Global Agriculture Market Updates

Akim Kovalev

Egypt’s GASC Wheat Tender

The General Authority for Supply Commodities (GASC) of Egypt has issued a tender for wheat with optional origins. Offers are to be submitted on a Free on Board (FOB) basis for shipment between August 21-31 and/or September 1-10. Payment terms are at sight and will be funded by the International Islamic Trade Finance Corporation (ITFC).

India Considers Reducing Wheat Import Duties

There are ongoing speculations that India might cut duties on wheat imports. However, no official announcements have been made yet.

US Corn Belt Flooding

Areas of the western and northern US Corn Belt experienced flooding over the weekend due to excessive rainfall. World Weather Inc. forecasts more rain over the next 10 days to two weeks, potentially worsening the situation in already saturated areas but providing needed moisture in dry southern and eastern parts of the Corn Belt, Delta, and Southeast.

Russia’s Ag Ministry Crop Report

According to Russia’s Ag Ministry, dry conditions in the southern regions during May are expected to impact the 2024-25 crops more significantly than frosts. Early yield results in Rostov are reportedly down by 40% compared to last year. Despite this, farmers managed to re-sow most of the frost-affected fields. The 2024-25 grain production forecast remains tentatively at 132 million tonnes (Mt), down from 144.9Mt the previous year, including wheat at 86Mt (92.8Mt last year).

Alberta Crop Report

The Alberta Crop Report for the week ending June 18 noted that sowing is nearly complete. Surplus soil moisture is prevalent across large parts of the province, with warmer temperatures needed for crop development. Light frosts, hail, and snow were noted, which could adversely impact young plants. Spring wheat condition is rated 76% good/excellent (51% last year), barley 76% (46%), and canola 65% (49%). Pest pressure from wireworms and root maggots is reported, with a strong presence of gophers in the South and Central Regions.

US Senators Urge Scrutiny on Used Cooking Oil Imports

A bipartisan group of six US Senators urged the Biden administration to increase scrutiny of Used Cooking Oil (UCO) imports from China, citing concerns that these imports may be fraudulent, blended with virgin oils like palm oil, which have higher carbon intensity and are linked to deforestation.

US Soybean Sales to the Philippines

US private exporters reported sales of 228,000 tonnes of soybean cake and meal to the Philippines during the 2024-25 marketing year.

Australian Agriculture Market Updates

Local Markets

Local markets were quiet yesterday. The ASX January 2025 eastern Australian wheat contract ended the day down another $5/tonne at $351/tonne, following offshore trends.

Rainfall in Western Australia Wheat Belt

Rainfall is developing again for the Western Australian wheat belt, contrasting with the situation six weeks ago when most of the state was in a precarious position. NDVI imagery indicates an uptick in growth, tracking just below average. South Australia’s NDVI imagery shows growth well below average, close to the bottom of the 20-year range for Eyre Peninsula and northern SA, with improvements in Murraylands and the southeast after recent rainfall. Victoria and southern NSW are currently showing average to above-average crop growth. Central west, northwest, and northern NSW are showing growth at the top of the 20-year range. Despite a recent decline, NDVI for the southwest and Darling Downs remains high, while Central Queensland shows average to below-average vegetative growth.

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Global Agriculture Market Updates

Akim Kovalev

Bulgaria's Strategic Push for Aquaculture and Fisheries Development

Newsletter

African Development Bank Boosts Sudan’s Wheat Production with $100 Million Grant

Korean Rice-Based Foods: Unlocking New Opportunities in China’s Market

Nigeria Receives Rice Shipment from Thailand Amid Deepening Food Crisis

Municipal Greenhouse Modernization in Irkutsk: New Facilities and Sustainable Innovations

Russian Wheat Exports on the Rise: A Potential Record of 5.5 Million Tons in September

Russia’s Agricultural Export Ambitions: Aiming for $50 Billion by 2030

Tambov Region Harvests 3.7 Million Tons of Grain: Soybeans Show Remarkable Growth Despite Challenges

Weathering the Storm: How Farmers in Orenburg Adapted to a Challenging 2024 Growing Season

Record Harvest of “Zyuganovka” Wheat: A New Benchmark for Russian Agriculture

Kursk Region’s Grain Exports Surge in First Half of 2024

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