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About Us

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.

Our Mission

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. 

Our Values

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. 

Our Team

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

Mr. Chookiat Ophaswongse

Honorary President Thai Rice Exporters Association

The Rice Trader (TRT) is now the most recognized organization all over the world for Rice Business, this success came after investing so much of time and efforts over numerous years. You deserve to enjoy every moment of it! Congratulations my friend, and may you get much more success in the years to come in your business.

Mr. Sujit Pande

Responsible for Global Marketing & Product Management activities of Rice Solution Business @ Buhler AG

“The Rice Trader and its associated business will be richer if we can track all relevant data and give impetus to its impact on future business scenarios. We at Buhler really appreciate depth of data and flow of facts brough by TRT team. “

Mr. Vivek Sharma

“I have been reading TRT and attending the World Rice Conference organized by them for 9 years now. I have gained tremendous knowledge and network by being a subscriber. The personal touch is present in every interaction and even though you may just be reading it on your laptop, you can hear the passion of Subra and Jeremy’s voice behind those lines. It is a boon for rice industry professionals. It brings together some of the brightest minds and nicest people on the planet, and I almost forgot, the most current and timely information available on Rice.”

Mr. Mamadou Ciss

CEO, Alliance Commodities

“I have been trading rice since 1984 in various organizations and I have been a regular subscriber of TRT since the beginning. 

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.”

Mr. Henry Allard

President, Filhet-Allard Maritime

“The professionalism of the TRT team, as well as the high quality of information provided by its platforms, are two of the many reasons why Filhet-Allard Maritime is delighted to be a long-standing partner of TRT. 

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.”

19 March 2024

Vietnam’s rice exporters have been warned that they will have to compete with Thailand has begun boosting exports to Indonesia and the Philippines. Phung Van Thanh, Vietnamese Trade Counsellor in the Philippines, said Vietnam is an important rice supplier for the Philippines, cementing its position as the No1 exporter to the market. The great advantage of Vietnamese exporters is the long lasting business partnership with Filipino importers.

19 March 2024

The Chinese central government recently unveiled a plan to preserve more than 306 million acres of arable land,  designated as permanent basic farmland.  Fruit orchards or horticultural production facilities that are built on permanent basic farmland, destined for commodity crops, must be restored to grain production areas, a USDA report assessing the draft said. 

19 March 2024

The country's rice stocks in February fell to their lowest level in more than a year despite higher imports recorded at the start of the year. In its latest report, the Philippine Statistics Authority (PSA) said total rice inventory as of Feb. 1 stood at 1.51 million metric tons, slightly lower than the 1.52 million MT recorded in the same period last year. The rice inventory last month was the lowest in 17 months…

18 March 2024

Across the subregion, domestic prices of rice showed mixed trends in February 2024 and were significantly above their year-earlier levels in most countries, reflecting high cost of production and transport as well as trade disruptions following the export ban of non-basmati white rice by India. In Viet Nam, wholesale prices of rice declined in February, in part reflecting the imminent onset of the main 2024 winter/spring harvest. 

18 March 2024

Indonesian authorities are looking overseas to avoid a nationwide shortage of rice. Prices have soared. And millions of poor households are getting by on handouts. Government officials say the El Nino weather phenomenon has pushed harvest season back from January to April. And droughts last year mean there will be less domestically produced rice coming to market. The government now plans to import as much as 3.6 million tons from countries including Thailand, Cambodia and Pakistan.

Vietnam
19 March 2024

Amid falling global rice supplies, countries such as the Philippines, Indonesia, China, and several other markets are all moving to increase rice imports in a bid to ensure food security, thereby creating greater opportunities for Vietnamese rice. After 2023 saw many fluctuations in supply and prices, global rice trade continues to be "hot" from the beginning of the year. 

19 March 2024

In 2023, Vietnam continues its standing as one of the top three global rice-exporting nations, constituting about 15% of the total global rice export volume. Despite Vietnamese rice having established a foothold in various global markets, competition with other contenders has never ceased.

18 March 2024

Rice exports reached their highest level in the past 34 years. Vietnamese rice recorded a year of "double victory". This is an optimistic signal for prospects in 2024. According to statistics from the General Department of Customs, in December 12, the country's rice exports reached 2023 tons, worth nearly 492.387 million USD, bringing Vietnam's total rice export volume in 339 to 2023 million tons, worth nearly 8,131 million USD.

India
19 March 2024

With the help of a ₹900/quintal incentive given by the Vishnu Deo Sai Government higher than the minimum support price (MSP) of paddy, Chhattisgarh has produced 95% of the State's rice this year. As a result, rice dealers and millers are reportedly looking to import grain that was from other states in order to meet the demand of the 20% of the population that is not covered by the national food security law.

