More than 70 new price lines were added to IEG Vu’s Price Graphing Tool in June, including values for Brazilian soybeans and corn, African-origin cashew kernels, European beef and eggs, and Chinese raw material asparagus.
Cocoa prices moved erratically this week as some analysts fed renewed West African crop concerns into the market while others tried to guess the next move by the all-powerful funds – sellers or buyers?
The climate of Australia is becoming less favourable for grains production, and farmers need the freedom to adjust to the changing environment, ABARES chief economist Peter Gooday told the IGC Grains Conference this week.
Fears of lost Chinese demand saw CBOT soybeans in virtual free-fall for much of this week, the front month approaching lowest levels in almost a decade.
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Grains & Softs
Attempts to lift sugar futures off their still low base proved an uphill struggle this week amid further reports underlining the surplus market.
Soybean futures capped off the week with double-digit gains with soymeal and soyoil contracts also advancing. July soybeans rose 14¢ at USD8.94 1/2.
Wheat futures closed lower in all three markets Friday, with July Chicago wheat down 4¢ at USD4.91 1/4, with similar losses in the Kansas City and Minneapolis markets.
Corn futures ended steady to mostly lower to close out the week, with July futures down 1/4¢ at USD3.57 1/4.
Processed Food & Ingredients
Heavy rain coupled with hailstorms may affect the Serbian raspberry crop, with prices at the centre of a dispute between growers and processors.
Total European peach and nectarine harvest destined for the fresh market is expected to reach 2.83 million tonnes this season, 11% less than last year.
The world’s 2018/19 shelled pine nut crop is expected to reach 25,080 tonnes, 21.7% down from the previous season, with consumption estimated to increase by 11.1% to 31,160 tonnes.
The clingstone peach harvest, destined for canning, is expected to increase this year in Europe by 7.5% to 835,167 tonnes, according to the latest europêch estimate.
Dairy & Meat
The Irish Government could be forced to restrict the expansion of dairy farms in order to avoid massive EU fines for not meeting the required greenhouse gas emission reductions, researchers have argued.
The level of cattle in US feedlots on June 1 came in above expectations with placements also heavier than what traders looked for ahead of the data.
The Bulgarian Food Safety Agency has discovered the first case of the highly contagious Peste des Petits Ruminants (PPR) on livestock farms in the village of Voden, close to the Turkish border.
Puerto Rico's dairy company Suiza Dairy launched operations in its new Vida milk processing unit in Aguadilla, with plans to export the produced extended shelf-life (ESL) milk in the Caribbean.
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