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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Cargill exits Venezuela after 34 years of uninterrupted activity

VENEZUELA – After 34 years of uninterrupted activity, US agricultural commodities trading company, Cargill is finally bowing out of Venezuela through an outright sale of assets to investors represented by Phoenix Global Investment and local firm Grupo Puig. The US agribusiness giant says that the sale will encompass all of its operations in the country, including pasta, wheat flour, oil and animal feed plants. In a statement cited by Reuters, Cargill said: “The sale seeks to ensure the continuity of operations in the country and the access to quality products…

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Kellogg’s exits Venezuela placing blame on country’s ‘economic crisis’

USA – The US-based multinational food manufacturing company, Kellogg’s has announced it has pulled out of Venezuela citing the country’s economic hard times that were characterized by hyper-inflation and strict price controls. According to FoodBev, the company’s product distribution in Venezuela had been suspended and the license agreement for the use and commercialization of its brands was as well terminated. Kellogg’s is reported to be the most popular and available cereal in Venezuela, its second largest market in Latin America after Mexico but its move to end operations in this…

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