Argentina’s Agriculture and Livestock minister Julian Domínguez and representatives from the cereals and oilseed markets coincided that Argentina will have a record crop this 2010/11 season and considerable export surplus of wheat and corn: 5.5 million and 18.5 million tons respectively.
China will open its market to Argentine beef consolidating the end of a conflict that started earlier this year when Beijing decided to suspend “on sanitary reasons” the import of soy-oil from Argentina, a ban that was only lifted last month.
China has bought at least 70,000 tons of Argentine soybean oil after Beijing decided to unlock the imports ban that had resulted in a mounting-tension conflict. The move came after China agreed to allow all products coming from Argentina to enter its ports and was reported by Oil World magazine.
China’s two largest state-owned grains and oilseeds trading companies to import soybean oil from Argentina, easing restrictions imposed in April. Beijing-based Cofco Ltd., China’s biggest grain trader, and China Grain Reserves Corp. have been cleared by the commerce ministry to import soybean oil from Argentina.
British newspaper The Financial Times has run a story focusing on Argentina's wheat production, explaining that due to export limits and taxes, farmers have slashed the land sown with wheat to a 111-year low and cereal exports have been halved over the past five years.
Brazil is poised to confirm its largest crop ever, 147.1 million tons in 2009/2010, which is 9% higher that the 135.1 million of 2008/09 according to the latest survey from Conab, the country’s National Supply Agency. The latest record was in 2007/08 with 146 million tons.
Soy-bean imports by China, the biggest buyer, jumped to a record in June after a halt to Argentine soy oil shipments and increasing feed consumption boosted demand from crushers, according to Bloomberg.
Paraguay expects an annual growth of 5% by the end of President Fernando Lugo’s administration which finishes in 2013 and inflation should not be higher than one digit said Economy Minister Dionisio Borda.
Argentina has reached an agreement with China to end the freeze on Argentine soy-oil imports, the government said on Friday. However given the cumbersome negotiation process some Argentine traders are waiting for an official confirmation from Beijing.
Scientists have claimed that eating soy could help prevent men from developing prostate cancer and from going bald. US researchers found a molecule produced in the intestine when soy is digested stops a hormone which can fuel prostate growth or cause baldness.