The Vietnam Sugarcane and Sugar Association (VSSA) has voiced its suspicion over Indonesia having dumped sugar on the Vietnamese market in recent years, as its export prices were below local prices and the fair market value.
Founded by Jeremy Zwinger in 2002, The International Commodity Institute is the umbrella organization that serves to offer clients an integrated media source that connects all critical aspects of the world rice industry. The institute brings together in-depth market reports and analysis (The Rice Trader publications), trade networking (World Rice Conference and other Events), expounding in various media (Weekly Direct TV Interviews), working with international producers of commodities (Farm & Trade), helping entities with global consulting, and international recognition for achievements and contributions to the global rice industry (World’s Best Rice Award and The Rice Trader Lifetime Achievement Award).
From farm to fork, from research to destination, the rice industry will be able to utilize the tools offered by the International Commodities Institute for insights and the ability to understand short, medium, and long term industry consequences, interpret market dynamics into commercial success.
For over 30 years, The Rice Trader publication has brought its subscribers crucial, up-to-the-minute information on rice trade through its daily and weekly publications. Acknowledged as the only source of confidential information about the rice market, this weekly summary of market data analysis has helped both the leading commercial rice companies and the regional government officials make informed decisions, which are critical in today’s market.
The Rice Trader is the world’s leading trade publication dedicated to in-depth analysis of the global rice industry. We assist your organization with valuable intelligence for risk management, trade, and decision-making abilities across the rice industry supply chain.
Rice is the staple food for over three billion people making it the world’s most important grain. Leaders from over 20 countries and every corner of the rice industry receive The Rice Trader. They rely on it to determine the most efficient ways to trade and transport this vital commodity. Comprehensive, in-depth market analysis makes The Rice Trader a pillar in the global rice industry and is the most profitable investment a person in this trade can make.
Acknowledge and honors development achievements through the prestige of our international awards, The Rice Trader aims to recognize and promote the development of the rice industry in countries that appreciate continuous development by education and research.
Published 48 times a year, the Weekly Report is a vital source for market intelligence. We serve our subscribers by delivering an integrated platform of information on rice origins, allied markets, and risk management tools. The Rice Trader combines market data with proprietary research to provide our clients the most comprehensive rice report in the world on a weekly basis.
Daily News Update from The Rice Trader features all of the most recent activities of the global rice industry from various related aspects and beyond.
The Rice Trader World Rice Conference is the world’s leading forum for rice industry professionals, and emphasizes on the global rice trade, with a strong reputation in bringing leaders and rice industry and the various elements that deliver rice, from farm to fork.
Team up from rice professionals, along with the companionship of researchers, enthusiastic advisors and reputed traders of the global rice industry who have decades of experience, The Rice Trader aims to deliver an integrated platform of information to the rice trade and allied industries that not only informs, but provides analysis, insight and valuable intelligence that will assist risk management, trade, and decision-making abilities across the rice industry supply chain.
|Jeremy Zwinger – President & CEO:|
|“As the world and market transforms, so must we or we will be left behind.”|
Jeremy Zwinger is the CEO/President of The Rice Trader, Farm And Trade, Inc., and International Commodity Institute. Mr. Zwinger is the founder of the World Rice Conference, along with several other key projects which help build bridges between a vast number of global entities. He was raised on his family’s farming operation in North Dakota, USA, and is a graduate of North Dakota State University, where he also attended graduate school for agriculture economics. Jeremy followed up this graduate school studies by taking on the position of the market analyst for U.S. Wheat in Washington DC, where he was able to get hands on experience in complexities of global trade and U.S. agricultural trade policy. His interests are broad, ranging from commodities markets to the digitalization of global business to the rapidly changing international cultural/geopolitical environment. Development of water distribution systems, ownership of water rights, and large-scale water trading are also key passionate interests. On a personal note, Mr. Zwinger is blessed with five children and an amazing family, whose support has allowed him to be here today.
A regular participant at international events and conferences, Mr. Zwinger has contributed extensively on the analysis of markets by predicting inter-commodity effects (rice, wheat, corn, soybeans, sugar, etc.), as well as currency and oil price led impacts on the rice markets. He is also well known among clients for his direct advisory work and market analysis that has proven to be very close to actual market developments. His 2007 speech forecast rice prices to go past $1,000 per ton levels, the more recent global food oversupply predictions, his prediction of the 2016 Trump presidency more than a year in advance of the U.S. elections, and a split 2020 election, are a just a few key examples that are well regarded.
