Tuesday, November 10th 2015 - 06:33 UTC

FAO food commodity prices rose in October 3.9%, but 16% down from a year earlier

Forecast for global wheat production has been raised, largely reflecting a bigger harvest in the European Union than earlier anticipated.

The FAO Food Price Index averaged nearly 162 points in October, up 3.9% from September, while still down 16% from a year earlier. FAO's latest Cereal supply and Demand Brief slightly trimmed its October 2015 forecast for global cereal production and now projects production at 2.53 billion tons, 1.1% below last year's record output

Monday, November 9th 2015 - 08:54 UTC

Brazil's annual inflation just below 10%, the highest in 12 years

On a monthly basis, the IPCA index rose 0.82% in October, up from an increase of 0.54% in September.

Brazil's annual inflation rate accelerated in October to just below 10%, the highest reading in almost 12 years, after sharp fuel and food price hikes. Consumer prices, as measured by the benchmark IPCA index, rose 9.93% in 12 months through October, up from 9.49% in September, statistics agency IBGE said in a release. In the first ten months of the year inflation reached 8.52%

Saturday, November 7th 2015 - 08:18 UTC

US unemployment drops to 5%; Fed expected to raise rates in December

Earlier this week, Janet Yellen, chair of the Fed, told a Congressional committee that a rise in US interest rates in December was “a live possibility”.

Expectations of a rise in US interest rates in December have soared following a stronger-than-expected jobs report. The US economy added 271,000 jobs in October, far exceeding the 185,000 jobs that economists had forecast.

Saturday, November 7th 2015 - 08:02 UTC

Brazil truckers announce strike, and roadblocks, scheduled to begin Monday

The National Transport Command is working independently of truckers’ unions but has 27,500 likes on its Facebook page.

Independent truckers have called for roadblocks across Brazil starting Monday in a repeat of the two-week strike that delayed grain and meat transport in late February and early March. However it remains unclear how much support the strike movement has.

Friday, November 6th 2015 - 14:16 UTC

Petrobras strike strong support fuelled by resistance to sale of assets and cutting investments

Petrobras said management contingency plans had reduced the cut in output to about 100,000b/d. However unions claim the drop is closer to 500.000bpd.

Brazilian union leaders say stronger than expected support for a strike at Petrobras is due to growing worker opposition to a creeping privatization of the state oil company. The strike, which began on Sunday, has become the biggest stoppage in two decades at Petrobras and shows workers back union efforts to renationalize the company and cut foreign participation in the oil industry, union leaders say.

Friday, November 6th 2015 - 09:26 UTC

Brazil central bank moves 4.5% inflation target timeframe to 2017

 “The central bank will adopt necessary measures to fulfill our inflation-targeting objectives and bring inflation to the 4.5% target in 2017,” Lopes said

The Brazilian central bank will take the necessary measures to bring inflation back to the 4.5% target in 2017, bank director Altamir Lopes, said on Thursday. It is the first time the bank has given a timeframe for reaching the center of its official target range after it dropped its outlook to meet this goal late 2016 due to a weaker Brazilian currency.

Friday, November 6th 2015 - 08:57 UTC

Two British bankers convicted in the US for manipulation of the Libor rate

The Libor scandal blew up in 2012 when it emerged that banks had been lying in the figures on which Libor was set.

Two British bankers have been convicted by a New York jury of manipulating inter-bank lending rates. Anthony Allen and Anthony Conti were charged with conspiracy to commit wire and bank fraud and committing wire fraud, by misreporting the London interbank offered rate (Libor) as it related to the US dollar. Both worked for Dutch lender Rabobank.

Friday, November 6th 2015 - 08:23 UTC

Recovery at “a modest pace” in the EU and Euro-zone next year

European Commissioner Pierre Moscovici said EU economies would “see growth rising and unemployment and fiscal deficits falling”

The economic recovery within the European Union and the eurozone should continue at “a modest pace” next year, the EU has forecast. The economy of the 28-nation EU is set to grow by 1.9% this year, 2.0% in 2016 and by 2.1% the year after.

Thursday, November 5th 2015 - 07:02 UTC

Mexico ready to purchase Guyana rice following Venezuela's refusal to renew exchange accord

PM Moses Nagamootoo office said Mexico’s Agriculture Minister Jose Calzada had given assurances he would fast track arrangements to buy Guyana’s paddy.

The Guyana government says Mexico has indicated a willingness to fast track an agreement to purchase paddy rice from the Caribbean country. A statement released by the Office of Prime Minister Moses Nagamootoo said that Mexico’s Agriculture Minister Jose Calzada has given the assurance that he would fast track arrangements to buy Guyana’s paddy.

Thursday, November 5th 2015 - 05:51 UTC

Argentine farmers hold on to their crops waiting for electoral promises, but 'dry' central bank reserves

Cereal exports last week fell 68.5% in terms of a yearly comparison, reaching only US$192 million, far below the normal weekly average.

Argentina's election season has dramatically changed the agricultural landscape in the country, one of the world's breadbaskets. Exporters are now more confident than ever that profits will soar next year, creating a short term impact of plunging sales abroad and reduced cash-flow in the Argentine Central Bank’s coffers, although that could change in 2016.


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