World Perspectives

Recent Asia Analysis

FOB Prices and Freight Rate App (Updated 18 September)

Ocean Freight Comments for 17 September 2020: By Jay O'Neil Commodity Consulting It was another one of those weeks where Dry-Bulk freight tried to rally early but was forced to retreat at the week’s end. The paper trade is better supported than the physical market and it will be interes...

Interactive Ocean Freight Rates (Updated 18 September)

Ocean Freight Comments - 17 September 2020 By Jay O'Neil Commodity Consulting It was another one of those weeks where Dry-Bulk freight tried to rally early but was forced to retreat at the week’s end. The paper trade is better supported than the physical market and it will be int...

The Daily Onion

Starches and protein are the largest caloric components of the western diet and WPI analyzes them all day long. Notably, the onion is one of the most important components in the Indian diet. Periodically, there is the risk of civil unrest due to production shortfalls of the vegetable. Consequen...

Previous Status Quo; Helping or Hurting; Regulatory Cycle

Previous Status Quo EU Director General for Trade Sabine Weyland says bilateral relations with the U.S. need to be improved, but not through more liberalized trade. She called for settling the current bilateral disputes like Airbus/Boeing, plus working together on WTO reforms and China. That ma...

feed-grains

Rice Self-Sufficiency

It is noted that rice imports by Nigeria are declining, with increased border protections and larger domestic production to blame. However, the same dynamic is occurring in other major rice markets such as the Philippines, China, Saudi Arabia, and Cote d’Ivoire.  Global rice trade hi...

Vertical Energy; Good News

Vertical Energy Temasek Holdings and Bayer announced an investment in vertical agriculture in Singapore. It should be noted that their focus is on producing and marketing seeds and not actual production. Vertical agriculture promises an escape from the variable of weather, but the addition of t...

Another Leader Down; Tipping Past Taipei; Energy Disruption

Another Leader Down The announcement that Japanese Prime Minister Shinzö Abe will resign to focus on a chronic health issue was a shock and could be disruptive. Abe ended Japan’s previous run of frequent turnover at the top and became the longest serving leader in history. His abilit...

soy-oilseeds

Oilseed Highlights: U.S. Soy Export Sales; India Wants Biotech Oilseeds and Higher Oil Tariffs

Soy Export Sales Highlights Today’s USDA export sales report was both positive and somewhat disappointing. Sales of soybeans for the upcoming marketing year were large, but not for 2019/20. Sales of soymeal and soyoil were disappointing. However, exports of soybeans and soymeal last week...

Harris on Food; Seasonal Produce Hearing; Pick Your Partner; Idle or Convert; Truth to Power

Harris on Food U.S. Senator Kamala Harris (D-California) is Mr. Biden’s selection for vice president on his ticket and she is your garden variety Democrat when it comes to agriculture. She advocates for farmworkers, domestic food assistance and is a co-sponsor of the Green New Deal. Perha...

feed-grains

Yield versus Exporting

U.S. corn farmers out-yield their competitors but then lose to the competition’s lower prices. Similarly, Vietnam has the highest rice yields in Southeast Asia but fails to compete with Thailand in exporting despite the latter having the smallest yield in the region. According to industry...

livestock

Beef Growth and Decline

Beef is expensive to produce, emits the most greenhouse gases, is highly cultural in some places and has a highly evolving demand structure. Over the past decade, consumption of beef in otherwise relatively large consuming Russia has declined the most of any of the top 20 countries. Note that t...

livestock

Building a Poultry Industry

North Korean leader Kim Jong Un was in the news inspecting a new chicken farm and calling for improvements to an outdated poultry industry. Efficient poultry production involves processes and feed. The former may be easier than the latter given that country’s climate and geography, though...

livestock

USDA Reports: Protein Production Recovery, Global Trade Decline

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month. Last month’s WASDE total beef, pork and broiler production estimate for 2020 was bumped up to be 0.05 percent greater than 2019. This month it is projected to be 1.7 percent ahead of last...

feed-grains soy-oilseeds wheat

Market Commentary

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and re-open the evening of Sunday, 5 July. The CBOT continued to rally Wednesday with funds aggressively covering their massive short position in corn while extending length in soybeans. Trading volumes were heavy – but not t...

feed-grains soy-oilseeds

Corn Imports Grow

Global corn imports continue to expand but increases by Vietnam and the EU standout. Mexico remains a major market, but imports are growing at roughly the same rate as the world as a whole, around five percent per year. By contrast, over the past decade Vietnam’s corn imports have grown 1...

feed-grains

Rice Glass House

Both Brazil and the U.S. have issued protests over a Thai legal ban against imported commodities and food with residues of the weed killer paraquat and the pesticide chlorpyrifos. The ban will prevent billions of dollars of trade in wheat, soybeans and some foods. The two countries have asked T...

feed-grains soy-oilseeds wheat

Mercosur Regional Analysis

Government Takeover of Soy Crusher Vicentin Last week, Argentina’s government announced it would intervene in the bankruptcy of one of the nation’s biggest soybean crusher – Vicentine. The government is sending a proposal to Congress to take over the company. Vicentine has ove...

feed-grains

WASDE Corn

USDA's U.S. corn outlook is for 2020/21 supply to be up slightly and no changes in projected use; Ending stocks are 5 million bushels higher at 3.3 billion bushels.  The season-average farm price is unchanged at $3.20 per bushel. Brazilian corn production is unchanged, as higher area is of...

