the President disincentivize imports.

Latest futures price quotes as of Sep 28th, 2023.

Latest futures price quotes as of Sep 28th, 2023.

Commodity Futures Price Quotes For US Dollar Index (ICE Futures)

Higher for longer was the key message from yesterday’s FOMC meeting, which has weighed on risk assets, including oil. However, Brent is still trading well above US$90/bbl and a tightening balance suggests that there is still more upside

Dec corn futures have traded back up by 1 ½ cents over the past half hour to finish the early trade, however the overnight session had pushed the market 3 3/4 cents in the red. The front month prices are looking 1 ½ to 2 ¾ cents weaker into Tuesday’s day action.

The global commodities market has seen significant price movements this year, with not all commodities experiencing the same trend. While sugar, rice, and crude oil prices have soared due to various factors, including weather conditions and supply restrictions, other commodities have faced declines in prices.

As the House prepares to vote on its agriculture appropriations bill, more than 130 trade organizations are speaking out against amendments to cut off funding for commodity research and promotion boards, commonly known as checkoff programs.

U.S. senators said during a Wednesday hearing that foreign ownership of U.S. farmland is a national security threat that should be further examined. The U.S. Senate Committee on Agriculture, Nutrition, and Forestry discussed foreign ownership of the nation’s agricultural lands, with testimony from experts and Senate colleagues who have been taking the lead on the issue.

The House of Commons overwhelmingly passed a bill to make food cheaper and help farmers. In fact, the House passed the bill twice. But after two years, the bill still isn’t law, and that delay has cost families and farmers almost $100 million.

After a bone-dry summer in Eastern Iowa, some farmers now are waiting out rain showers to harvest what threatens to be a lackluster crop of corn and soybeans. The drought also has caused low water levels on the Mississippi River — especially south of St. Louis — that means barges can’t carry as much grain without getting stuck. That raises the price of exporting crops.

American farmers have been busy gathering their corn and soybeans for the 2023/2024 season, and they're doing it faster than usual. As of September 24, they've already harvested 15% of the corn and 12% of the soybeans. However, the quality of these crops isn't great. In fact, it's the worst it's been in a decade for soybeans and the second worst for corn.

A national gauge of prices rose for a sixth straight month, increasing 0.6% in July from June, according to seasonally adjusted data from S&P CoreLogic Case-Shiller. So far this year, the national measure has climbed 5.3%. This year’s gains have offset the 5% decline in prices from last year’s peak in June 2022 to January 2023, when the market was slowing.

The US Department of Agriculture (USDA) has its latest World Agricultural Supply and Demand Estimates (WASDE). The main focus for this release was further information on what the hot and dry weather over August had done to US spring crops. The trader had anticipated a decrease in the US crops, with the lower-than-anticipated crop rating scores over the last couple of weeks in the USDA crop progress reports.

It's a now-familiar dance: Federal Reserve officials signal to the world that interest rates are not dropping anytime soon. Financial markets respond with bets to the contrary. That dynamic, which has played out repeatedly over the course of a U.S. central bank policy tightening regime that began 18 months ago, was back on full display last week.

The current farm bill expires Sept. 30 and it’s uncertain at this point if the U.S. Congress will pass a new farm bill before its secondary deadline of Dec. 31. Agriculture groups are anxiously awaiting some move by legislators while a new bill remains in limbo. “Once we see a document, then we can communicate to our legislators what we like, what we don’t like…

Soybeans are one of the top U.S. agricultural exports, bringing in over $34 billion in 2022. The economic value and importance in the world market cannot be overstated. But what if more soybeans stayed right here – at least until further processed?

Several countries have gone to the World Trade Organisation (WTO) questioning decisions taken by India in the past year or more, banning or restricting the export of wheat, rice, and onions. The questions include why India took these decisions, why the WTO was not informed of these decisions, and why member countries were not given adequate warning — in contravention of WTO rules.

The Russian invasion of Ukraine and Moscow’s withdrawal in July from the Black Sea Grain Initiative has driven up global food and commodity prices, severely affecting farming sectors in countries all across Africa. Russia’s withdrawal from a deal brokered by the United Nations and Turkey that allowed the safe passage of Ukrainian grain through the Black Sea has exacerbate the hunger crisis in parts of Africa

Wheat futures were mostly higher Monday, underpinned by global supply concerns, especially in the Southern Hemisphere. Hot and dry weather during a crucial period for the Australian wheat crop incited worries about reduced yields. A contributing supportive factor was the ongoing missile attacks on Ukraine’s Black Sea grain and port infrastructure.

