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- The Buenos Aires Grain Exchange said on Wednesday that recent heavy rains in Argentina’s main farming areas have improved the outlook for the 2023/2024 wheat crop, which was severely affected by a historic drought that reduced yields. The rain is crucial for planting Argentine wheat, which farmers are expected to begin in the coming days. Total harvest is forecast at 18 million tonnes, up from 12.4 million tonnes in the previous year.
- The Malaysian Ministry of Plantation Industries and Commodities (KPK) stated that sales tax is the main reason for lower prices of fresh fruit bunches (FFB) of oil palm in Sabah and Sarawak states compared to those in Peninsular Malaysia. The ministry said that FFB prices in each region were determined based on the prices of crude palm oil (CPO) and palm kernel (PK) on the market, as well as transportation costs from the plantation to the palm oil mill.
- Genting Plantations, a Malaysian palm oil company, said on Wednesday that palm oil product prices are expected to be under pressure due to better harvests leading to lower prices for other edible oils, and a bleak economic outlook for several major economies.
- According to data released by the Malaysian Palm Oil Association (MPOA), Malaysia’s palm oil production is estimated to increase by 9.03% from May 1st to 20th, with an increase of 9.48% in Peninsular Malaysia, an increase of 8.33% in East Malaysia, an increase of 4.94% in Sabah, and an increase of 20.44% in Sarawak.
- Based on shipping plans, the Brazilian National Association of Grain Exporters (Anec) predicts that Brazil’s soybean exports will be 3.5909 million tonnes from May 21st to 27th, compared to 3.7606 million tonnes last week; soybean meal exports will be 593,300 tonnes, up from 488,800 tonnes last week; and corn exports will be 183,200 tonnes, up from 45,000 tonnes last week.
- Industry analysts say that Brazilian sugar mills had very high production in the first half of May due to no shutdowns, with sugarcane crushing expected to exceed 40 million tonnes over the two weeks.
- The reason for the drop in cotton prices in India is due to oversupply caused by farmers holding a large amount of supply in anticipation of higher prices. Currently, the quantity of cotton delivered has increased significantly to 100,000 bales per day, which is five times the historical average of 20,000 bales in May.
- Ivory Coast’s Minister of Agriculture, Kobenan Kouassi Adjoumani, said on Wednesday that cotton production in the country is expected to jump by about 70% in the 2023/24 season compared to the previous year, with an expected output of 400,000 tonnes, higher than the 236,183 tonnes in the 2022/2023 season.
