Though the State Bank of Vietnam (SBV) has announced it is selling the US dollar to intervene in the USD/VND exchange rate since April 19, the greenback price has remained high, which has been directly affecting many domestic enterprises.
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.
Testimonials about TRT
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. 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. 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.”
Rice News
Vietnam
There is one thing that distinguishes 60-year-old Vo Van Van’s rice fields from a mosaic of thousands of other emerald fields across Long An province in southern Vietnam’s Mekong Delta: It isn’t entirely flooded. That and the giant drone, its wingspan similar to that of an eagle, chuffing high above as it rains organic fertilizer onto the knee-high rice seedlings billowing below.
The daily routine of farmers has undergone a complete transformation, shifting from traditional methods of observing nature to relying on smartphones as an essential tool. The Mekong Delta is witnessing a continuous digital transformation revolution in agriculture, unfolding every day and every hour.
India
Top exporter India's rice export prices fell to their lowest level in more than three months this week on subdued demand and ample supplies, while Thailand's prices remained largely flat. India's 5% broken parboiled variety was quoted at $528-$536 per ton this week, down from last week's $538-$546. Prices hit a record high of $560 last month.
The problem of high food inflation will be "less severe" in India going ahead, as modern supply chains with diversified sources can help quickly address sudden spikes in prices of specific food items, RBI Monetary Policy Committee (MPC) member Ashima Goyal said on Thursday. Stressing that the share of food in the household budget is high in India…
In the fiscal year 2024-25, agricultural output growth is anticipated to reach a five-year high of over 6%, supported by a normal monsoon and a low base effect. The India Meteorological Department predicted above-normal monsoon rainfall, signaling relief for agriculture after recent challenges.
Pakistan
Rice exports soared to a record high in March, defying a slump in shipments to China, as African and Asian markets drove demand for the staple crop, industry officials said on Wednesday. "During March 2024, coarse rice shipments from Pakistan to various destinations totalled 545,000 tonnes, amounting to a substantial worth of $330.453 million," said Shamsul Islam Khan, a leading rice exporter.
The country has missed the wheat production target as the estimated production of the commodity is 29.69 million tons against the set target of 32.2 million for the Rabi Season 2023-2024 from an area of 9.6 million hectares of land.
The Rawalpindi district administration issued on Wednesday a notification of new prices for food items, pulses, rice, meat, milk, and yoghurt. However, the Grocery Merchants Association, Naanbai Union, Gowala Union and Mutton Beef Retailers Association refused the new prices, considering them as "drawing room rates", and decided not to sell their products at the updated official rates.
Philippines
President Ferdinand R. Marcos Jr. on Tuesday assured the public of sufficient food supply particularly rice despite the current El Niño phenomenon. This was made possible by the new farming techniques and improved irrigation system adopted by the government, President Marcos said.
Rice prices will remain high in the first half of the year as the impact of El Niño is still felt in the agriculture sector, according to Department of Agriculture Secretary Francisco Tiu Laurel Jr. In a briefing, Laurel said current prices of rice range from P47 to P57 per kilo. “Stable siya. Hindi pa bumababa ng masyado but world prices are going down.
Among all the crops grown in the Philippines, rice is heavily favored in terms of the support it receives from the government. The increase in spending in agriculture in recent years has largely benefited the rice sector. Billions of pesos have been poured into activities that sought to increase rice production, such as the repair and rehabilitation of irrigation systems that primarily serve rice lands.
Bangladesh
Rice fields began developing cracks as vast landscapes lay parched from about two weeks of intense heat conditions, with farmers battling a severe power crisis in irrigating cropland. Farmers, hit hard by inflation for over two years now, on top of the Covid-19 pandemic aftermath, face potentially catastrophic consequences as the government has left them on their own, asking them to irrigate fields using diesel-run water pumps.
Traditionally in rural Bangladesh there has been a farming practice called – ratoon – by which farmers could reap two harvests from the same cropping season by producing a second crop from the original stubble. First they would reap a reasonably good volume of grains and then after giving a respite, farmers would potentially reap another harvest, albeit low in volume.
