Global Economy
A rice glut that sent prices slumping more than a year ago is shrinking, just as El Nino arrives to parch paddies across Asia.
The drop in soybean oil prices shrank its premium over processed palm olein to $50/ton. That spread needs to bounce back to $70 for palm to regain market share.
U.S. Customs and Border Protection said Wednesday that the 43,000 pound shipment of rice from Pakistan was infested with Khapra beetle larvae. Authorities say only dead larvae were found.
Canadian wheat growers will probably reduce output by 26 percent this year and canola production will also fall, the government’s statistics agency said today.
The winter-grain planting period is drawing to a close across the Northern Hemisphere, and young crops across some of the world’s top exporters face a mixed bag of conditions.
Weather phenomenon closely watched by commodities traders.
Ideal growing conditions this summer led to higher-than-normal yields for most crops, according to Statistics Canada.
The future of soybeans is in doubt as the profit and yield spreads between the two crops increase.