Policy Shorts

Tokyo Challenges Beijing: While the EU has been reluctant to join a trade war with the U.S. against China, Japan’s Shinzō Abe appears to have sided with Washington. First, he supported a G7 statement against Beijing’s new controls over Hong Kong and now he has offered the island&rsq...

livestock

Livestock Round Up: WASDE Shows Meat and Poultry Recovering Ahead of Schedule

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month reflecting a faster than expected recovery from slaughter plant shutdowns, backlogs and reconfigured operations. Slaughter was down the last week of May due to Memorial Day, but last week rebound...

feed-grains wheat soy-oilseeds

Rice as Laggard

It was noted yesterday that the growth in global production of wheat has tracked population growth whereas corn and soybeans have expanded exponentially more. Wheat is predominantly a food grain whereas corn and soybeans have fed the expanding animal protein sector. Rice is also predominantly a...

Parting Ways – The Strategy

The U.S. Food & Drug Administration issued its first regulatory guidance on genetically engineered crops in 1992 and by 1996 the first DNA modified seeds were going into the ground. European activists hated the idea. Called it Frankenfood and warned that the technology would lead to Armaged...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened higher overnight with strength from Tuesday’s reversals carrying through into trade early on Wednesday. The markets turned lower, however, as concerns about worsening relations between the U.S. and China weighed on futures. The soy complex took the brunt of that concern an...

Hong Kong is Trouble; EU Mugs the FAANG’s; Kenya’s Burdens

Hong Kong is Trouble Under a requirement from Congress, U.S. Secretary of State Mike Pompeo notified that Hong Kong was no longer autonomous from China. The announcement is in response to Beijing’s imposition of national security legislation on Hong Kong this week, but it has much larger...

FOB Prices and Freight Rate App (Updated 18 September)

Ocean Freight Comments for 17 September 2020: By Jay O'Neil Commodity Consulting It was another one of those weeks where Dry-Bulk freight tried to rally early but was forced to retreat at the week’s end. The paper trade is better supported than the physical market and it will be interes...

Interactive Ocean Freight Rates (Updated 18 September)

Ocean Freight Comments - 17 September 2020 By Jay O'Neil Commodity Consulting It was another one of those weeks where Dry-Bulk freight tried to rally early but was forced to retreat at the week’s end. The paper trade is better supported than the physical market and it will be int...

The Daily Onion

Starches and protein are the largest caloric components of the western diet and WPI analyzes them all day long. Notably, the onion is one of the most important components in the Indian diet. Periodically, there is the risk of civil unrest due to production shortfalls of the vegetable. Consequen...

Previous Status Quo; Helping or Hurting; Regulatory Cycle

Previous Status Quo EU Director General for Trade Sabine Weyland says bilateral relations with the U.S. need to be improved, but not through more liberalized trade. She called for settling the current bilateral disputes like Airbus/Boeing, plus working together on WTO reforms and China. That ma...

feed-grains

Rice Self-Sufficiency

It is noted that rice imports by Nigeria are declining, with increased border protections and larger domestic production to blame. However, the same dynamic is occurring in other major rice markets such as the Philippines, China, Saudi Arabia, and Cote d’Ivoire.  Global rice trade hi...

Vertical Energy; Good News

Vertical Energy Temasek Holdings and Bayer announced an investment in vertical agriculture in Singapore. It should be noted that their focus is on producing and marketing seeds and not actual production. Vertical agriculture promises an escape from the variable of weather, but the addition of t...

Another Leader Down; Tipping Past Taipei; Energy Disruption

Another Leader Down The announcement that Japanese Prime Minister Shinzö Abe will resign to focus on a chronic health issue was a shock and could be disruptive. Abe ended Japan’s previous run of frequent turnover at the top and became the longest serving leader in history. His abilit...

soy-oilseeds

Oilseed Highlights: U.S. Soy Export Sales; India Wants Biotech Oilseeds and Higher Oil Tariffs

Soy Export Sales Highlights Today’s USDA export sales report was both positive and somewhat disappointing. Sales of soybeans for the upcoming marketing year were large, but not for 2019/20. Sales of soymeal and soyoil were disappointing. However, exports of soybeans and soymeal last week...