Amid several measures to help enhance rice production, the Bangladesh Rice Research Institute (BRRI) is planning to introduce artificial rainfall to paddy fields. “It is not essential to cultivate all seven varieties. Farmers can grow the paddies at their whim. Necessary seeds will be supplied,” BRRI Director General Md Shahjahan Kabir said…
Indonesia
Indonesian state purchasing agency Bulog is believed to have purchased about 300,000 metric tons of rice an international tender late last week, European traders said on Monday.Traders said the rice will be sourced from Vietnam, Thailand, Pakistan and Myanmar. The lowest price was estimated at $585 a ton cost and freight (c&f) included for rice from Vietnam sold by trading house Vinafood.
The price of rice that continues to skyrocket forces people to rack their brains to meet the needs of life. Indonesia, known as an agricultural country, has difficulty controlling rice prices, which is a staple food for almost all of its people. Why is that? The increase in rice prices has occurred since the end of last year.
Improving rice production by increasing the efficiency of rice farming becomes the alternative strategy in Java Island, where half of the Indonesian populations live. Even though some areas are flood-prone, East Java Province is one of the leading rice producers in Indonesia.
China
The increased yields of a hybrid rice strain developed in China have helped countries participating in the Belt and Road Initiative to bolster their food security. "Malaysia has expressed the pressing need to introduce Chinese hybrid rice seeds and planting techniques to alleviate local food shortages," Ding Junping, the head of Wuhan Guoying Seed Corporation, said…
Food security is a top priority for China's policymakers. All over the country, a campaign to upgrade arable lands into so-called "high-standard farmland" is on. CGTN visits a farmland in northeastern Heilongjiang Province, where the project is in full swing.
In 2024, the collaboration group is scheduled to collaborate with the China Academy of Space Technology to launch the second satellite dedicated to space breeding, as part of China's recoverable satellite project. Besides, China's research on space mutagenesis mechanisms has seen significant strides by using ground-based high-energy accelerators to simulate cosmic particles.
Japan
Figures released today, and reported by BBC News, show that the nation’s trade gap shot up by a striking 71 per cent in January compared to the previous month, taking the total as high as 2.79 trillion yen (£16.4 billion). Although January’s data represents the nineteenth consecutive month in which the deficit has grown, the new record has cast further doubt on what has proven to a divisive approach to monetary policy.
The yen's slide to fresh 34-year lows is likely to force Bank of Japan Governor Kazuo Ueda to walk a delicate line in guiding monetary policy this week as he tries to maintain a calibrated path to exiting ultra-easy rates without upending the currency.
A firm U.S. dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan's rate decision this week. The yen remained pinned after hitting 154.85 yen on Monday, its lowest level since the mid-1990s, as the stark U.S.-Japan rate differentials came into focus again amid an easing in Iran-Israel tensions. It last hovered around 154.76 per dollar.
Thailand
The Commerce Ministry is promoting government-to-government (G2G) sales of rice to Indonesia, while pledging to move ahead with plans to negotiate a similar sale with China. Late last year at the Japan-Asean Summit, Indonesia expressed its intent to purchase 1 million tonnes of rice from Thailand via a G2G deal. The first lot of 55,000 tonnes has been sold to Indonesia, with delivery expected within this month.
Thailand exported about 3.06 million metric tons of rice from Jan. 1 to April 24, up 23.4% from the same period a year earlier, with Indonesia the biggest buyer, the commerce ministry said on Thursday. The value of rice exports in the period jumped about 54% from a year earlier, the ministry said in a statement.
Narong Jantharung, a rice farmer from the Northeast province of Ubon Ratchathani, won this year’s best jasmine rice award at an event hosted by the Department of Internal Trade (DIT) on Wednesday. Commerce Minister Phumtham Wechayachai presided over the 41st edition of the National Hom Mali Rice Competition in Bangkok and handed out the awards…
Others
In the 2024-2025 financial year, a goal is set to cultivate over 15 million acres of monsoon paddy. Additionally, agricultural loans are issued, and technologies are imparted to farmers at present, as stated by Daw Pyone Pyone Mon, Deputy Director of the Agriculture Department (Paddy Crop Unit).