19 March 2024

Having missed the deadline to procure the targeted 70 lakh ton paddy required for ration distribution in the state, the West Bengal government is now approaching enlisted farmers as part of a special drive to procure the remaining quantity of the grain, officials said. According to officials, the state government had set a target of procuring 70 lakh ton paddy in 2023-2024. 

19 March 2024

The Department of Agriculture and Farmers’ Welfare of Punjab issued a notification announcing a ban on the sale, distribution, and use of specific insecticides in the state. The decision, which will come into effect on 15th July 2024, aims to protect the interests of Basmati rice growers and ensure the production of high-quality rice with no pesticide residues.

Pakistan
19 March 2024

Public sector of Pakistan is unable to fulfill seed requirement of rice.

19 March 2024

The exports of rice grew by 85.83% as over 3.932 million metric tons of rice valued at 2.517 billion dollars were exported as compared to the exports of 2.546 million tons worth 1.354 billion dollars in the same period of last year, it said.

18 March 2024

Punjab Information Minister Uzma Bukhari said on Saturday that for the first time in the countrys history a step had been taken to provide Ramazan hampers at doorstep of more than 6.4 million families in Punjab. Addressing a press conference along with Punjab Food Minister Bilal Yaseen here at DGPR, she said that flour, sugar, rice, gram flour and ghee were included in Ramazan hampers.

Philippines
19 March 2024

The amount of damage to agriculture in eight regions has reached P1.75 billion as the El Niño phenomenon intensifies, according to the Department of Agriculture. DA spokesman Arnel de Mesa said the damage covered 32,231 hectares of farm lands, with at least 29,437 farmers displaced.

19 March 2024

Agriculture Secretary Francisco P. Tiu Laurel, Jr. will propose significant changes in the department’s 2025 budget to achieve President Ferdinand Marcos, Jr.’s goal of modernizing agriculture, increasing food production and ensuring food security. 

18 March 2024

Farmers’ demands for holistic solutions fall on deaf ears as the government retains its lax restrictions on rice importation. Despite demands from the peasant sector for better support for local rice production since the enactment of the Rice Liberalization Law (RLL) in 2019, the national government has only continued to ease trade restrictions. 

Bangladesh
19 March 2024

The prices of essential goods are steadily climbing, with profiteering exacerbated following the onset of Ramadan, leading to growing frustration among the public. Despite recent government efforts to regulate prices, traders are disregarding these set prices, raising doubts about the efficacy of such measures.

19 March 2024

The state minister made the comments following a discussion organised by the Ministry of Commerce at the TCB Building in Dhaka on the occasion of the 104th birth anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and National Children's Day. "When you set something at a reasonable level, it cannot be implemented immediately," Islam said.

15 March 2024

Bangladesh is preparing to sign a Memorandum of Understanding (MoU) for a rice deal with the Myanmar Rice Federation (MRF), according to the news reported by the Financial Express. The Bangladesh government is preparing to procure rice and other farm produce from Myanmar’s private sector to meet its growing demand and replenish reserved stocks.

Indonesia
19 March 2024

Head of the National Food Agency (Bapanas) Arief Prasetyo Adi stated that the relaxation of the retail price ceiling (HET) of premium-quality rice is aimed at securing stock availability of the commodity in markets. “The HET (per kilogram) was previously Rp13,900 (around US$0.89) and then relaxed until (March) 23 to Rp14,900 (around US$0.95) to give space to improve the availability of rice,”…

19 March 2024

The Indonesian Government is planning to import 22,500 tons of rice from Cambodia to complement domestic stocks in meeting the needs ahead of Eid al-Fitr, the National Food Agency (Bapanas) stated. "We are prioritizing domestically-produced rice. However, we decided that Bulog (state-owned logistics firm) will procure rice from abroad this time.

18 March 2024

President Jokowi checked the availability of Government Rice Reserves (CBP) at the Hutalombang Padang Lawas Bulog Warehouse and the Bakaran Batu Labuhan Batu Bulog Warehouse, North Sumatra, Friday (15/3/2024).

China
19 March 2024

China oil, gas companies to release production outlook

18 March 2024

Feeding China’s vast population is a priority issue for Beijing, given historic ramifications of famines and food crises for social and regime stability. Yet the task is vast—China must feed nearly 20 percent of the global population but is home to under 10 percent of the world’s arable land—and the challenges to stable food supply are many. 

