Saudi Arabia privatizes barley imports and distribution business

SAUDI ARABIA – The Saudi Arabian government has complemented the full privatization of barley imports and distribution business in line with its November 2020 decree.  The decision was implemented when the Saudi Grains Organization (SAGO) sold 1.84 million metric tons (MMT) of barley through an open and competitive bidding process to local grain traders. The quantity was made up of 1.42 MMT of barley stored at 22 packing terminals (mostly contract packers) and seven vessel loads of barley sailing to Saudi seaports carrying 60,000 MT each for a total of…

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Argentina annual sugar production projected to fall 1.55m tonnes due to unfavorable weather

ARGENTINA – Sugar production in Argentina is forecast to fall by as much as 1.55 million tons, raw value, due to early season dryness which is expected to negatively impact yields, according to  latest projections by the United States Department of Agriculture(USDA). USDA further projects that the domestic use of sugarcane for ethanol is expected to grow while sugar exports are projected to fall 8% to 220,000 tons largely due to a smaller sugar supply. Meanwhile, Venezuelan sugar production is projected upwards to 190,000 MT In market year (MY) 2021/22.…

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TBS trains rice stakeholders on recommended standards as production in MY 2020/21 is projected to rise by 13.6%

TANZANIA – Tanzania Bureau of Standards (TBS) has embarked on disseminating information pertaining to the organization, better production principles, standards and recommended operation procedures, to the rice stakeholders in the country. To this end, the regulatory body has urged entrepreneurs dealing with processing, packaging and selling of rice to take into account standards, quality and safety of their products as way to increase productivity. The call was made by the TBS Training and Research Manager Hamisi Mwanasala while training entrepreneurs from Mwanza Region. The entrepreneurs were also guided on to…

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Russia mulls soybean export tax reduction as global grain stocks to drop to five-year low

RUSSIA — Russia is examining a 20% reduction of its soybean export tax, but not to less than US$100 per tonne, starting July 1, Reuters reported. If approved, the tax would replace the current export tax which set at 30% with a minimum level of €165 ($199) per tonne until June 30, and is expected to be in place until September 2022. The tax reduction comes at a time when global grain stocks are forecast to finish the 2020-21 marketing year at a five-year low at 609 million tonnes, according…

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ADM’s reports 76% rise in net earnings, expands feed premix offering with new acquisition

US — Agricultural commodities trading giant ADM started the year on a high note and has reported an impressive year-over-year earnings and sales growth during the first quarter of fiscal 2021.  Net earnings attributable to ADM in the first quarter ended March 31 jumped 76% to US$689 million from US$391 million recorded in the same period a year ago. Revenues for the first quarter, on the other hand surged 26%, climbing to US$18.89 billion from $14.97 billion. “I’m pleased to share with you results that demonstrate an outstanding start to…

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AfDB supports Cameroon in establishment of US$119.7m livestock, fish farming development project

CAMEROON – Cameroon has launched the CFAF65 billion (US$119.7m) Livestock and Fish Farming Value Chain Development Project (PDCVEP), aimed to boost the competitiveness of the beef, pork, and fish sectors. The initiative has been funded through a loan injection of CFAF55 billion (US$101.3m) from the African Development Bank (AfDB) and capital contribution of CFAF10 billion (US$18.4m) by the Government of Cameroon. The PDCVEP is scheduled to run for the next five years, targeting to improve producers’ income and create job opportunities in the beneficiary segments, reports Business in Cameroon. To…

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Cargill, Tyson invest in new capacity expansion to meet anticipated rise in product demands

NORTH AMERICA – Commodities trading giant Cargill and meat processing giant Tyson have announced new investments in capacity expansion aimed at meeting anticipated rise in demand. On its part, Cargill plans to construct a new canola processing facility in Saskatchewan, Canada, in an effort to meet growing global demand for canola products. Construction of the US$350 million project will begin work early next year and is expected to operational by early 2024, creating approximately 50 full-time jobs in the process. Located in Regina, Saskatchewan, the facility is projected to have…

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ADM opens new research lab in Singapore to advance protein innovation

SINGAPORE – Archer Daniels Midland (ADM) has opened a new plant-based innovation lab within its Biopolis research hub in Singapore, as it looks to advance protein innovation. The American based commodities trading giant says the lab will develop ‘next-level, on-trend and nutritious’ plant-based products, tailor-made for the Asian consumer palate. The Biopolis research hub, where the new protein innovation lab will be located, was launched in 2018, and houses a number of labs – including a food and flavour analytics hub, a beverage and dairy applications lab, a bakery and…

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China soybean imports from US surge in March as Brazil temporarily halts import duties to curtail inflation

CHINA — China’s soybean imports from the United States in March increased 320% to 7.18 million tonnes as delivery from the world’s top soybean exporter Brazil delayed due to weather related interruptions. As a result of the delays, occasioned mainly by rain, imports from Brazil dropped 85% in March to 315,334 tonnes from 2.1 million tonnes in the same month in 2020. This, according to a report by Reuters, was the lowest monthly import total from Brazil since January 2017. Darin Friedrichs, senior analyst at StoneX, told Reuters the high…

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Ghanaian rice producers increase local out-up by 5% as country rallies towards self-sufficiency

GHANA – Domestic rice production in Ghana is expected to jump by 5% to 600,000 MT in the Marketing Year 2021/22, a rise from the previous year’s estimate of 570,000 MT. The increase in production is attributed to expansion of area put under rice cultivation, in line with the country’s plan of becoming self-sufficient in regards to the crop, indicates USDA in a GAIN report. Rice is grown throughout all regions of Ghana. However, the top five production areas are the Volta, Northern, Upper East, Ashanti, and Western in descending…

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