Renowned by some for producing “the world’s best cocoa”, Venezuelan cocoa farmers need to improve their business know-how in order to push the sector forward, as well as retaining its place as a key contributor to the country’s problematic economy.
An across-the-board decline across New Zealand's dairy commodities further confirm that a price upturn is nowhere to be seen on increased dairy collections.
Hurricane Michael is crossing Florida and moving to South Georgia, hitting peanut, pecan and cotton crops at a vulnerable point.
Volatility accompanying sugar’s latest rally attempt testifies to the crosscurrents buffeting this market at the moment.
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Grains & Softs
The soy market had been pricing an increase to the USDA’s domestic crop forecast almost since the last estimate in September.
Corn futures continue to ride higher to end the week, with December corn gaining 4 1/2¢ at USD3.73 3/4.
Soybean futures traded higher Friday led by gains in soyoil contracts, with modest moves higher in most soymeal contracts. November soybeans gained 9 1/4¢ at USD8.67 1/2.
Wheat futures gained in all three markets Friday, with December Chicago rising 9 1/4 ¢ to close at USD5.17 1/4.
Processed Food & Ingredients
This year's trade data up to end of August shows a 30% increase in Peruvian frozen asparagus export volumes.
The USDA, in its first forecast of the new 2018/19 orange season, has made an estimate of 79 million boxes, a 76% increase from last season’s 45 mln boxes (a legacy of the damage caused by Hurricane Irma).
The 2018 US peanut crop is expected to reach 5.77 billion pounds, 1.2% more than in the previous estimate and 19% less than the 2017 production.
Thai canned pineapple prices reported as of October 10 remain either the same or below than those reported in late July, just before the canneries’ annual maintenance break, to welcome the winter crop in October.
Dairy & Meat
European pig prices have fallen again over the past week, albeit not as steeply as in the previous two weeks - a possible sign that the market shock imparted by last month’s discovery of African Swine Fever (ASF) in Belgium is starting to moderate.
Ireland’s butter exports to the US reached their highest monthly level ever this year, supplanting a record set in May 2004, the US Department of Agriculture (USDA) has reported.
The UK's chief veterinary officer has urged sheep farmers to remain watchful for bluetongue virus (BTV) after it was detected in four sheep imported from France.
The Polish Ministry of Agriculture has announced that farmers will be eligible to receive PLN1.5 billion (USD410 million) in financial support to offset losses from the 2018 drought.
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