Harris on Food; Seasonal Produce Hearing; Pick Your Partner; Idle or Convert; Truth to Power

Harris on Food U.S. Senator Kamala Harris (D-California) is Mr. Biden’s selection for vice president on his ticket and she is your garden variety Democrat when it comes to agriculture. She advocates for farmworkers, domestic food assistance and is a co-sponsor of the Green New Deal. Perha...

feed-grains

Yield versus Exporting

U.S. corn farmers out-yield their competitors but then lose to the competition’s lower prices. Similarly, Vietnam has the highest rice yields in Southeast Asia but fails to compete with Thailand in exporting despite the latter having the smallest yield in the region. According to industry...

livestock

Beef Growth and Decline

Beef is expensive to produce, emits the most greenhouse gases, is highly cultural in some places and has a highly evolving demand structure. Over the past decade, consumption of beef in otherwise relatively large consuming Russia has declined the most of any of the top 20 countries. Note that t...

livestock

Building a Poultry Industry

North Korean leader Kim Jong Un was in the news inspecting a new chicken farm and calling for improvements to an outdated poultry industry. Efficient poultry production involves processes and feed. The former may be easier than the latter given that country’s climate and geography, though...

livestock

USDA Reports: Protein Production Recovery, Global Trade Decline

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month. Last month’s WASDE total beef, pork and broiler production estimate for 2020 was bumped up to be 0.05 percent greater than 2019. This month it is projected to be 1.7 percent ahead of last...

feed-grains soy-oilseeds wheat

Market Commentary

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and re-open the evening of Sunday, 5 July. The CBOT continued to rally Wednesday with funds aggressively covering their massive short position in corn while extending length in soybeans. Trading volumes were heavy – but not t...

feed-grains soy-oilseeds

Corn Imports Grow

Global corn imports continue to expand but increases by Vietnam and the EU standout. Mexico remains a major market, but imports are growing at roughly the same rate as the world as a whole, around five percent per year. By contrast, over the past decade Vietnam’s corn imports have grown 1...

feed-grains

Rice Glass House

Both Brazil and the U.S. have issued protests over a Thai legal ban against imported commodities and food with residues of the weed killer paraquat and the pesticide chlorpyrifos. The ban will prevent billions of dollars of trade in wheat, soybeans and some foods. The two countries have asked T...

feed-grains soy-oilseeds wheat

Mercosur Regional Analysis

Government Takeover of Soy Crusher Vicentin Last week, Argentina’s government announced it would intervene in the bankruptcy of one of the nation’s biggest soybean crusher – Vicentine. The government is sending a proposal to Congress to take over the company. Vicentine has ove...

feed-grains

WASDE Corn

USDA's U.S. corn outlook is for 2020/21 supply to be up slightly and no changes in projected use; Ending stocks are 5 million bushels higher at 3.3 billion bushels.  The season-average farm price is unchanged at $3.20 per bushel. Brazilian corn production is unchanged, as higher area is of...

Policy Shorts

Tokyo Challenges Beijing: While the EU has been reluctant to join a trade war with the U.S. against China, Japan’s Shinzō Abe appears to have sided with Washington. First, he supported a G7 statement against Beijing’s new controls over Hong Kong and now he has offered the island&rsq...

livestock

Livestock Round Up: WASDE Shows Meat and Poultry Recovering Ahead of Schedule

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month reflecting a faster than expected recovery from slaughter plant shutdowns, backlogs and reconfigured operations. Slaughter was down the last week of May due to Memorial Day, but last week rebound...

feed-grains wheat soy-oilseeds

Rice as Laggard

It was noted yesterday that the growth in global production of wheat has tracked population growth whereas corn and soybeans have expanded exponentially more. Wheat is predominantly a food grain whereas corn and soybeans have fed the expanding animal protein sector. Rice is also predominantly a...

Parting Ways – The Strategy

The U.S. Food & Drug Administration issued its first regulatory guidance on genetically engineered crops in 1992 and by 1996 the first DNA modified seeds were going into the ground. European activists hated the idea. Called it Frankenfood and warned that the technology would lead to Armaged...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened higher overnight with strength from Tuesday’s reversals carrying through into trade early on Wednesday. The markets turned lower, however, as concerns about worsening relations between the U.S. and China weighed on futures. The soy complex took the brunt of that concern an...

Hong Kong is Trouble; EU Mugs the FAANG’s; Kenya’s Burdens

Hong Kong is Trouble Under a requirement from Congress, U.S. Secretary of State Mike Pompeo notified that Hong Kong was no longer autonomous from China. The announcement is in response to Beijing’s imposition of national security legislation on Hong Kong this week, but it has much larger...

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