15 March 2024

USDA has started using global exporters’ data to estimate China’s soybean imports because a wide gap emerged between shipping figures from producing nations and Chinese customs data, a USDA official told Reuters. Chinese customs data that USDA historically used to estimate imports had previously aligned with export data from producers like the U.S. and Brazil… 

Japan
19 March 2024

The Bank of Japan will debate ending its negative interest rate policy at its two-day policy meeting from Monday as accelerating wage growth is increasing the chance of attaining stable inflation without hurting the economy. If the Policy Board decides to remove the negative rate and goes ahead with what will effectively be the central bank's first hike in 17 years…

15 March 2024

The 65-or-older age group already accounts for over one-quarter of Japan’s population. This is expected to rise to one-third by the end of the next decade. It could even approach 40% by 2060, according to Japanese government sources. Alongside this, Japanese society is also shrinking. The current population of 126 million will drop below 100 million by 2056, and reach 87 million by 2070. 

13 March 2024

Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) is looking to buy a total of 114,305 metric tons of food-quality wheat from the U.S., Canada and Australia in a regular tender that will close on Thursday.

Thailand
18 March 2024

The government is taking steps to address the issue of PM2.5 pollution, particularly in the Northern region, with Prime Minister Srettha Thavisin announcing a prospective ban on corn imports from neighboring countries next year. During a visit to Chiang Mai to assess wildfire and haze prevention efforts…

18 March 2024

Thailand’s former prime minister Thaksin Shinawatra visited his hometown in the kingdom’s north on Thursday as he made his first public appearances since being freed early from a jail sentence for graft and abuse of power.

15 March 2024

Thailand is anticipating a boost in rice exports to Hong Kong and China this year, with a particular focus on riceberry and brown rice amid a global economic recovery and growing demand for high-quality rice. Commerce Minister Phumtham Wechayachai announced plans to establish a distribution center in Shenzhen to further facilitate trade, following discussions with key stakeholders in the rice industry from Hong Kong and China.

Others
19 March 2024

Rigo Rice has agreed to partner with the National Government and Wilmar International Limited to establish the first national rice company in Papua New Guinea. Rigo Rice has offered to the state, 5000 hectares of land that will be converted to shares in this new joint venture.

19 March 2024

Despite the continuous introduction of new rice varieties, farmers persist in cultivating old and popular varieties susceptible to pests and diseases. Data from Investment Game Application (IGA) experiments and the Global Market Intelligence Platform (GloMIP) provide insights on farmers’ trait priorities…

18 March 2024

New summer rice of non-premium quality started flowing into Yangon’s Wahdan rice depot in the second week of March, Ko Kyaw engaged in the rice depot told The Global New Light of Myanmar (GNLM). Monsoon non-premium rice fetches K85,500 per sack, whereas summer Thuka rice variety is worth only K81,500 per sack.

19 March 2024

Rice fortification implies increasing its nutritional value by adding vitamins and minerals. Such strategies are seen as an important public health measure to improve the overall nutrition of populations. The importation of fortified rice from the United States into Tanzania has been criticized by Tanzanian Minister of Agriculture Hussein Bashe, who cited Tanzania's existing rice reserves that render external imports unnecessary.

19 March 2024

The Niger State Government has signed an agreement with the Lagos State Rice Mill and Lagos Commodity Future Exchange to produce 300,000 tons of paddy rice annually on 50,000 hectares of farmlands across the North Central state. The agreement is part of the Memorandum of Understanding (MOU) recently signed by the Lagos State…

19 March 2024

Nigerians have continued to wonder why the economic troubles in the country have been persistent despite different measures being put in place to tackle the current economic challenges. Some have also insisted that the country’s economy has been stagnated by the continuous selection of mediocre persons who were said to be incapable of helping to resuscitate Nigeria’s current economic woes.

18 March 2024

Zimbabweans are now eating 12-times as much rice as a decade ago as consumption rose from 10,000 tonnes a year to 120,000 tonnes. According to the recently adopted report on the preliminary food security outlook for April this year to March next year, presented by the Minister of Lands, Agriculture, Fisheries, Water and Rural Development Dr. Anxious Masuka…

18 March 2024

Due to rising insecurity in grain producing regions and higher input costs affecting planting decisions, corn and rice production in Nigeria is projected to decline in the 2024-25 marketing year, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.

15 March 2024

In recent weeks, efforts by the Central Bank of Nigeria to arrest the free fall of Naira have seen it appreciate marginally against foreign currencies especially the dollar, leading to relative stability in the forex market. On Tuesday, February 20, the Naira depreciated to N1,500 and above N1,800 against dollar at the official and parallel market respectively…

15 March 2024

While Zimbabwe will make sure that no one goes hungry as a result of the El Nino drought we are now experiencing, the Government wants the private sector to step up to the mark and do its share, especially with the income earners, while the Government handles the vulnerable.

