TAIWAN ISSUES TENDER TO BUY US WHEAT
The Taiwan Flour Millers Association has issued an international tender to buy nearly 83,000 tonnes of grade 1 milling wheat from the United States, Reuters reported on Jan. 3. The wheat, which will be shipped in 2024, will come from the US Pacific Northwest. Taiwan in late November also purchased an estimated 109,000 tonnes of milling wheat to be sourced from the United States. Taiwan, the United States’ sixth-largest wheat export market, signed a Letter of Intent in September 2022 with US Wheat Associates to purchase 1.9 million tonnes of wheat from the United States over a two-year period with an estimated value of $576 million.
(Link: WorldGrain)
LACK OF RAIN CUTS INTO BRAZIL SOYBEAN FORECAST
Brazil’s projected soybean crop for 2023-24 has been slashed to 152.8 million tonnes from a potential record 161.9 million tonnes by agribusiness consultancy StoneX, citing a lack of rainfall in important growing areas. Some states tend to plant soybeans later than others and there were also some delays in sowing, so the weather will continue to play a pivotal role in the final numbers as harvest progresses, StoneX noted.
StoneX also cut its forecast for Brazil’s soybean exports this season to 95 million tonnes from 103 million tonnes previously, citing a lower supply. The lack of rain has had another impact, with some farmers harvesting soybeans earlier and getting a jump on winter corn sowing, easing some concerns about their ability to plant a sizeable crop. Brazil is expected to produce 129 million tonnes of corn in 2024, according to the US Department of Agriculture.
(Link: WorldGrain)
