Receding Russian supplies resurfaced as a talking point for hopeful US wheat exporters this week - despite the former’s recent surprisingly large sales to Egypt.
An information event to promote organic juices recently took place in Jeddah. A team of representatives travelled to Kuwait and Jeddah to participate in the Jeddah FOODEX Exhibition & Trade Show 2018, through the EU's European Organic Juices campaign.
New York raw future’s strong rise off the early 2019 lows, testing two-month highs this week, has been propelled mainly by funds buying back a previously large short position.
Whether or not China returns to the US market for more US soybeans, the latter’s exporters are hoping for some sales dividend from a smaller-than-expected crop from their Brazilian rivals.
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Global Outlook spotlight
The global sugar market may fall into a deficit again in 2019/20 with another two deficit years expected follow. After this, the world market is expected to shift between a surplus and a deficit every two-three years leading up to 2030.
The world coffee market will see its third surplus in a row in 2018/19 as the ongoing rise in world consumption was not large enough to pull it back into deficit in 2017/18.
Grains & Softs
Weaker than expected US and European grind data for Q4 2018 restrained cocoa futures markets still pondering recent less-favourable crop reports from top supplier Ivory Coast.
Wheat futures closed mixed to higher to end the week with March wheat closing unchanged at USD5.17 3/4 while Kansas City gained 2¢ to USD5.06.
Soybean futures ended higher Friday, supported by optimism for a potential resolution to the trade dispute between the US and China. Soymeal and soyoil contracts saw similar gains. March soybeans gained 9¢ at USD9.16 3/4.
High hopes for large corn purchased from China pushed March corn up 1 3/4¢ at USD3.81 3/4.
Processed Food & Ingredients
National production of blueberries in Peru last year recorded a significant increase, led by constant planted area expansions.
St. Kosma's desert monastery, one of the largest monasteries in the Russian Urals region, has recently started producing granulated willow tea, birch sap, jams from pine nuts and other Russian specialities.
With the Turkish lira remaining volatile, prices of the country’s dried apricots are fluctuating, Rotterdam trader Catz International noted in its latest report on dried fruits.
Two consecutive overnight frosts on January 10 and 11 hit artichoke growing areas in Spain – among other vegetable crops, such as lettuce and broccoli – driving raw material auction prices to a modest increase.
Dairy & Meat
Biosecurity checks on 152 meat products at entrance points into Australia found six which were contaminated with African Swine Fever (ASF).
Skimmed milk powder futures continue bullish trend on global markets, while New Zealand butter stops to take a breath, remaining unchanged from last week.
Meat and poultry Class 1 recalls have jumped 83% and overall recalls for food products have increased 10% since 2013, according to a new report by the U.S. PIRG Education Fund released on Thursday (Jan. 17).
Poland's largest dairy Mlekovita said that thanks to the launch of a new milk drying facility, the company increased product manufacturing by 60%, which is also reflected in Poland's total exports.
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