FAO’S RICE PRICE INDEX SOARS IN AUGUST
The United Nations’ Food and Agriculture Organization’s All Rice Price Index rose by nearly 10% in August, reflecting trade disruptions in the aftermath of India’s ban on Indica white rice exports. On the other hand, overall international food commodity prices declined in August, led by wheat and coarse grains, dropping the FAO’s Food Price Index by 2.1% in August compared to July.
The FAO Cereal Price Index declined by 0.7% month-on-month. International wheat prices fell by 3.8% in August, and international coarse grain prices fell by 3.4% amid ample global supplies of corn from a record harvest in Brazil and the imminent start of the harvest in the United States. The FAO Vegetable Oil Price Index decreased by 3.1% in August, and world prices of sunflower oil declined by nearly 8% during the month. World quotations for soy oil dropped owing to improving soybean crop conditions in the United States, while those for palm oil fell moderately amid seasonally rising outputs in leading producing countries in Southeast Asia.
(Link: WordGrain.com)
ARGENTINA ANTICIPATES REBOUND IN SOYBEAN CROP
Argentina’s soybean crop is expected to rebound in the 2023-24 crop year to an estimated 50 million tonnes, up from 21 million tonnes last season-which got a strong influence from a historic drought, according to a Sept. 7 report from the Buenos Aires grain exchange. Corn production is forecast at 55 million tonnes, up from 34 million tonnes in 2022-23 while wheat production is estimated at 16.5 million tonnes, up from 12.2 million tonnes.
(Link: WordGrain.com)
INDIA SETS RECORD FOR SOYBEAN PRODUCTION
The FAS estimates soybean production at 12.4 million tonnes for the current marketing year that ends on Sept. 30, while it pegs rapeseed output at 11.8 million tonnes, which would both be records. India’s export of soybean meal is estimated to nearly double from 940,000 last year to 1.8 million tonnes in 2022-23 and Rapeseed meal exports are seen rising by 4% year-on-year to 1.65 million tonnes.
After posting strong production numbers for soybeans and rapeseed in the soon-to-be-completed 2022-23 marketing year, India is expected to see a decline in output in the coming season due to the El Niño. India is projected to see soybean and rapeseed production decline to 11.9 million tonnes and 11.2 million tonnes, respectively in 2023-24, the report said.
(Link: WordGrain.com)