Our rice was at centre stage again with a very peculiar problem, that is, local rice was not available in the market in the second half of last year although 64% of supply comes from local farms. Despite stern warnings from the government against manipulation of rice supply, the problem persisted for seven months, which reflects the strong dominance of rice traders in the market.
A North Korean delegation led by a high-ranking agricultural official is visiting Russia, the North's official KCNA news agency said on Sunday, in the latest exchange between Moscow and Pyongyang, which is grappling with chronic food shortages.
The President of the All Farmers Association of Nigeria, Kabir Ibrahim, has disclosed that imported rice from India comes at a landing cost of $58 per bag. Ibrahim, in a recent chat with The PUNCH in Lagos, said local rice was cheaper because of the country’s high exchange rate. “It is not competitive for you to use forex to buy anything and bring it to Nigeria.
In a bid to address Kenya’s significant rice production shortfall and enhance farmers’ income, the African Agricultural Technology Foundation (AATF) is pushing for the adoption of high yielding hybrid varieties to reduce the government’s annual rice import bill.
The price of paddy rice in Africa’s most populous nation has declined by a third over the past two months after the reopening of the Nigeria-Niger land border, a significant boost for struggling millers. Millers are importing cheaper paddies from neighbouring countries to run their mills, thereby driving prices down, according to industry sources who expect a further decline when the harvest season kicks off in two months.
In an effort to ensure fair pricing and protect consumers, the Ministry of Trade in Cameroon has initiated a price control operation on rice, a staple food in the country. The operation, led by control teams from the Ministry of Trade, targeted markets in the city of Bafoussam on April 19, 2024. The primary objective of the operation was to verify whether rice vendors were adhering to the new price regulations set by the Minister of Trade.
Following the recent rebound of the naira against the dollar, the price of a 50 kilogramme bag of rice has dropped to an average of N67,000 in Lagos, Abuja, Ogun, and others, from about N90,000 in February 2024. In communities close to the borders, our correspondents gathered that the staple was selling at a much lower rate compared to what was obtained in the cities.
Following poor road network and other logistics challenges, about 272 cottage rice mills would remain idle and unable to process 7.5 million metric tonnes of paddy rice valued at N1.13 trillion for local consumption in 2024. The price of paddy per kilogramme in the country is N1,500, 75 kilogrammes, N75,000 and a tonnes N1.5 million in Kano, Kebbi, Kaduna, Niger and Ebonyi states.
Recent electoral polls continue to suggest that no single political party will win an outright majority in South Africa's 2024 national elections due to take place on 29 May. This creates uncertainty regarding the national government, which will emerge from any possible coalition discussions.
From October 2023 to March 2024, rising temperatures and a severe lack of precipitation have intensified and expanded progressively across Angola, Zambia, Zimbabwe and Namibia, as well as most of Zambezi basin and southern Madagascar. Record-high temperatures dating back to 1960 have been exacerbating the situation.
There are many challenges facing Nigeria’s agricultural sector in Nigeria. Recent reports indicate a concerning trend of agricultural programmes failing to meet their intended objective. Despite government investments and initiatives aimed at boosting agricultural productivity, the sector continues to struggle, leaving many farmers disillusioned and vulnerable.
Stakeholders in the rice processing sub-sector are worried that the current biting food scarcity in the country would get worse next year unless the government of President Bola Tinubu properly engaged rice processors in its policy actions.
THE DEPARTMENT of Agriculture, Fisheries and Forestry has voiced concerns around a possible container levy or further increases to the Full Import Declaration, proposed by agricultural and freight groups as alternative funds streams to the controversial Biosecurity Protection Levy.
