Highlights
China has bought 3+ million mt of Argentine beans since the “fire” sale began in Argentina two weeks ago.
Argentine farmers are facing the driest conditions in 30 years as corn planting is set to begin. Some rain is possible over the weekend, but relief will be very temporary.
Kory Melby, Brazilian agriculture consultant: "Rain predicted for next Thursday in Goiania. Rained in Rio Verde the day before yesterday. We have clouds in the sky now. Dry season is coming to an end right on schedule."
The German government today put the local business of Russian Rosneft under trusteeship, handing control over the Schwedt refinery
North American beans, corn and wheat are the highest priced in the world right now.
Earlier this past week, we reported pork prices in China were up 25% for the year. Tomorrow, China will offer for sale 200,000 mts of pork from government reserves priced below the market to reduce food inflation. It will be the second time this year pork from reserves was sold. The US has sold a lot of pork to China... looks like more pork exports to come our way.
The world’s phosphate fertilizers exporters: China is #1, Morocco is #2 and Russia, before the war, was #3, holding a 15% market share. Canada is #1 potash exporter with 38% and Russia used to be #2 exporter with 24% market share.