Tag: Soybean

Brazil farmers plant more soybean incentivized by high domestic prices

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BRAZIL – Brazil is expected to produce a record amount of soybeans as more farmers are incentiviced to grow the crop due to its attractive domestic price, according to the Foreign Agricultural Service of the US Department of Agriculture (USDA).  Area under soybean farming is estimated to grow to 40.5 million hectares for 2021/22, up from 39 million hectares in 2020/21.  As more acreage comes under the crop, USDA estimates production at 145 million tonnes, based on a yield of 3.58 MT per hectare.    This represents a six percent production increase compared to 137…

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Benson Hill to acquire US soy crushing operation to scale plant-based protein ingredients

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USA – Food tech company Benson Hill has agreed to purchase a soybean crushing facility from Indiana-based Rose Acre Farms, as it looks to expand its ingredients infrastructure. The investment is part of plans to scale the production of soybean products, including Ultra-High Protein soybean ingredients. The deal which is subject to customary closing conditions and is expected to close by the end of this month, will be funded through the expansion of Benson Hill’s debt facility with Western Technology Investment. Describing it as “a significant milestone,” Benson Hill revealed…

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Rwanda attains self-sufficiency in production of maize, wheat, soybean seeds cutting off imports

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RWANDA – Rwanda’s investment in boosting local production of seeds has begun to pay of as the government has indicated it will not import seeds of maize, wheat and soya, in the coming agricultural season. This, according to Minister of Agriculture and Animal Resources Gerardine Mukeshimana, follows attainment of seed production sufficiency of 100 percent in the current season. “That is why in the instructions we gave to the farmers we have shown specific prices for these seeds and we will no longer help the farmers import them, whoever wants…

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Absa Bank Ghana alongside other investors participate in Ghanaian Green Gold Farms’ US$1.6m fundraising

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GHANA – Green Gold Farms, a Ghanaian agribusiness start-up, has completed raising US$1.6 million from Absa Bank Ghana, Diaspora Capital, Channel Ventures, EPMT Fund, and a number of early-stage seed investors. Green Gold Farms is a mechanized commercial farm, vertically orientated, and value adding agriculture business in the West African country. The capital raised will allow the farm to invest primarily in capital equipment to scale-up production of organic and non-GMO crops such as maize and soybeans; generate large numbers of well-paying, sustainable jobs; and launch an out-grower program for…

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Global oilseed production to grow 5 percent in 2021/22 buoyed by rise in soybean output in the Americas

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GLOBAL – The global oilseed production is forecast to grow 5 percent in 2021/22, primarily on growth in soybean output in the United States and South America, according to a recently released report by USDA. The USDA projects that about 632 million tons of oil seeds will be produced during the year under review due to record plantings. Soybean production is forecast to rise 23 million tons to 386 million, a 6-percent increase while production of all oilseeds is forecast to increase, with all but cottonseed and rapeseed reaching at…

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ADM to invest US$350m in soybean crashing capacity to meet rising demand

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US – Archer Daniels Midland (ADM) has announced that it will invest approximately US$350 million to build a new soybean crushing plant in North Dakota, US. The leading multinational food processing and commodities trading corporation said the new soybean plant will cater to increasing demand from the food, feed and biofuel industries. Based in Spiritwood, the crush and refining complex will reportedly feature ‘state-of-the-art’ automation technology and will have the capacity to process 150,000 bushels of soybeans per day. Construction of the facility, which ADM says is ‘strategically located’ in…

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Cargill expands specialty tapioca starch offerings in Asia, to invest $25m in US soybean processing plant

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US — US agricultural commodities giant Cargill is partnering with Starpro, a key food grade tapioca starch producer in Thailand, to expand its specialty tapioca starch offerings in the Asia-Pacific region. The collaboration with Starpro is the latest move by Cargill to grow its specialty starch portfolio in Asia-Pacific, after announcing the expansion of a cold-water swelling starch line at its sweetener plant in Pandaan, Indonesia, as well as the construction of a modified starch plant in Songyuan, China. According to Cargill, the agreement will cover a full range of…

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

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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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