The Grains Research & Development Corporation (GRDC) and CSIRO, Australia’s national science agency, are urging growers and advisers to be vigilant due to reports of moderate to high mouse activity in several regions across Australia.
A lingering dry, hot summer is increasing concerns for grain farmers in Australia’s top producing state as they begin planting the next crop, according to the Grain Industry Association of Western Australia. Growers are taking a cautious approach as the soil is extremely dry, the association said in a monthly report Friday.
Autumn and Winter waterlogging is relatively common in WA’s Albany and Esperance port zones, but it can severely impact grain production.
The mounting pressure on the Federal Government to scrap the proposed biosecurity tax continues to build as Grain Producers Australia and other industry groups make submissions and statements to the Senate Inquiry into the legislation. A Farm Online article has highlighted staunch opposition from GPA and misgivings from Grain Growers regarding consultation…
FIGURES released by the Department of Agriculture, Fisheries and Forestry reveal the grain industry will contribute $12.25 million under the proposed Biosecurity Protection Levy, the most for any commodity impacted by the legislation. This figure is out of the total revenue of $51.8M that DAFF estimates will be raised by the BPL if it comes into force on July 1.
Major supermarkets need to be held more accountable for their actions, the federal agriculture minister has declared, expressing confidence suppliers will soon secure better deals with grocery chains. After the heads of Woolworths and Coles were grilled in fiery parliamentary hearings, Murray Watt said progress was being made on farmers receiving a fair price for their produce.
Farmers have been urged to get involved in discussions about their industry to “safeguard their futures.” The CSIRO, Australia’s national science agency, has published the Ag2050 Scenarios Report, to try to identify what Australian farming will look like in 2050, with perhaps the most interesting development being the consolidation of what it describes as “…regional agricultural capitals.”
Australia’s farm chemicals regulator is taking too long to approve new products, leading to billions of dollars in preventable crop losses for one of the world’s biggest agricultural exporters, industry groups say. Australia is a major supplier of goods from wheat and barley to cotton and wine.
In the week ending 17 April 2024, dry conditions were experienced across much of Australia. Isolated areas across cropping regions in Western Australia, northern New South Wales and southern Queensland recorded up to 25 millimetres of rainfall. Dry conditions in large areas of Queensland would have allowed resumption of summer crop harvests.
On Tuesday, the European Parliament voted by a large majority to extend the duty-free import of Ukrainian agricultural products for another year, further complicating the situation for European farmers, Agriculture Minister István Nagy said in a statement. The Minister pointed out that Brussels continues to support Ukraine with its pro-war policy and leaves European farmers on their own.
Germany is calling for an import ban on agricultural products from Russia and Belarus. An ag policy spokesperson for The Bundestag, Germany’s parliament, argued Germany and Europe are not reliant on Russian grain and continued imports from the adversarial nation must be halted.
An Irish MEP has questioned if a proposal to simplify the Common Agricultural Policy (CAP) is designed to manipulate the farming vote ahead of the European elections. The European Parliament voted yesterday (Wednesday, April 24) to approve a review of the CAP as proposed by the EU Commission to cut red tape for farmers.
On Wednesday, Parliament approved a review of the CAP Strategic Plans Regulation and the CAP Horizontal Regulation with 425 votes in favour, 130 against, and 33 abstentions. MEPs adopted the draft law with technical modifications proposed by the Council and endorsed by the Parliament’s Committee on Agriculture on 15 April 2024.
The question of whether the EU can even afford all the new members currently lining up to join by the early 2030s will be probably the most debated part of the whole enlargement discussion in the next couple of years. While enlargement used to be considered a merit-based process linked to legal reforms and economic compatibility, the Russian invasion of Ukraine fundamentally altered Brussels’ perceptions.
‘The recent surge in farming protests underscores the urgency of this issue, highlighting the need for the European Union to prioritise rural areas and agriculture in its policy agenda’ Copa and Cogeca, the twin apex for European farmers and their co-ops, have released a manifesto listing seven priorities for the European Commission, as EU countries prepare to head for the polls.
