CHINA, US AG FIRMS SIGN PURCHASE DEALS
Chinese agricultural companies and US commodities exporters strengthened ties with the signing of 11 purchasing agreements/contracts worth billions of dollars at the China-US Sustainable Agricultural Trade Forum on Oct. 24. The forum and contract signing ceremony were co-organized by the US Soybean Export Council (USSEC), China Chamber of Commerce for Import & Export of Foodstuffs, Native Produce & Animal By-products (CFNA), Iowa Soybean Association, and US Grains Council (USGC) on the eve of the World Food Prize Foundation’s 2023 Borlaug Dialogue in Des Moines, Iowa, US.
Among the companies that signed 11 purchasing contracts/agreements were ADM with Bohi Industry, ADM with China Agri, ADM with Fuzhiyuan Feed Protein (Wilmar International), Bunge with Sinograin Oil, Cargill with Sinograin Oil, CHS with Bohi Enterprises, CHS with Sinograin Oil, COFCO International with China Agri, COFCO Agri with Zen-Noh Grain, Shenzhen Gem with Hangtung Resources, and Zen-Noh Grain with Bohi Industry.
(Link: WorldGrain)
EU SOFT WHEAT EXPORTS DOWN SHARPLY
Soft wheat exports from the European Union are down 22% compared to the same period in the previous marketing year, according to European Commission data published on Oct. 25. Since the start of the 2023-24 season in July, the EU has exported 9.33 million tonnes of soft wheat compared to 11.98 million during the same period in 2022-23 season, the data showed. Romania has been the top EU exporter thus far at 2.57 million tonnes, followed by France (1.83 million) and Poland (1.65 million).
Among the factors in the reduced outgo is competition from Russia, which this summer harvested a record wheat crop and is on pace for record exports in 2023-24. Conversely, EU soft wheat imports have increased sharply, rising 37% from the previous year to 2.72 million tonnes. Drought-stricken Spain has imported more than half of that total at 1.51 million tonnes. Other highlights from the report include: EU barley exports are down 9% at 2.37 million tonnes, Durum wheat imports have risen to 1 million tonnes, five times higher than the same period in 2022-23, Maize imports are at 9.04 million tonnes, down 40% from the previous year.
(Link: WorldGrain)
