MEDITERRANEAN/MIDDLE EAST COMMENTS After last week’s wheat tender Egypt’s GASC has booked 2.13 MMT of wheat this buying year – 935,000 MT from Russia, 660,000 MT from Romania, 475,000 MT from Ukraine and 60,000 MT from France. Egypt has announced that customs will no longer use a monthly set currency rate but will change to a daily rate based on the Central Bank exchange rates. Customs had been using a set rate for essential goods and a fluctuating monthly rate for non-essential goods. All will now fluctuate daily.
According to a recent study on the regional water situation, the Middle East and North Africa are some of the worlds most “water-stressed” regions. With the entire region dep...
What You Need to Know Today: Agricultural commodities were mostly lower on the day, with red-hot soyoil a notable exception. Export sales were a bit underwhelming, particularly for corn with export sales down 52 percent week-over-week. The weakness in ag markets tracked crude oil weakness wit...
With the war in Iran affecting fuel and fertilizer prices, higher tariffs, weak commodity prices, ag labor constraints, and other factors, farm bankruptcies are now at a 6-year high, a signal of growing stress. During the month of April, 62 Chapter 12 bankruptcies were filed, which is a 1...
Food Inflation The Open Markets Institute, which is notably funded by several “anonymous” donors and liberal foundations, obtained a guest editorial in the New York Times in which they blame agribusiness concentration for higher grocery prices. This is their schtick and it is politi...