The European Union's crop monitoring service MARS on Monday raised its forecast for most cereals and rapeseed, saying warm and wet spring weather had benefited crops in most parts of the bloc. Persistent rain in France, the EU's largest grain producer, earlier this month had raised analyst and farmer concern of further production losses.
Polish MEP Marek Belka brought together prominent figures to discuss the state and prospects of cooperation between Poland and Ukraine in farming. The participants attempted to analyse the reasons for the current situation and find mutually acceptable solutions.
Russian President Vladimir Putin’s strategic use of 'grain diplomacy' is reshaping global trade dynamics, potentially shifting the balance of agricultural market power more in favor of Moscow. Amidst ongoing geopolitical tensions, the European Union has found grappling with the implications of Russia's maneuvering, which includes significant increases in Russian grain exports.
For months, Europe has been rocked by protests as farmers decry high costs and low prices, in addition to what they call unfair competition from Ukraine, and the constraints of environmental regulations. EU elites are worried that the farmers' movement will boost anti-establishment parties in the European elections this June.
The Rosario Board of Trade in Argentina recently projected corn yields to be down 30% due to stunt spiroplasma disease. That estimate would lower the country’s production by 7 million metric tons to 50 million metric tons. Spiroplasma disease stunts corn growth and turns leaves red. The disease was caused by three consecutive years of La Niña with severe drought and high temperatures.
Brazil leads the world in soybean production. News about the size of Brazil’s crop moves markets, but an ongoing debate about which numbers to trust is adding uncertainty to the current market situation (e.g. Braun, 2024; Siqueira, 2024; Vaclavik, 2024).
Brazilian farmers in Mato Grosso state have cut the area planted with second corn this season by 10% as low prices push them to cultivate alternative crops, a trend they say is likely to continue. Brazil’s second corn must be sowed immediately after the soybean harvest to avoid the dry and colder season.
The Argentine government said it plans to invest approximately $550 million to build a new grain port in the Rosario region. The region is considered a vital agricultural center for Argentina, accounting for more than 80% of the country’s agricultural and agro-industrial exports.
Given the record wheat yields the last two years, farmers in Uruguay are expected to plant more in the 2024-25 season, but total production is expected to drop slightly, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA).
The Mexican government has announced a postponement in the implementation of its ban on genetically modified (GMO) corn imports from the United States. Originally scheduled to take effect in March 2024, the ban has now been extended to address concerns surrounding the country’s agricultural output and food security.
Argentina's 2024 exports of soybean, corn, wheat, sunflower, and barley have been projected to reach barely US$ 29.3 billion, which would represent a US$ 5.7 billion recovery from 2023 but a US$ 1.7 billion slump compared to the last five years' average, the Grain Stock Exchange in Rosario (BCR) announced in its latest Guía Estratégica para el Agro (GEA) report.
Soybeans were higher on fund and technical buying. Soybeans are watching the probable harvest delays in parts of Argentina and Brazil, along with potential quality issues. The USDA’s next round of supply, demand, and production numbers are out May 10th, with CONAB’s updated outlook for Brazil slated for the 14th.
Argentina grains exports should value just shy of $30 billion this year, boosted by higher output than a drought-hit 2023 but tempered by lower global prices and an insect plague that has dented corn production. The $29.3 billion in exports seen for this year is below the recent five-year average, the major Rosario grains exchange said in a report on Friday.
For centuries, farmers used almanacs to try to understand and predict weather patterns. Now, a new crop of Latin American startups is helping do that with artificial intelligence, promising a farming revolution in agricultural giants like Brazil, the world’s biggest exporter of soybeans, corn and beef.
With its wheat reserves continuing to decline, Egypt’s wheat imports in marketing year 2024-25 are forecast to increase by 2% over the previous year due to population growth and the availability of more foreign currency in Egyptian banks, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
The International Monetary Fund expects OPEC and its partners to start increasing oil production gradually from July, a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year.
