A good crop year for Argentine farmers and the government: export revenue will be up 4 billion US dollars and the tax man will bag an additional 888 million US dollars according to estimates from local grain dealers.
Brazil reiterated opposition to a French plan to impose regulation on commodity prices, saying it could have negative effects on major suppliers such as itself. Brazil is totally opposed to a mechanism of control or regulation of commodity prices, Finance Minister Guido Mantega told reporters, reiterating a position he gave last week.
Recent research has concluded that 10% of the rice sold in China’s markets is likely to be tainted with heavy metals, but agricultural experts said the pollution is confined to particular regions and there is no call for panic.
Countries anxious to avoid a repeat of the 2007-2008 global food crisis when they were caught short of grain supplies, have stepped up their buying programs and are driving prices to new highs.
United States farmers have planted the biggest crop in thirteen years according to a report released by the US Department of Agriculture which estimated the area sown to the eight major field crops in 2011 at 103.3 million hectares.
The Paraguayan government is working with Congress to agree on budget cuts and possible tax increases, (levies on beef and soybean exports) that should help balance 2011 expenditure and revenue.
Chilean farmers and produce distributors estimate that prices will increase for some fruits and vegetables by as much as 10 to 20% within the next 60 days, due to water shortages in northern and central Chile.
The world appears to be on the threshold of another green revolution in rice production as a result of an intensive, 12-year partnership between the Chinese Academy of Agricultural Sciences in Beijing and the International Rice Research Institute in the Philippines.
Brazil could harvest a record crop of 70 million tons of soybeans in 2011 because of improved climate conditions and expansion of the area planted according to Hamburg based Oil World consultants.
France and the U.N. food agency FAO warned on Friday about the risk of a new global food crisis and ensuing riots, calling for greater regulation to curb speculation on commodities markets.