Turkish millers imported at least 500,000 mt of high protein wheat from alternative Black Sea and European origins for April shipment, trade sources said Friday on the sidelines of the Turkish Flour Industrialists Federation Congress in Antalya.
At least 100,000 mt of Ukrainian wheat has already been purchased, according to market sources. On top of that 50,000 mt of Hungarian wheat was booked as well as 350,000 mt of Latvian and Lithuanian wheat.
Net sales fell to $49.8 billion from $55.7 billion in 2015, while shipped volumes were stable at 81 million tonnes.
Net income, however, rose to $305 million from $211 million, supported by favorable tax effects.
The projection for the summer production in the country is nearly 33.70 million metric tons, while the winter production, which is already started to be planted, would be 63.92 million metric tons. Summing both crops, the total output would be 97.71 million metric tons – a new record.
The area for the second corn crop is eight percent higher, but yields would jump 31 percent to 5.6 tons per hectare with a likely better weather and more investments.
The weed is hard to kill and, if left unchecked, destroys as much as 91 percent of corn on infested land, according to the U.S. Department of Agriculture (USDA). It is spreading across Iowa, which accounts for nearly a fifth of U.S. corn production and in 2016 exported more than $1 billion of corn and soy.
Soybean futures bounced from one-year lows, with corn prices also higher, on ideas that the Argentine harvest might be delayed by rains, raising fears of a rerun of last year’s washed out harvest.
Across the country, only 2% of soybeans have been harvested, compared to about 8% a year ago, according the Buenos Aires Grain Exchange.
Producers surveyed across the U.S. intend to plant an estimated 89.5 million acres of soybeans in 2017, up 7 percent from last year and a record high, according to the Prospective Plantings report released March 31 by the U.S. Department of Agriculture’s National Agricultural Statistics Service.
Archer Daniels Midland Co (ADM.N) is restructuring its operations in Argentina in a move that will include job losses as part of a wider shake-up at the U.S. agribusiness group, three sources familiar with the plans said this week.
ADM said on Wednesday it planned to close its South African trading operations. Late last month it shuttered its Toepfer grains trading unit, which had been based outside Buenos Aires.The revamp hits at a time of increased competition from Chinese trading house COFCO Group, which has begun an aggressive expansion into international grains trading.
The US Department of Agriculture’s Riyadh bureau, in its first forecasts for Saudi Arabian grains supply and demand in 2017-18, pegged corn imports at a record 4.30m tonnes, a rise of 400,000 tonnes.
And imports appear set to continue growing thanks to a curb by the water-short country on domestic production of green forage, output of which reached some 4m tonnes in 2015, while the country is cutting too its traditional reliance on barley for feed.
Russia and Turkey still not specified the date of a meeting on the exports of Russian agricultural products – A.Dvorkovich
Russia and Turkey still failed to specify the fixed date for a meeting which will consider the current removal of the Russian Federation from the list of countries-importers of agricultural goods to Turkey, with duty-free supplying, declared the Deputy Prime Minister of Russia, Arkady Dvorkovich on April 7.
At the same time, he hoped that the meeting would take place in the following two weeks.
Source: APK Inform