The Ministry of Agriculture of the Republic of Kazakhstan has published an updated list of licensed elevators, grain processing and poultry farms that have the right to import Russian wheat . The list includes 185 flour mills and 70 poultry farms interested in importing raw materials. The list also includes 201 active grain storage facilities.
“According to the seventh development plan, this year, nearly 400,000 hectares of extra-territorial cultivation should be carried out in the target countries to supply the country's strategic needs for agricultural products,” Aghareza Fotouhi said.
Brent crude futures have surged 13.4% this year so far to $87.26 per barrel, propelled by escalating tensions in the Middle East, OPEC supply cuts, attacks on energy infrastructure between Ukraine and Russia, and increased oil demand from major consuming nations, all of which have tightened the market.
In 2024, Kazakhstan plans to reduce the area under wheat by an average of 430 thousand hectares. By 2028, the area under this crop should decrease by 855 thousand hectares. The Ministry of Agriculture of Kazakhstan explains such plans by the need for diversification and moving away from monoculture.
Weather conditions in Türkiye have been favourable to winter crop growth. Yield forecasts for winter crops are well above the 5-year average but below last year’s level. Overall, crops are in good condition, notably in south-eastern regions.
Teh spokesman for Iran’s House of Industry, Mine and Trade said the export of food and agricultural products from the country in the previous Iranian calendar year (ended March 19, 2024) registered a 20 percent growth in value compared to a year earlier. Rouhollah Latifi said $6.3 billion of animal, fishery, agricultural and food products were exported from the country…
This initiative aims to enhance rice productivity, reduce water usage, and ensure food security in Egypt. During a Wednesday meeting held to discuss the status of rice cultivation and innovative mechanisms to boost production, Madbouly emphasized the strategic importance of rice as a staple food for Egyptian citizens and a key economic crop.
Kazakhstan has for nearly two weeks been grappling with the worst flooding in living memory after very large snow falls melted swiftly amid heavy rain over land already waterlogged before winter. Swathes of northern Kazakhstan were flooded again on Monday (15 April) as melt waters swelled the tributaries of the world's seventh longest river system, forcing more than 125,000 people to flee their homes.
FAS/Cairo (Post) forecasts Egypt’s wheat imports in marketing year (MY) 2024/25 to increase by 2 percent from the previous marketing year, due to population growth and the availability of more foreign currency in Egyptian banks.
Dry weather concerns in the US Southern Plains and Russia, plus Black Sea supply concerns after the latter attacked Ukrainian grain infrastructure over the weekend, sent wheat futures higher to sharply higher Monday with winter wheat touching two-month highs. Spillover support from wheat, short-covering and technical trading sent corn futures to three-week highs.
The 2024 crop season in Morocco is progressing under difficult conditions.
Uruguayan wheat production in marketing year (MY) 2024/2025 is forecast at 1.3 million tons, 260,000 tons lower than the previous crop season which saw record high yields.
In MY 2024/25, milled rice production is projected to reach 1.2 million metric tons (MMT), reflecting a five percent increase from MY 2023/24.
In the south, long and medium grain milled rice steady. Parboiled prices steady. Second heads and Brewers steady. Rice by-products: Rice Bran, Millfeed and Rice Hulls mostly steady. In California, medium grain milled rice steady to weak. Second heads and Brewers mostly steady. Rice by-products: Rice Bran and rice hulls steady.
Outstanding export sales and exports by country, region and marketing year
The U.S. Department of Agriculture expects to roll out an upgraded system for its weekly export sales reporting program in late 2025. Exporters are required by law to report sales of U.S. agricultural commodities to the USDA’s Foreign Agricultural Service (FAS), which reports weekly export sales each Thursday.
Wheat futures climbed Tuesday, Chicago soft red winter wheat surging to a two-month high as a decline in US winter wheat conditions renewed focus on weather risks to Northern Hemisphere crops. Corn and soybeans also edged up slightly on US spring planting risks. Corn planting progress was slightly better than expected but heavy rain was forecast in key areas.