Additionally, Mr. Zwinger has extensive experience that extends globally in the fields of publishing, brokerage, water trading, advisement, production financing, and consultancy services to a number of internationally respected players, including several Fortune 500 companies. He has consulted for many countries on key strategic interests, with direct access to heads of state and their cabinet members throughout the globe. More recently, he has become heavily involved in globally critical topics such as water rights and value, food security issues, electronic trading, international production financing, global investment strategies with a focus on the commodity fields, market development strategies, and the coming solar cycle, which is likely to lead to major global issues on a multitude of levels. In 2020, he was also made a lifetime member of the Farm Foundation, a prestigious agriculture and trade policy group, which helps make recommendations for the future, while facilitating key leaders into action. Mr. Zwinger has recently taken on the role of a weekly market discussion analyst on Direct TV, talking about the commodity markets and the important topics of the day. The changes brought on by Covid-19 have forced major developments in Mr. Zwinger’s business, where unique software was developed to help allow personalized networking with automated contracts. The goal remains of a more efficient trade mechanism in this new and ever-changing environment.
Mr. Zwinger looks forward to contributing more insights on the future and hopes to make yet another accurate assessment of the direction the market is headed in aid of those in attendance. As we have seen in the past, there are likely to be some interesting insights that come from his engaging and passionate discussions.
|V Subramanian – Vice President|
Subra is Vice President and a member of The Rice Trader team with primary responsibilities in the TRT’s Asian and African rice market coverage. As Vice President at The Rice Trader, Subra presents daily updates on rice market prices, market developments and the latest in dealings amongst buyers and sellers as well as to provide a significant contribution to the weekly TRT report that has a wide readership from the global rice trade.
Subra’s contributions extend to covers developments and market intelligence gathering across all major rice markets, with an emphasis on development of TRT’s focus on rice market verticals that look at markets specifics like white rice, parboiled rice, fragrant rice, basmati rice, broken rice as well as key price trends and analysis in global rice markets and how these relay market signals and trends in procurement. Special reports on African markets, China, Indonesia, the Philippines and all the major export markets of India, Vietnam, Thailand, Pakistan, US, South America, Myanmar and Cambodia are also part of Subra’s market specific special reports that provide readers with specialist insights into global rice markets.
Subra is well-known for his role in the TRT World Rice Conference (held since 2009) the annual meeting place for the global rice trade.
Subra was also Managing Editor of Rice Today, between 2009 and 2012. Rice Today is the flagship publication of IRRI that was published by the The Rice Trader from between 2009 and 2012.
Subra was previously part of IBC Asia (Informa Group) for 14 years between 1994 and 2008 and helped create several firsts including Asia’s first coffee, sugar, rice conferences, and the world’s first Dry Bulk Shipping conference in a role that saw him create and eventually head IBC Asia’s Commodities and Maritime Division.
Educated in Singapore and the United Kingdom - Economics degree (University of Leicester) and a Masters in Science (MSc) degree in shipping trade and finance (City University, London, now known as the Cass Business School), Subra started his career at the Singapore Trade Development Board compiling trade statistics between Singapore and Malaysia. Subra subsequently joined Peregrine Futures where he provided daily market reports and analysis (including fundamental and technical analysis) to clients on futures markets, with emphasis on Coffee, Cocoa, Sugar as well as the metals markets of the London Metals Exchange.
Testimonials about TRT
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Responsible for Global Marketing & Product Management activities of Rice Solution Business @ Buhler AG
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TRT has revolutionized the way rice reports were and are written. They inspire and lead the rice market in its growing need to be informed on what’s going on.
I have always been satisfied with their services which I highly recommend to those willing to play a role in the rice industry.”
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Year after year, TRT has proven to be a valuable tool for industry players and the annual World Rice Conference never fails to provide excellent networking opportunities. For over a decade, we have enjoyed an enriching partnership with TRT and we look forward to many more years of fruitful collaboration.”
India may allow exports of another 50,000 tonnes of non-basmati white rice to Singapore under humanitarian operations, making an exception for one of its key diplomatic partners, two government officials said. India recently permitted limited exports of the rice variety, which is currently under the prohibited category, to the UAE and last month to Bhutan, Mauritius and Singapore.
The European Commission will represent Poland, Hungary and Slovakia in the grain dispute with Ukraine at the World Trade Organization, Polish news outlet PAP reported on Sept. 26. According to PAP, proceedings at the WTO over Ukraine's complaints against Poland, Slovakia, and Hungary over grain agreements are due to begin shortly.
