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File photo of fresh palm fruits and palm oil. (Slpu9945/iStock/Getty Images)
Crops, Markets, Weather

USDA’s Indonesia desk predicts increased palm oil production

An El Nino event could weigh on that outlook

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MarketsFarm — Indonesia, the world’s largest producer of palm oil, is forecast to see a three per cent rise in production in 2023-24, according to the U.S. Department of Agriculture’s Foreign Agricultural Service post in Jakarta. The country’s USDA post anticipates 46 million tonnes of palm oil production, which would be up from 44.7 during
CBOT May 2023 soybeans with Bollinger bands (20,2). (Barchart)
Crops, Markets

U.S. grains: Chicago soy closes lower

Brazil production, Fed in focus for soy; wheat, corn still capped by Black Sea deal extension

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Reuters — Chicago soy futures reversed gains to close lower on Tuesday, pushed down by rising estimates of Brazilian production, while corn and wheat dipped as markets kept a cautious eye on an expected Federal Reserve rate hike. Wheat and corn continue to be capped by the extension of a Black Sea export corridor from
File photo of a CN locomotive. (Dave Bedard photo)
Crops

CN, mechanics avert strike with tentative deal

Ratification votes pending

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Canadian National Railway and the union representing its mechanics and intermodal and clerical workers have reached a tentative labour deal, averting a potential strike. CN, Unifor Local 100 and Unifor Council 4000 on Monday announced they have reached four new tentative collective agreements to cover about 3,000 railway employees, who had voted earlier this month
CBOT May 2023 soybeans with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

U.S. grains: Soy closes higher on rising crude oil, stocks values

Ukraine Black Sea grain deal extended for at least 60 days

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Mexico City | Reuters — Chicago Board of Trade soy futures rallied from a three-month low to close higher on Monday, catching a tailwind from U.S. stocks reassured by the announcement that UBS agreed to buy battered rival Credit Suisse, analysts said. Gains in oil prices also pushed up soybeans, which are used in ethanol
Pacific Ocean sea surface anomalies (in degrees Celsius) for the weeks centred on Jan. 4 (top) and March 15, 2023 (bottom).
Weather

El Niño could arrive by summer

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Reuters — La Niña has ended and neutral conditions are expected to continue through the Northern Hemisphere’s spring and early summer 2023, a U.S. government weather forecaster said March 9. El Niño could possibly form during summer 2023 and persist through the fall, they added. “The forecaster consensus favours ENSO-neutral through summer 2023, with elevated
India’s Prime Minister Narendra Modi shakes hands with U.S. President Joe Biden next to Canada’s Prime Minister Justin Trudeau during a G-7 meeting in the summer of 2022. Canada and the U.S. are beginning to talk about Indo-Pacific issues.
News

Crops Convention: As world fragments, ground game vital for success

The era of globalization is receding and regionalization is the order of the day

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Don’t expect a return to normal geopolitical conditions, at least not if the past several decades can be considered normal. That was Janice Gross Stein’s message March 8 in an opening address to the Canadian Crops Convention in Ottawa. The noted political scientist and founding director of the Munk School of Global Affairs & Public
Vessels are seen as they await inspection under the Black Sea Grain Initiative, brokered by the UN and Turkey, in the southern anchorage of the Bosphorus at Istanbul on Dec. 11, 2022. (File photo: Reuters/Yoruk Isik)
Crops, Markets

Ukraine Black Sea grain deal extended for at least 60 days

UN, Turkey not yet specifying extension's duration

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Ankara/United Nations | Reuters — A deal allowing the safe Black Sea export of Ukrainian grain was renewed on Saturday for at least 60 days — half the intended period — after Russia warned any further extension beyond mid-May would depend on the removal of some Western sanctions. The pact was brokered with Russia and
CBOT May 2023 corn with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

U.S. grains: Chicago corn closes higher on consecutive China flash sales

Argentina slashes estimate for 2022-23 harvesting season

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Chicago | Reuters — Chicago corn futures ended higher for a third straight session on Thursday on U.S. export demand, while wheat lost ground as the United Nations pushed for an extension of the Black Sea grains deal, analysts said. The U.S. Department of Agriculture made its third consecutive announcement of old-crop U.S. corn sales
Commercial vessels –including vessels which are part of the Black Sea grain deal — wait to pass the Bosphorus strait off the shores of Yenikapi during a misty morning in Istanbul, Turkey on Oct. 31, 2022. (Photo: Reuters/Umit Bektas)
Crops

UN backs Turkey, Ukraine in call for 120-day grain deal rollover

Text of original deal calls for 120, UN says

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United Nations | Reuters — The United Nations backed Turkey and Ukraine on Thursday by calling for a 120-day rollover of an agreement allowing the safe export of grain from several Ukrainian Black Sea ports after Russia said it would only extend the pact for 60 days. The pact is due to expire on Saturday.

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