14 March 2024

An El Nino-induced drought has sharply dented grain harvests prospects for the main grain producing countries in southern Africa with the 2024 maize output forecast set to drop to a lower than expected level, the UN Food and Agriculture Organization (FAO) says. According to the lasted global cereal supply and demand brief, inadequate rains in the region’s key grain producing countries…

14 March 2024

Senegal holds a delayed election on March 24 to elect a successor to President Macky Sall, who is stepping down after two terms. Below are some of the main issues influencing voters. Successive administrations have struggled to curb youth unemployment - an increasingly urgent issue for its fast-growing population, more than 60% of whom are now under the age of 25.

14 March 2024

He explained that the rice mill was established as part of NDDC’s industrialisation strategies and expressed optimism that when it returns to full production, it would create employment opportunities for youths.  Antai said: “I want to thank the NDDC for building the rice mill. It is a gigantic project, the biggest in the Niger Delta Region. 

19 March 2024

GROSS margins for all winter crops in 2024-25 are set to increase on the back of a lower cost of production, according to Rabobank. The report, Australia’s winter crop gross margins, forecasts that the 2024-25 wheat crop will see the largest increase in gross margins from the previous season, at around 34 percent, up 14pc on 2023-24.

18 March 2024

Chinese wheat importers have cancelled or postponed about one million metric tons of Australian wheat imports, trade sources with direct knowledge of the deals said, as growing world stockpiles drag down prices. The moves come after the US government reported cancellation of more than 500,000 metric tons of US wheat exports last week to China…

18 March 2024

AFTER a year of dry weather and declining commodity prices, the outlook for Australian agribusinesses has brightened along with improved seasonal conditions, new NAB data shows. NAB’s third annual 2024 Regional and Agribusiness Horizons Report released today reports agribusinesses across Australia demonstrated remarkable resilience in 2023.

15 March 2024

The cost of Australian farmland has more than doubled during the past 10 years, Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) data shows. The average price per hectare of broadacre farmland increased by 131 per cent during the past 10 years, according to the ABARES' farmland price indicator.

14 March 2024

PRICES for wheat have firmed in the past week in response to thin selling from growers and the re-emergence of some modest export demand, while barley has traded sideways to lower on lacklustre interest. The sorghum harvest is gathering pace in northern New South Wales and southern Queensland, but early volume is limited so prices have crept up a dollar or two.

14 March 2024

Between bisset bluegrass fields and belts of bushland that stretch to steep peaks on the foothills of Queensland’s Scenic Rim, farmer Rohan Morris checks on his free-range pigs. Few pigs are allowed in paddocks. Like wild boars, they can quickly turn lush pasture to scars of hardened soil.

13 March 2024

Producers and farmers warn of a mass exodus from the agriculture industry because of the low prices being paid for their goods by major supermarkets. A Senate committee examining supermarket prices has held hearings on Tuesday at Orange in the NSW Central West, with farmers laying bare their struggles dealing with the powerful duopoly of Coles and Woolworths.

13 March 2024

2024 is officially underway, and with better weather and lower input costs, Rabobank predicts Australian agriculture has plenty to look forward to Australia’s agricultural sector is “moving confidently into 2024”, with an overall positive outlook for the nation’s farmers and agribusiness industries in the year ahead, Rabobank says in its annual outlook.

12 March 2024

Regional food security relies on successful trade that creates opportunities for the grain industry to meet demand, attendees heard from speakers at the Australian Grains Industry Conference (AGIC) Asia 2024 on March 5 in Jakarta, Indonesia, and March 7 in Shanghai, China

11 March 2024

Sydney March 10 2024: Australia Premium White wheat prices plunged to a two-year low of $260/mt FOB Kwinana due to strong competition from Europe and slow demand. Since the start of the year, APW has lost $40/mt or 13%. Prices have not been this low since December 2021, based on S&P Global Commodity Insights data.

19 March 2024

Lithuania has tightened control over grain coming to Lithuania from Russia, the occupied territories of Ukraine and other high-risk countries. New decisions on even stricter control will be made in the near future. This was reported by the press service of the Ministry of Agriculture of Lithuania.

19 March 2024

Polish farmers blocked two border crossings with Germany on Monday, local police said, as protests against European Union environmental regulations and cheap imports sweep the bloc. Farmers in Poland and across the EU have been calling for changes to restrictions placed on them by the EU's Green Deal plan to tackle climate change…

19 March 2024

Dozens of tractors and hundreds of farmers returned to Madrid on Sunday denouncing the European Union's agricultural politics. Organisers claimed that 1,000 people attended the protest, but the government counted 450 farmers as attending. 