The government will deploy field verification and remote sensing in the agricultural system across the country to get better crop production estimates after traders spotted a 10 million-tonne hole in wheat projections. The government was criticized for its unrealistic wheat crop production estimates for the 2023-24 (October-March) crop year.
India will cut the floor price for basmati rice exports in the coming days, sources familiar with the matter said, after millers and traders complained about a sharp drop in overseas sales of the premium aromatic grain. India will lower the basmati floor price to $850 a metric ton, down from $1,200 a ton, to help millers and traders ship out the rice grade, said the sources, who didn't wish to be identified as they are not authorised to talk to media.
The Indonesian government is looking to import one million metric tons of rice from China in a bid to bolster its stockpiles, head of the National Food Agency (NFA) said on Tuesday. Southeast Asia's most populous country, with 270 million people, has assigned state food procurement agency Bulog to import 2.3 million metric tons of rice this year, to blunt the impact of the El Nino weather pattern…
THE turmoil in Vietnam’s property sector continues, with creditors embroiled in a dispute with developer Novaland Investment Group, which has failed to pay interest on a US$300 million bond. The company is committed to resolving the impasse with holders of its 2026 overseas convertible note in “a cooperative spirit…
A tropical low-pressure system, which formed in the East Sea on Sunday afternoon, is predicted to bring torrential rains to the northern and central regions between Monday and Wednesday. The National Centre for Hydro-meteorological Forecasting warned on Monday that heavy rains, with a rainfall of 100-300mm, will hit the northern region until Wednesday.
India will seek the removal of entitlements in trading rules that have helped developed countries dominate global farm exports and obstructed developing countries’ fair access to export markets, a person aware of the development said.
Few foods are as essential to Indian cuisine as tomatoes and onions. But soaring prices have put them out of reach for many families in India, who are cutting back on the staple ingredients or even skipping them completely. Inflation and northern floods that have devastated this year’s harvest in India, the world’s most populous country, have sent prices of almost every part of a meal to record highs.
Claiming that the Centre might lower basmati’s minimum export price (MEP) from $1200 to $850 for each tonne, the Punjab Basmati Rice Millers and Exporters Association on Monday thanked Union food and public distribution minister Piyush Goyal in anticipation for considering it.
Pakistan on Wednesday inched closer to holding the much-awaited general elections as the country’s chief election body published the lists of preliminary delimitation of constituencies. The Election Commission of Pakistan (ECP) had announced it would hold the election in the last week of January after finalising the setting up of electoral districts in the light of the data of the census, which was held earlier this year.
Buoyed by the success of wheat last season, Punjab has doubled the provision of subsidised certified seed for the all important staple crop of wheat this season, which is sown between October and December and harvested between April and May. It is also set to announce more incentives to encourage farmers to grow more wheat.
Caretaker Minister for National Food Security and Research Dr Kausar Malik on Monday asked the Agriculture Policy Institute (API) to activate the Food Security Advisory Council to serve as bridge between the centre and provinces on the impact of important agricultural policies with special focus on food prices.
THE administration’s rejection of a proposal to lower tariffs on imported rice will keep the commodity expensive, with the government dependent on foreign rice to stabilize the domestic supply of the staple, a government researcher said. Roehlano M. Briones, a senior research fellow at the Philippine Institute for Development Studies (PIDS), said the rejection of lower tariffs “will make imported rice more expensive.”
"I have had discussions with the President (Ferdinand Marcos Jr.) about the establishment of rice production zones across the country, with each overseen by a dedicated undersecretary of the Department of Agriculture," Zubiri said in a speech during the Philconsa (Philippine Constitution Association) Day and Senate Night sponsored by the Manila Overseas Press Club on Tuesday.
President Ferdinand "Bongbong" Marcos Jr. has ordered the prioritization of farm-to-market road (FMR) projects to benefit local farmers and ensure smooth flow of goods and services. Marcos also said he wants government initiatives to remain on track with the Farm-to-Market Roads National Plan (FMRNP).
Agriculture Minister Dr Muhammad Abdur Razzaque said on Wednesday that the government is trying to tackle syndicate-related issues to curb the prices of potatoes. He said this while speaking at the inauguration of an agricultural fair in Tangail's Madhupur Upazila on Wednesday morning. “There was a slight decrease in potato production this year. We have also exported some potatoes.
