Drought over Brazil's southern soy growing states prompted analysts Agroconsult to strike 2.8 million tons from its forecast of the 2011/12 crop to 67.1 million tons from 69.9 million previously.
Argentina’s truckers called Monday an indefinite strike to demand higher pay rates, parking their rigs in protest just as exporters were counting on them to haul freshly harvested soybeans to port.
The FAO Food Price Index rose 1% or 2.4 points from January to February. The Index climbed nearly 2% in January – its first increase in six months. The February increase was mostly driven by higher prices of sugar, oils and cereals while dairy prices fell slightly after a marked rise in January.
FAO forecasts that 2012 world wheat production will be the second highest on record at 690 million tonnes. According to FAO quarterly Crop prospects and food situation report forecast a 2012 wheat crop 10 million tons or 1.4% down from the record 2011 harvest but still well above the average of the past five years.
EU trade ministers agreed on Friday to approve a free trade pact with Colombia and Peru that could boost European car and chemical exports and lift food and mineral exports from the South American countries.
European Parliament has backed a deal that will increase EU imports of beef from the US and Canada and help European food exporters. A row over growth hormones used on North American cattle ranches led to a trade war lasting more than 20 years.
An animal welfare disaster resulting in the death of more than half the 5.000 cattle on board a Brazilian-owned live export ship bound for Egypt over the past fortnight has prompted renewed calls to ban the industry.
India will keep a controversial ban on its cotton exports for now after ministers failed to agree its fate at the weekend, even after top buyer China had criticised the move, which boosted global prices.
After back-to-back droughts, Argentine growers could have a record harvest of soybeans and corn next season as the La Niña weather phenomenon makes way for El Niño, one of the country's best-known forecasters anticipated.
Brazil’s 2011/12 soybean and corn crops are forecasted to be slightly lower than the original February estimates according to the latest release from industry and market analyst.