China exported a record volume of rice to the Ivory Coast last month after India implemented restrictions on its shipments of the grain. The Asian nation exported 45,000 tons of rice to the Ivory Coast in August, the highest monthly volume since at least September 2021, according to Chinese customs data compiled by Bloomberg.

Wheat prices are generally higher than at the start of the summer, but they’re still well below the levels seen at the same time in 2022. The conflict in Ukraine, with shipments through the Black Sea from Ukraine almost entirely stopped since July 17, is creating additional uncertainty as it has done since the Russian invasion in February 2022.

To safeguard their international market share, rice exporters of Haryana have urged the Centre to withdraw the price control order on the export of basmati. The Union government recently fixed the minimum export price (MEP) of $1,200 per tonne, triggering fear among exporters that Pakistan and Thailand might take over the fragrant rice market share. Desperate, the exporters are approaching the government through different platforms to withdraw the restriction or reduce it to $850 a tonne.

India’s rice export ban is boosting prices around the world, increasing the risk of political instability in Asia and Africa, according to the head of a United Nations agency. Prices for the crop, a staple for half the world, surged to the highest in almost 15 years after the top shipper began curbing exports.

Climate change has threatened global food production as it is associated with extreme weather conditions, drought, pests, fires, and diseases. Warmer temperatures increase the length of the growing season. Even though some crops, such as sugar beet and leafy vegetables, benefit from an increased warm period, the yield of other crops (e.g. cereals) is significantly compromised.

The International Grains Council (IGC) in its latest Grain Market Report forecasts a 60-million-tonne increase in global corn production in marketing year 2023-24, up 5% from the previous year. Projected to trend in the opposite direction is wheat, which the IGC sees declining from 805 million tonnes in 2022-23 to 783 million tonnes, a nearly 3% decline year-on-year.

Global rice prices are at their highest levels in 15 years, according to the United Nations Food and Agriculture Organization (FAO). The surge follows India’s announcement on July 20 that it would cease the export of non-basmati white rice with immediate effect. The decision came just days after Russia halted participation in the Black Sea Grain Initiative, causing global food commodity prices to rise.

Gliding west for the first time through the silent waters and noisy forests of the Congo River from Kisangani to Yangambi, in the northern Democratic Republic of the Congo (DRC), I couldn’t help but think that this place was all water and trees and fishermen hanging onto their nets, children waving excitedly at people as they passed by.

A field study tour organized by over 50 member countries of the Asia-Pacific Seeds Association (APSA) left the Philippines on Sept. 23 very impressed with the country’s milestones and achievements in hybrid rice seeds production as well as the close collaboration among the sector’s stakeholders.

A 1% increase in unbroken rice kernels after milling could mean millions more servings of this critical staple grain, increased food security around the globe and improved producer profitability, a study from two Arkansas researchers suggests. 

US-based FMC Corporation, one of the top global agriculture sciences companies, is set to introduce a new wheat herbicide in India that can help improve the foodgrains yield by 30 per cent. 

Earthworms are important drivers of global food production, contributing to approximately 6.5% of grain yield and 2.3% of legumes produced worldwide each year, according to new work published by Colorado State University scientists in the journal Nature Communications.

An integrated pest management technology, developed by the Crop Research Institute of the Council for Scientific and Industrial Research (CSIR-CRI), is said to hold the promise of effectively reducing the prevalence of pests and diseases in rice production. 

According to a new report published by Allied Market Research, titled, “Rice Starch Market”, The rice starch market was valued at $520.40 million in 2021, and is estimated to reach $932 million by 2031…

Indonesia is aiming to launch an international mangrove research center with the UAE at the 2023 UN climate summit in Dubai later this year, Jakarta’s envoy in Abu Dhabi said on Sunday. 

Vuong Dinh Hue, President of the Vietnam National Assembly, has attended an event in Dhaka titled 'Forum on Policies and Laws to Promote Economic, Trade and Investment Cooperation between Vietnam and Bangladesh.'

With rice grown in paddy fields responsible for 10 per cent of the world's man-made methane emissions, northern NSW farmers are hoping their rain-fed crop will appeal to people wanting "climate-smart" food.