18 March 2024

As the rift between Kyiv and Warsaw widened over the ongoing grain dispute, the existence of Russian grain imports into the EU entered the debate. At present, Russian agricultural imports are not under EU sanctions, and recently both Ukrainian and Polish officials have called for a ban on Russian grain imports as a potential compromise between the two

18 March 2024

The European Union’s executive arm Friday proposed sacrificing even more climate and environmental measures in the bloc's latest set of concessions to farmers apparently bent on continuing disruptive tractor protests until the June EU elections.

15 March 2024

Latvian European Parliament lawmaker Roberts Zile and 38 fellow members of the European Parliament (‘MEP’) – most from Balkan states – have written to the European Commission to demand that Russian grain imports be banned across the EU. ‘Russian grain competes with Ukrainian grain, taking away market share both in the EU and globally.

15 March 2024

Vladimir Putin expressed his support for OPEC and its allies' oil production cuts, but fretted about possibly jeopardizing the oil cartel's market share versus non-member oil stats like the US. Russia's leader lauded the positive impact of OPEC's cuts on the country's energy revenue while acknowledging the potential for a dip in its share of the crude market…

14 March 2024

The plans, which sources say are due to be presented to member states on Friday (15 March), are part of efforts to lighten the administrative load on farmers amid continuing protests against what is seen by protestors as excessive regulation, unfair pricing and trade competition.  The proposed changes offer further flexibilities to member states to adapt implementation to address farmers’ situations.

13 March 2024

The EU executive published on Tuesday (12 March) a delegated regulation to allow more flexibility to member states when applying one of the ‘good agricultural and environmental conditions’ (GAECs), the environmental requisites to receive EU subsidies.  The move is part of a package of measures – to be presented on Friday – designed to meet protesting farmers’ demand to alleviate the administrative burden of the EU’s Common Agricultural Policy (CAP).

13 March 2024

Czeslaw Siekierski, Poland's Minister of Agriculture and Rural Development, has stated at the ninth meeting of the Polish-Ukrainian Intergovernmental Commission for Economic Cooperation in the Ukrainian city of Lviv that Poland aims to protect itself from negative consequences of the import of agricultural goods from Ukraine.

19 March 2024

Corn export competition continues to heighten in the global market, with U.S. dominance shrinking as Brazil gains momentum by filling supply gaps caused by the war in Ukraine.

19 March 2024

The new cycle will begin in just three months and is projected to have low or no profitability, according to specialists. Most of the corn planted still needs to be harvested and the soybean harvest of the current cycle must begin, but producers are already thinking about the 2024/25 grain campaign, which begins with winter crops and wheat as the protagonist.

19 March 2024

Hundreds of people in Cuba's second-largest city, Santiago, staged a rare public protest on Sunday over chronic power blackouts and food shortages. The island is facing its worst economic crisis for three decades, with large parts of Cuba being left without power for more than 14 hours a day.

18 March 2024

Amid stalled trade discussions between the Mercosur bloc and the European Union (EU), Brazil is strategizing to broaden its agricultural exports to India and Africa. As reported by Bloomberg, President Luiz Inacio Lula da Silva has shown a keen interest in tapping into these markets, signaling a shift towards diversification in light of the impasse in EU trade talks.

18 March 2024

The representation of the United States Department of Agriculture (USDA) in Buenos Aires reduced its estimate for soybean production in Argentina in 2023/24, from 50.5 million to 49.5 million tons. According to the USDA office, the adjustment was prompted by a period of hot, dry weather in January and early February.

15 March 2024

Agriculture Minister Zulfikar Mustapha has related that the current infestation of paddy bugs on the Corentyne could harm the rice industry, but at the same time is optimistic that rice production for 2024 could increase. A total of 653,000 tonnes of rice was harvested in 2023 and for 2024, the target is 710,000 tonnes which is an increase of 10 percent.

15 March 2024

Wheat futures were mostly lower Wednesday, pressured by substantial global supplies. Corn futures were mostly flat, notching only modest gains on concerns of weather negatively impacting Brazil’s main corn crop. Soybean futures were mixed, with front-end months supported by delayed harvests in Argentina, but abundant South American supplies weighed on later months.

14 March 2024

Poor weather in Brazil’s key growing regions is expected to lower grain production to 295.6 million tonnes for the 2023-24 season, down 24.2 million tonnes (7.6%) from the previous year, according to a report from the food supply and statistics company CONAB. In its sixth survey released March 12, CONAB said the drop in overall production reflects an expected yield reduction of 7.1%...

