Argentine President Mauricio Macri said the government would provide some debt relief to farmers struggling through what he described as the country’s worst drought in 40 years, which has resulted in dramatic cuts to soybean and corn crop outlooks.
Argentina's Rosario Grains Exchange slashed 14% off its forecast for the country's soy crop on Thursday, saying a drought now in its fourth month would limit the harvest to 40 million tons versus its previous estimate of 46.5 million. Argentina has been suffering dry weather since last November.
A British expert in export certification is visiting Uruguay with the aim of promoting the regeneration British genetics in Uruguayan flocks. In Uruguay there are currently four sheep breeds of British origin: Suffolk, Romney Marsh, Hampshire Down and Southdown, in addition to British Texel.
Brazil will harvest 87.28 million tons of corn in the 2017-18 season, federal government crop agency Conab said in a monthly report, down from 88 million tons in its February report. The 2016-17 harvest was 97.84 million tons.
Brazil does not face any risks of countries instituting new bans on Brazilian meat imports after the latest phase of the “Weak Flesh” investigation into companies accused of committing fraud to avoid safety checks, Agriculture Minister Blairo Maggi said on Wednesday.
Brazilian police arrested the former chief executive of major food processor BRF SA on charges that he and other executives knew the company, the world’s largest poultry exporter, engaged in fraud to evade food safety checks. Shares in BRF plunged 19% on the Sao Paulo stock exchange as the arrest compounded concerns about BRF’s leadership following a 1.1 billion Reais loss last year.
A prolonged drought wreaking havoc on Argentina's soybean and corn crops could threaten the country's economic performance in 2018, an official said, as the country seeks to grow for a second straight year after several years of biting recession.
The lack of rain triggered by the La Nina weather phenomenon has prompted the Rosario Exchange to cut its forecast of Argentina’s 2017/2018 corn and soybean crop by 12% and 10%, respectively, making it one of the most bearish analysts in the market.
Mexican buyers imported ten times more corn from Brazil last year amid concern that NAFTA renegotiations could disrupt their U.S. supplies, according to government data and top grains merchants. Mexico is on track to buy more Brazilian corn in 2018, which would hurt a U.S. agricultural sector already struggling with low grains prices and the rising competitive threat from South America.
Argentine farmers have agreed to pay perpetual royalties when they replant genetically modified seeds made by companies like Monsanto Co, a deal that could allow farmers access to the newest biotechnology.