The prolongation of a workers' strike in the ports of Argentina may disrupt wheat millers' operations in Brazil, especially if the labor action is not called off before the end of the year, industry representatives were quoted in the Brazilian media.
Wheat prices fell after Australia forecast its second-highest crop ever and Russia proposed curtailing grain exports next year. Wheat futures fell as much as 3.3% in Chicago trading, the lowest for the contract in almost eight weeks. Corn and soybeans also fell following rainfall in South America during the weekend.
Argentina has become the first country to approve the growth and consumption of genetically modified wheat, the country's agriculture ministry announced. The ministry's scientific commission said in a statement released in Buenos Aires that it had approved a drought-resistant variety of wheat in the world's fourth-largest exporter of the crop.
The Paraguayan Chamber of Cereals and Oilseed exporters and traders, Capeco reported that the country's exports fell by 42.2% in July, with 267,949 tons, compared to 464,005 tons shipped in the previous month. This represents a drop of about 196,056 tons month-on-month.
Lebanon’s main grain silo at Beirut port was destroyed in a blast, leaving the nation with less than a month’s reserves of the grain but enough flour to avoid a crisis, the economy minister said on Wednesday.
World cereal production is poised to reach a new record level of 2 790 million tons in 2020 - up 9.3 million tons from the May forecast - surpassing the record-high registered in 2019 by as much as 3%, according to FAO's Cereal Supply and Demand Brief.
Argentine wheat farmers are preparing for a record harvest, even as global rivals see crop yield prospects cut amid floods in the United States, searing heat in Europe and drought in Australia.
Brazilian wheat imports are poised to increase this year as a frost-damaged part of the crop in key producing regions of Paraná, which accounts for roughly half of the country's output, according to state government agency Deral.
Argentine farmers are expected to plant 6.5 million hectares of wheat in the 2019/20 season, the government said in a report, citing good rainfall as the reason for the increase from its previous forecast of 6.46 million hectares.
FAO's latest forecast for world cereal production in 2019 - available in the Cereal Supply and Demand Brief- points to an increase of 1.2 percent from the previous year to reach 2 685 million tons, a sharp downward revision from the forecast made in May when global cereal production was predicted to expand by 2.7 percent.