13 March 2024

During a parliamentary visit to the central province of Sancti Spiritus, Esteban Lazo, president of the National Assembly of People's Power, urged managers and rice workers of the municipality of La Sierpe to constantly seek alternatives with creative and innovative thinking, to increase the production of this grain.

13 March 2024

Brazil’s equivalent of the USDA has lowered its soybean production projection for the fourth month in a row. CONAB now sees Brazil’s soybean crop at 146.859 million tons, well below the USDA’s most recent guess of 155 million, 1.7% under February and 5% lower than 2023, with harvest past the halfway point.

19 March 2024

Saudi Arabia produced nearly double the wheat expected in the 2022-23 marketing year and is on track for similar results in 2023-24 as government purchase prices remain high.  Production totaled 1.18 million tonnes in 2022-23 and is estimated at 1.2 million tonnes in 2023-24, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA).

19 March 2024

During a visit to the Baku grain terminal, Aidarbek Saparov, the Minister of Agriculture of Kazakhstan, emphasized the country's commitment to advancing interregional projects with Azerbaijan. A. Saparov highlighted Kazakhstan's intent to bolster mutually beneficial economic ties through enhanced grain transportation via the Caspian Sea, reported the press service of the Food Corporation.

18 March 2024

The Yemeni Houthi rebels’ continued attacks on shipping in the Red Sea serve as a reminder that global supply chains remain highly vulnerable to disruption. Moreover, it highlights how food insecurity can simultaneously be an effect and cause of conflict.  

15 March 2024

In 2022, bilateral trade in agricultural products surged, tripling in volume to reach $146mn, representing more than a third of the total trade turnover. To discuss enhancing bilateral trade volume, particularly in the agricultural sector, Aidarbek Saparov, Kazakhstan's representative, met with Majnun Gadir oglu Mammadov, the Minister of Agriculture of Azerbaijan, the Ministry of Agriculture reported. 

15 March 2024

Oil production in the U.S. this year will increase faster than previously expected, helping cushion global supplies as OPEC and its allies restrict output, according to government forecasts. U.S. crude oil production is set to increase to 13.19 MMbpd this year, up from from a previous projection of 13.1 MMbpd…

14 March 2024

Ali Reza Shahidi, the head of Geological Survey and Mineral Exploration of Iran, has issued a warning regarding the country's water resources. He stated that Iran is expected to face water shortages until at least 2040. Shahidi emphasized that “400 out of 608 plains in Iran are situated within the red zone of subsidence, prohibiting any extraction of water from them.”

13 March 2024

According to the Prime Minister’s Media Office’s statement, the meeting reviewed the agricultural plan for the wheat crop in irrigated lands, considering the severe water challenges that Iraq and the region are facing. Moreover, the meeting discussed the mechanisms in place to address these challenges, which have supported farmers in overcoming them.

13 March 2024

MARKET pressure, particularly from Russia, continues to build for Kazakhstan’s grain farmers, leading to a significant decrease in the number of countries importing grain from Central Asia’s biggest producer over the past 20 years.

12 March 2024

Kazakhstan’s president called for diversifying the country’s oil supply routes, a day after a Russian court suspended operations on a major export pipeline. The comments by Qasym-Zhomart Toqaev on July 7 highlighted Kazakh worries about getting its oil--which is a major source of government revenue--out to world markets. 

11 March 2024

According to Rouhollah Latifi, the spokesperson for the Trade Development Commission at the Iranian Ministry of Industry, Mine, and Trade, Iran exported fisheries, livestock, agricultural, and food products worth $5.593.399.727 to over 130 foreign countries during the first eleven months of the year.

19 March 2024

Rice export prices decreased 1-3 percent as the Thai baht weakened.

19 March 2024

On February 29, 2024, India's Ministry of Agriculture and Farmers Welfare (MoAFW) released its Indian crop year (ICY) 2023/2024 (July-June) Second Advance Estimate.

19 March 2024

Due to rising insecurity in grain producing regions and higher input costs affecting planting decisions, corn and rice production is expected to decline in marketing year (MY) 2024/25.

19 March 2024

Big Short Traders have been offloading Soybeans since November, peaking last week, as global stockpiles grow. As of Friday, traders had increased their bearish stance on CBOT (Chicago Board of Trade) soybean futures and options, reaching a new record net short position of 171,999 contracts, up from 160,653 the previous week.