The farmers of the Lakshmipur district are happy with the bumper production of the new rice variety BRRI-98 this year of the Aush season. The fallow lands in Lakshmipur’s Char (island) areas have turned to arable lands with the cultivation and production of HYV BRRI-98 variety of Aush paddy developed by Bangladesh Rice Reasearch Institute.
The Bangladesh Bank has given the highest priority to tackling the depleting foreign exchange reserve and not giving loans to the government by printing money as part of its short-term measures ahead of the national election in January.
Pangkalpinang, Bangka Belitung (ANTARA) - Inspector general of the Agriculture Ministry, Jan Samuel Maringka, has said that agricultural exports recorded an increasing trend between 2019 and 2022, supporting the economy and food security. "The only sector that can save this nation is agriculture," he stressed…
Agriculture Minister Syahrul Yasin Limpo stressed the importance of world collaboration in the food sector, particularly in facing global challenges. Limpo made the remarks during a Global Conference on Sustainable Livestock Transformation organized by the Food and Agriculture Organization (FAO) in Rome, Italy.
Finance Minister Sri Mulyani Indrawati reported that the inflation rate in Indonesia per August 2023 is on the low compared to the rest of ASEAN or G20 countries. "But we need to remain vigilant since food prices are sharply rising this August at 2.4%," she said during press conference of State Budget live streamed at the ministry's official YouTube account on Wednesday.
China is the main market that drives global demand for soybeans, but official plans now seek to increase domestic production. China is the world’s leading importer of soybeans, but changing agricultural dynamics and long-term trade trends raise questions for South American producing countries, which export in the Asian country on a sustained basis over the years.
Evergrande Group has just missed another bond payment, casting further doubt over the future of the embattled property developer at the epicenter of China’s real estate crisis. Hengda Real Estate, Evergrande’s flagship unit in mainland China, missed principal and interest payments on Monday on an onshore 4 billion yuan ($547 million) bond, the company said in a filing to the Shenzhen Stock Exchange.
China's President Xi Jinping is focused on increasing food security by expanding agricultural land and domestic food production. China, a net food importer, has a larger population and less farmland compared to the United States. “Food security is the most important thing in a country,” Xi Jinping told a meeting of China’s Central Finance and Economics Committee on July 20.
According to industry reports, record-breaking heatwaves in the summer of 2023 is impacting agricultural production across Japan. The average temperature between June and August was approximately 1.76 degrees Celsius higher than the average 1991-2020 average, marking the highest temperature increase on record.
China’s slumping economy isn’t good news for international investors, but there are still plenty of opportunities, and Japan might be a great place to start. In the wake of China’s prolonged economic stagnation, investors must reevaluate their strategies for international investments, especially in developing economies.
There is growing hope that Japan will benefit from so-called smart agriculture, which taps robot and information technology to save labor and reduce farming workloads, and could address farmer aging and shortages that overshadow the nation's agricultural sector.
Plans are underway by the Thai government to accelerate the expansion of water sources and enhance the varieties of rice and other key crops in Thailand. Recommendations have also been made for the proposed debt suspension scheme to operate with conditions.
Thailand's exports increased for the first time in 11 months in August due to higher shipments of agricultural and industrial products amid a weakening baht currency, official data showed on Tuesday. Exports, a key driver of the Southeast Asian country's economic growth, rose 2.6 percent last month…
The Thai Rice Exporters Association (Trea) foresees a stabilisation of global rice prices on the horizon after almost three months of “disruption” caused by India’s surprise ban on shipments of non-basmati rice in July. India’s move followed a ban on the export of broken rice, which took effect a year ago and remains in force.
Government-to-government (G2G) deals with other countries, strict monitoring of rice stockpile and rationing could be among short-term measures to be considered if there is the shortage for the staple food worsens.
The International Rice Research Institute (IRRI) is committed to optimizing the use of fertilizer in rice production through the Rice Crop Manager (RCM) Indonesia platform, locally known as Layanan Konsultasi Padi (LKP).
With rice prices hitting record highs, Malaysia capped domestic retail purchases of local rice varieties in September 2023, which followed a move by India to halt exports of parboiled and Basmati rice in July. This move by the world’s leading rice supplier triggered a global price spike, said a report by GlobalData.
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.
The global rice market remains a very interesting place this week though it would seem there was a bit of quiet action going on in several places. Prices were off in most origins at the balance between the supplies coming in overcame the fears of too much demand. Overall, there remains volatility in politics, price, weather, and even trade flow. India remains the key factor as the world tries to predict when the market will open.
Thought of the week
Light & Dark ...
“We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light.”
-- Plato --