Who wants to pay 41 percent more for food? No one. Yet a newly enacted California law is wrecking just that kind of havoc on citizens in the state — and it threatens to cause food prices to rise dramatically nationwide. Congress must act in this year’s Farm Bill to protect farmers and consumers.
Grain traders and ingredient buyers were heading into the 2024 season with uncertainty amid questions about the corn, soybean, spring wheat and total planted area projected in the US Department of Agriculture’s (USDA) March 28 Prospective Plantings report. Many expect significant changes to be reflected in the June 28 Acreage report, depending on spring planting weather…
Some lawmakers say they expect movement on the farm bill next month. Republican Congresswoman Ashley Hinson of Iowa tells Brownfield a draft of the legislation is expected soon. “We’re moving forward with some compromised language in the farm bill,” she said.
While there are scores of variables, such as weather, commodity prices, crop rotations, politics and equipment malfunctions, that may hinder Arkansas’ rice farmers, there is one constant that growers can count on. The state will continue to rank first in the U.S. in rice production. California is the second-leading rice producer in the country…
India has opened up its market to the American farming industry in as many as 12 different categories, a top Biden administration trade official told lawmakers on Wednesday. However, Senator Ron Wyden raised concerns about India's wheat subsidies distorting prices and hurting American farmers. He stressed the importance of enforcing trade rules to protect American workers and businesses.
The leaders of the Senate Finance Committee told U.S. Trade Representative Katherine Tai in a hearing Wednesday U.S. agriculture needs a real trade agenda. Ranking Member Mike Crapo from Idaho referenced a letter sent by commodity groups to USTR this week and said dispute settlement reform is also needed “so we can open markets for them.”
Profit is growing further out of reach for U.S. wheat farmers and many do not expect to break even in 2024 as ample global supply keeps prices around their lowest in nearly four years at the same time costs including equipment and transport remain high. The current state of the U.S. wheat market will hit winter wheat farmers in the Great Plains hard.
The head of the National Association of State Departments of Agriculture says the Biden administration has to step up its efforts to increase demand for US ag goods. Ted McKinney says he respects the administration for what it is trying to do. “There is a lot you can do just to enforce existing trade agreements or existing WTO compliance,” he says.
The U.S. Agriculture Department's Commodity Credit Corporation announced the following world market prices of milled and rough rice. The data is adjusted for U.S. milling yields and location, and the resulting marketing loan gain (MLG) and loan deficiency payment (LDP) rates applicable to the 2023 crop.
Rising food prices around the world may finally be seeing a bottom this year. According to Oxford Economics, global food prices are expected to decline in 2024, offering some relief for shoppers. “Our baseline forecast is for world food commodity prices to register an annual decline this year, reducing pressure on food retail prices further downstream,”…
The Biden administration will allocate $1 billion in Commodity Credit Corporation funding for emergency international food assistance. Approximately $950 million of that will be used purchase, ship and distribute American-made wheat, rice, sorghum, lentils, chickpeas, dry peas, vegetable oil, cornmeal, navy beans, pinto beans and kidney beans.
The Economic Research Service (ERS) of the US Department of Agriculture said in its Rice Outlook Report on April 15 that “over the past month, quotes for trading prices for most grades of regular (neither parboiled nor aromatic) whole grain milled rice from Thailand decreased 6% to 7%, mostly due to the weakening of the Thai baht and the beginning of the dry-season crop entering the export market.”
On 19 April, Russian troops hit the port of Pivdennyi in Ukraine’s southern Odesa Oblast, destroying grain storage facilities and foodstuffs they contained, according to Ukrainian President Volodymyr Zelenskyy and other officials. Later, the Ministry of Restoration stated that as a result of the attack on the port of Odesa, the Russian military destroyed agricultural products intended for Asia and Africa.
