The government of South Korea is struggling to stop market isolation due to the prospect of rice shortage

It is said that the government is struggling to stop the market quarantine while the price of rice in the production area remains weak. The Ministry of Agriculture, Food and Rural Affairs re-estimated the rice supply and demand situation this year based on the announcement of rice consumption by the National Statistical Office on the 27th of last month. The Grain Supply and Demand Stabilization Committee was held to decide whether or not to continue purchasing grains isolated from the market. When estimating the amount of rice demand last year, the per capita annual rice consumption was estimated at 55.6 kg, but the National Statistical Office announced on the same day that it was 56.7 kg, an increase of 1.1 kg. However, there are voices of concern in the agricultural world about the announcement of the Ministry of Agriculture, Food and Rural Affairs. This is because the price of rice in mountainous regions, which was expected to rebound after the announcement of market isolation on September 25 last year, has been showing a weak trend since October.

Egypt is interested in increasing imports of Russian grain

Following negotiations with Russian Minister Sergei Lavrov, Egyptian Foreign Minister Sameh Shukri announced his country's readiness to continue buying grain from the Russian Federation. Moreover, in the ARE they are also counting on their growth, the correspondent of KazakhZerno.kz reports. Speaking at a press conference, Sameh Shukri recalled that Russia is still one of the main grain exporters, and Egypt is interested in further imports of this "strategic product".

In USA corn sales to overseas, buyers drop 20 percent

The U.S. Department of Agriculture says export sales of corn fell in the seven days that ended on Jan. 19, 2023, while soybean and wheat sales improved. During the week, corn sales to overseas buyers totaled 910,400 metric tons, a 20 percent drop week-to-week but up 46 percent over the prior four-week average.

India sells 3 million tons of wheat from the state reserve on the domestic market

The initiative of the Indian authorities to sell 3 million tons of grain from state reserves to local millers led to a noticeable decrease in wheat prices in the domestic market of the country in just a few days, writes correspondent of KazakhZerno.kz. Thus, the cost of a ton of wheat on Monday, according to Reuters, amounted to about $347, which is 13% lower than it was last week until Wednesday, January 25, when it was announced the government's decision to sell grain in the amount of 3 million tons to wholesale consumers - flour millers and bakers.

Palm oil closes near 3-wk high on production concerns after Malaysia floods

Malaysian palm oil futures on Monday closed at their highest in nearly three weeks on concerns over output, following flooding in the world’s second largest producer. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange gained 28, or 0.72%, to 3,930 ringgit ($926.45) a tonne. The contract rose for a third straight session to close at its highest since Jan. 10.

Brazil farmers harvest 5% of soybean planted area, AgRural says

Brazilian farmers have harvested 5% of the planted soybean area in the 2022/23 cycle through last Thursday, agribusiness consultancy AgRural said on Monday, up 3 percentage points from the previous week but still below last year’s levels. At the same time in 2022, 10% of the Brazilian soy fields had been reaped, said AgRural, which currently expects this season’s crop to reach 152.9 million tonnes but already hints at potential yield cuts ahead.

Brazil: Low national banana supply reduces exports in 2022

There was a reduction in Brazilian banana exports in 2022. According to Secex data, the volume shipped to the European Union in the year was 10,600 tons, that is, a 44% drop compared to 2021. For Mercosur, the amount was of 73.9 thousand tons, down 16% in the same comparison. According to information from Hortifruti/Cepea, the decrease in exported volume is due to the low national supply of nanica in the period, which even made sales in the domestic market difficult and is related to climate impacts and lower cultural practices (due to the high cost). On the other hand, revenue from exports to Mercosur increased by 14% in 2022, as the low supply in the bloc as a whole boosted average prices.

Where is the world wheat market going?

Wheat importer demand rebounded after the creation of Ukraine's export corridor, which boosted confidence in buying plentiful and cheap Ukrainian and Russian grains. The analysis is by AgResource Consulting, which calculates wheat shipments from the main exporters in the period from November to December at 31.1 million tons, compared to 27 in the previous year and against 30.7 million in 2020. “However, the analysis of the pace suggests that the USDA total world wheat market number is very high, and more importantly, there is a trend towards a seasonal decrease from March onwards, when harvests begin. Total shipments from exporters from July to December are estimated at 91.1 million tonnes, a modest increase of 200,000 tonnes year-on-year. In the January Report, the USDA projected that the world wheat market in 22/23 would increase by 4.5 million tons (2%)”, point out market analysts. According to him, this target will be difficult to achieve, unless importer demand increases in ...

In US, raw sugar price hits nearly six-year high on ICE

Raw sugar futures traded on ICE rose to their highest level in nearly six years on Monday, amid concerns over an eventual supply shortage in India. Raw sugar for March delivery closed up 0.25 cents, or 1.2%, to 21.21 cents a pound after peaking at 21.33 cents - the lowest high for the first delivery since early February 2017.

Local News

Gangwon-do invests 56.1 billion won in the livestock sector, including quality enhancement of the South Korean beef

Gangwon-do announced on the 31st that it would invest 56.1 billion won in the livestock sector this year. The provincial government plans to promote 46 policies this year to stabilize farm management in response to the increase in feed costs and the decrease in livestock product prices. The province plans to invest 6.3 billion won in regulating the supply and demand of Korean beef, upgrading its quality, and establishing a livestock improvement system to respond to the decline in the price of production. In addition, it decided to invest 13.7 billion won in stably expanding the foundation for self-sufficiency of roughage. In addition, KRW 14.2 billion will be supported for the efficient treatment of livestock manure and livestock odor management, and KRW 4.6 billion will be invested in the establishment of a foundation for producing companion animal feed. In addition, KRW 8.2 billion will be provided for livestock accident insurance support, KRW 3.3 billion for popularization of horseback riding and protection of bees, and KRW 5.8 billion for revitalization of consumption of livestock products. Director Kim Jin-hwi of the Agricultural Policy Bureau said, "Due to the rise in feed costs, the decline in local prices, and the contraction in livestock consumption that have continued since last year, difficulties in the farming business environment continue."

Yna · Jan 31, 2023

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Frozen Bone-In Beef

South Korea

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