Contracts have been awarded in Egypt for the building of two UAE-financed wheat silos there. These are the first two in the joint UAE/Egypt project to build a total of 25 that are expected to expand Egypt's wheat storage capacity by 1.5 MMT.
News Updates MEDITERRANEAN/MIDDLE EAST COMMENTS: Turkey's drought situation appears to be having quite a serious effect on the wheat crop in much of the country. Both the Turkish government and USDA-FAS forecast that Turkish wheat production will decline over 10 percent to just under 20 MMT, while the barley crop will be slightly worse with a drop closer to 13 percent for a total just under 7 MMT. There are some significant differences between the Turkish and USDA estimates with the latter...
Key Takeaways: Milk alone has not covered the full economic cost in any year since 2021: milk revenue fell short by $4.50, $2.15, $6.50, $1.27 and $2.34 per hundredweight in 2021 through 2025. Calf and cattle prices decided whether dairies cleared cost: cattle and other income lifted total rev...
Key Takeaways: Dry bulk markets are mixed with Capesize rates seeing solid gains while Panamax values slipped on a growing tonnage list. Supramax and Handysize vessels were stronger, though all sectors remain vulnerable to the seasonal dip in rates through Q4 and into Q1. Falling water l...
What You Need to Know Today: The Federal Reserve held interest rates steady at 3.75 to 4.0 percent Wednesday, with two officials dissenting in favor of a 25-basis-point increase. The Fed upgraded its assessment of economic growth from "solid" to "strong" but adopted a more patient approa...