19 March 2024

The outlook for 2023/24 U.S. wheat is for stable supplies, lower domestic use, unchanged exports, and higher ending stocks

19 March 2024

Outstanding export sales and exports by country, region and marketing year

19 March 2024

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

19 March 2024

Latest futures price quotes

19 March 2024

Latest futures price quotes 

14 March 2024

Despite hopes for smaller Brazilian corn and soybean crops leading up to Friday’s World Agricultural Supply and Demand Estimates report, USDA only made minor cuts to Brazil’s 2023/24 soybean crop while adding more volume to anticipated Brazilian soybean exports.

19 March 2024

Robert Bonnie, Under Secretary for Farm Production and Conservation, says the crop insurance title could be strengthened to help producers facing extreme drought and higher risks of flooding. “We’re always looking for ways to tweak the program,” he said, “make it work better, provide more opportunities for more diverse producers.”

19 March 2024

After U.S. farmers produced a record corn harvest in 2023, effectively bringing down cash corn prices from $6.60 a bushel in early April 2023 to $4.50 a bushel by early November, much of the country breathed a sigh of relief. Livestock producers that paid as much as $ a bushel or more for corn the previous winter benefited from sharply lower feed costs.

19 March 2024

As the value of U.S. farmland continues to rise, investors looking to hedge against inflation have seen their returns skyrocket. Over the past three years, the value of farmland held by investment groups has more than doubled, according to a Financial Times analysis of data from the National Council of Real Estate Investment Fiduciaries (NCREIF).

18 March 2024

On the heels of China announcing plans to build up its grain reserves, USDA announced a slew of export cancellations from China. Export sales data from USDA shows Beijing cancelled 18.5 million bushels of soft red winter wheat. Analysts on U.S. Farm Report roundtables this weekend say China’s cancelations seem to be a pure economic play…

18 March 2024

Republican senators are complaining to the Biden administration about the "continued erosion of critical markets for U.S. agricultural exports." The letter from 22 GOP senators comes as agricultural exports are falling, but also coming off the three best years in history as well.

15 March 2024

U.S. Senator Chuck Grassley says agricultural trade is one of his biggest concerns in 2024. “I don’t think this administration has a trade policy,” he said in a press call with farm reporters Tuesday. The Iowa Republican says he’s urging the U.S. Trade Representative and Ag Secretary Tom Vilsack to help expand global markets by increasing export opportunities.

15 March 2024

Officials said, "The LFPA (Local Food Purchase Assistance Cooperative Agreement) program, funded by the United States Department of Agriculture and facilitated by the Tennessee Department of Agriculture, is designed to strengthen the local food economy, empowering Tennessee growers and producers.

14 March 2024

Improved farm management practices and better seed and plant genetics have provided the impression that grain and oilseed production is infallible. Recent production years in the United States and other areas in the world have surprised many producers and analysts how resilient crops are while under stress. However, it has become obvious that the biggest killer of crops is temperatures and not precipitation or lack thereof. 

14 March 2024

Over the last two decades, the United States has significantly increased agricultural exports and imports. Between 2013 and 2023, agricultural exports expanded at a compound annual growth rate of 2.1 percent, whereas imports increased by 5.8 percent. Classified as the world’s second largest agricultural trader, the United States’ total agricultural exports reached $196 billion in 2022.

14 March 2024

Remark:  U.S. rice growers are seeing a growing demand for their products. (Gary Crawford and USDA Outlook Board Chairman Mark Jekanowski)

19 March 2024

The paper is aim to analyze the cooperation among ASEAN countries in terms of information exchange, agricultural technology, and strategies to deal with food crises is essential. This paper also discusses efforts to strengthen ASEAN food security in the face of the threat of a global crisis

19 March 2024

Amru Rice (Cambodia), one of the Kingdom’s leading millers and exporters of the commodity, plans to expand exports of premium rice into the US, in response to high demand from the residents of Long Beach, California. Amru CEO Song Saran is currently attending a trade expo in the US.

18 March 2024

Conflicts in the Middle East, Ukraine, and elsewhere, combined with the effects of global warming, are disturbing maritime traffic. New routes are being employed around the globe. Caught up in the upheavals of geopolitics and global warming, shipping routes are experiencing major disruption. 

18 March 2024

The calculated parity levels have exceeded the actual prices in the ports, indicating a possible "bottoming out". Reducing the export duty on corn and increasing the prices of sunflower oil may affect the cost of raw materials. There is an increase in wheat prices on the world market due to adverse weather conditions in India, while they remain stable on the Russian market.

18 March 2024

The Russian Government has authorized the simplified export of feed grain to Mongolia as humanitarian aid. This was reported on the website of the Cabinet of Ministers . The Cabinet of Ministers gave corresponding instructions to customs and other regulatory authorities.