While shoppers battle with the cost of food at the check-out, farmers around the world are expected to plant fewer crops this year, largely because the cost of growing some produce is higher than its potential value. Global wheat and corn prices have halved since record peaks in 2022, but the cost of essential inputs such as fertiliser remain historically high…
National feed wheat trader, Cameron Curry, gives a detailed overview and technical update on the current grain markets.
In the paper “News Event-Driven Forecasting of Commodity Prices,” NYU Stern Professor Srikanth Jagabathula, along with co-authors Sunandan Chakraborty (Indiana University), Lakshminarayanan Subramanian (NYU Courant Institute), and Ashwin Venkataraman (UT Dallas), looks for a solution to more accurately forecast commodity prices given the volatility of real-world events that impact those prices.
Russia intends to establish a “grain exchange” with BRICS nations, aspiring to use this trade alliance of nine emerging countries to challenge Western dominance in agricultural trade. While the officially declared purpose of the inter-bloc grain exchange is to facilitate trade between BRICS member states, analysts say that the new alliance actually aims to become an analogue of the Organization…
A cooperation agreement by the Philippines, the United States and Japan will change the dynamic in the South China Sea and the region, Philippine President Ferdinand Marcos Jr. said on Friday, while seeking to assure China it was not a target. “I think the trilateral agreement is extremely important,” Marcos told a press conference…
While some might think that family-run farms are a thing of the past, they are in fact the dominant business model in Europe. In 2020, they accounted for slightly more than 9 in every 10 of the EU's 9.1 million farms.
Rice (Oryza sativa L.) is an important member of the family Poaceae and more than half of world population depend for their dietary nutrition on rice. Rice cultivars with higher yield, resilience to stress and wider adaptability are essential to ensure production stability and food security.
New research published in Nature Communications sheds light on how traditional farming practices might influence cultural traits, suggesting that rice farming encourages more collectivistic behavior compared to wheat farming.
Agriculture Minister Dr Md Abdus Shahid today laid emphasis on increasing high-yielding rice cultivation across the country to boost rice production aiming to export the staple food after meeting domestic demand.
There are many myths about energy and the economy. In this post I explore the situation surrounding some of these myths. My analysis strongly suggests that the transition to a new Green Economy is not progressing as well as hoped. Green energy planners have missed the point that our physics-based economy favors low-cost producers.
When she ventured into rice farming more than ten years ago, Grace Okello was optimistic that the crop would be the game-changer to transform her economic fortunes. And like the other farmers, she focused on the local seeds that most farmers in Bunyala and its environs have always relied on.
Philippine Rice Research Institute (PhilRice) is partnering with an inter-governmental, non-profit organization in identifying a potential biocontrol agent that may help stave off infestations of fall armyworm (FAW).
Rice is the most important staple food in the world, and its management is therefore of vital importance. Rice management of the people of Kasepuhan Sinarresmi, Sukabumi Regency West Java, Indonesia is symbolized in cultural practices of farming.
The International Rice Research Institute (IRRI) and the International Cooperation and Development Fund (TaiwanICDF) signed a cooperation agreement to implement the Capacity Building for Sustainable and Low-Carbon Rice Innovations in Southeast Asia (Cabin) project.
Researchers at the University of Geneva (UNIGE), in collaboration with teams at ETH Zurich and Taiwan's National Chung Hsing University (NCHU), have achieved a significant advance in the fight against vitamin B1deficiency, frequently associated with a rice-based diet.
Executive Summary
As an important note to our weekly TRT readers, we have made an internal decision to start showing more internally kept trade data in the #3 vessels section, which will some key trade flows from various origins, sellers. trade prices, buyers, and final destinations. We suggest you watch this list as it builds. Our internal PRIVATE sources say the India ban is here to stay and this is a huge piece of the puzzle on many levels. The flow is still very strong though, so does this really matter? The market started the week from straight boring as we awaited the BULOG tender and have many players still out on vacation for EID and other personal holidays.
Thought of the week
Habit Of Excellence...
“We are what we repeatedly do. Excellence, then, is not an act, but a habit.”
-- Aristotle --