Agriculture and food businesses in the UK, or with UK trade connections, still have virtually no clarity over future arrangements, following this week’s EU Summit meeting in Brussels.
Uganda plans to double its cocoa production levels by the end of 2019, the Cocoa Development Project (CDP) revealed.
The Philippines’ Agriculture secretary Emmanuel Piñol has called again for a temporary ban on palm oil imports from top producers Indonesia and Malaysia.
Fonterra announced significant progress in its portfolio review process, as the Kiwi dairy giant confirms its return to profit in its H1 ended January 31.
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Thai prices for canning pineapple are slightly up, with some canneries thinking of stopping processing activity for one day per week, due to supply shortages expected until October.
Stocks of IQF bell pepper in China are really low with some processors said to be sold out for the season, IEG Vu was told at the IFE food show in London.
Grains & Softs
Russia’s Ministry of Agriculture may re-purpose the National Association of Agricultural Exporters (NAESP) instead of creating a new union as it previously announced.
Soybean futures ended lower Friday, pressured by a sharp decline in canola futures. Soymeal and soyoil contracts also settled lower. May soybeans lost 6 3/4¢ at USD9.03 3/4.
Wheat mixed to weaker Friday as Chicago May wheat lost 1/2¢ at USD4.66 and Kansas City was down 2¢ at USD4.45 and Minneapolis closed mixed.
May corn closed up 2¢ at USD3.78 1/4 on Thursday after a reported sale to China and lingering planting concerns.
Processed Food & Ingredients
Frozen potato exports grew by two and half times, driven by larger consumption in Asia, the Middle East and Latin America.
Dried fruit markets remain calm, despite the continued uncertainty in the UK with the future relationship with the EU.
The relative instability of Polish processing apple prices is keeping the market operating on a spot basis. Prices weakened in late February because Polish farmers and brokers started releasing fruit from coldstores, but now they are playing a cautious game again.
Dairy & Meat
Prices for beef cattle remained firm in Brazil this week as slaughterhouses struggled to secure enough animals to meet their demand.
Whole milk powder (WMP) on the NZX has started sliding this week, despite a triumphant performance on the global auction on Tuesday which saw the powder's value rise by over 4%.
European pig prices have surged upwards in the last week, driven by a growing mismatch between supply and demand, and fuelled in large part by growing Chinese import demand.
New market estimates from the European Commission suggest that the EU’s overall market surplus in beef is likely to erode over the course of this year, and may be put into reverse next year.
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