15 March 2024

The International Grains Council (IGC) on Thursday forecast a record global grain crop in the 2024/25 season, reinforcing concerns about a global glut. The inter-governmental body, issuing its first full set of supply and demand projections for the 2024/25 season, saw global grains production rising to a record 2.332 billion metric tons from the prior season's 2.304 billion.

15 March 2024

South Korea’s state-backed Agro-Fisheries & Food Trade Corp. has issued an international tender to purchase an estimated 100,800 metric tons of rice mainly to be sourced from the United States and China, European traders said on Thursday.

14 March 2024

Brazil President Luiz Inacio Lula da Silva wants to expand agriculture exports to India and Africa, focusing more on new markets while trade talks between a South America trade bloc and the European Union languish. Lula wants to send a trade mission with over 300 entrepreneurs to the world’s most populous country by about mid-year, Agriculture Minister Carlos Favaro said in an interview.

13 March 2024

The Panama Canal is a crucial component in U.S. agricultural exports, valued at nearly $200 billion annually. Grains such as corn and soybeans are among the country’s top exported commodities, and rely on a global shipping industry, which is becoming increasingly vulnerable to geopolitical instability and climate change.

13 March 2024

It may seem to many investors that the U.S. election is the only political event in 2024 given how much time has been devoted to coverage and how long the campaigns have been featured in the daily flow of news despite still being 239 days away. Election campaigns in other countries are much shorter and seem to garner much less coverage, despite their significance:

19 March 2024

After days of torrential rain in the wet season of central Fiji's Nausori Town, Chen Huazao anxiously rushed to the paddy field to assess his rice crop, which was planted last November. Wading through the muddy field, Chen's heart sank as he saw the almost mature rice plants flattened by the heavy downpours.

19 March 2024

Direct-seeded rice (DSR) has the potential to bring a reduction in water consumption, cut methane emissions, minimize soil erosion, reduce manual labour, and provide better crop residue management in rice cultivation in India. DSR is a result-oriented and successful method for sustainable rice cultivation in India.

18 March 2024

Leaf blast is recognized as one of the most devastating diseases affecting rice production in the world, seriously threatening rice yield. Therefore, early detection of leaf blast is extremely important to limit the spread and propagation of the disease.

15 March 2024

In 2022, Dubai unveiled the world’s largest vertical farm. The 31,000-square-meter indoor facility at Dubai’s Al Maktoum International Airport, comprised of trays stacked in towers growing plants with minimal water and soil, produces more than one million kilograms of high-quality leafy greens each year.

15 March 2024

Vice Chancellor of Sindh Agriculture University Dr. Fateh Marri Thursday said that after wheat, rice was a crucial staple food in the global agricultural landscape and significant contribution to the world rice trade.

14 March 2024

At the eighth congress of the Vietnam Farmers Union held in December 2023, HDBank launched its HDBank Rural Services, a specialised and superior financial solution integrating smart technology along with a preferential loan programme for agriculture and rural areas at 0 per cent interest. — Photo courtesy of HB Bank.

14 March 2024

THE agricultural sector plays a vital role in promoting its economic growth. The contributions of agriculture and the crop subsector to the gross domestic product are about 13.47 per cent and 6.77 per cent, respectively. 

13 March 2024

The implementation of a rice price cap can have an impact on the profitability of retailers in the long run. [1] Constraints such as the cost of union fees, transportation, and shop rent significantly influence the gross margin of retailers. 

12 March 2024

While India has relentlessly developed and increased the use of high-yielding rice varieties over the past 50 years, similar to Bangladesh, to build a strong foundation for food security, a study reveals this success has come at a cost: a worrying decline in essential nutrients such as zinc and iron in these grains.

11 March 2024

From tractor rallies in India to spraying police with manure in Belgium, protests by European and Indian farmers are making headlines worldwide. While the grievances behind the protests vary from country to country, one thing is certain: farmers are tired of current global agriculture policies.

Executive Summary

18 March 2024

In a bit of an interesting twist, we seemed to have taken a bit of a step back in action this week as the market dealt with a delay in the BULOG tender being announced and question being asked on how much Indonesia will need to buy in 2024.  Many in the trade suggest that they will be in the market for the 3.5 MMT estimated while others suggest a move to buying wheat or other cheaper commodities may be the play moving forward.  The reality is that much of the direction comes down to what India does and when they do it.

Thought of the week

18 March 2024
Shifting...

“Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find a way around or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. it can crash. Be water, my friend.”

-- Bruce Lee --