Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt has decided not to set up a wheat hedging program for 2024/25 due to the recent weakness in wheat prices. Egypt has long talked about beginning wheat hedging but never seems able to make the final decision. With most of Egypt’s wheat purchases coming from the Black Sea, hedging can be a more difficult task. Egypt is planning to build six wheat silos in 2024 at a cost of $145.6 million. These silos will increase total storage by 420,000 MT to 4.62MMT. $61.5 million is being supplied by the French Development Agency with Egypt providing the balance of the financing. Egypt reports that its wheat reserves stand at 4.2 months consumption. ...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
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