BjerkelandBrunvollRusti

  Last time we finished in Australia, this is where we will begin today. Earlier this week the GPA (Grain Producers Australia) called for increased research on red imported fire ants (RIFA). This happens after several discoveries, both last year and earlier in January, indicating a spread of the pest. Worry and concern grows within the grains industry of the potential impacts of RIFA. There are however studies within this field already, but these are from the US and focus on soybean crops, which is not a major grown crop in Australia.  We continue north to China where they have canceled and postponed wheat delivery from the U.S and Australia, from Q1-Q3. They have also agreed to pay penalties in the form of carrying costs, Reuter states. By doing this, possibilities for other buyers to get Australian wheat without having to wait has opened, according to a Dubai based wheat-trader. China's decision to cancel or delay cargoes is a major contributor to the decline in global p...

Monday the 26th of February saw US corn futures dropping to a 3-year low , the March contract falling below $4 per bushel. This is mainly due to a strong US supply and export competitors in South America expecting a strong harvest.  The sharp price decline follows a record crop yield by U.S. farmers last year. Farmers put off sales in fear of failed crops. The crops were instead successful, resulting in record-high amounts of corn in silos. This has caused the futures prices to tumble from their June 2023 peak of $6.30 per bushel. Us farmers still have a lot in storage from the 2023 harvest, and say they regret not having booked more sales . According to a January report written by economists at the University of Illinois , farmers in Southern Illinois could lose up to $160 an acre growing corn this year. In contrast, profits reached about $340 an acre two years ago.  The US corn futures were on the mend this week, however, perhaps because of the increase in short positions. ...