Every Thursday, Farm Futures will issue a Global Hot Spots that is similar to what is found in our monthly magazine. It will feature synopses of agriculture events and weather around the world.
Rain fell in Brazil's key soybean areas and more is forecast, which should speed up late soybean planting and help germination, Commodity Weather Group said onThursday.
Scattered showers fell from northwest to the southeast in Mato Grosso on Wednesday as well as from far northeast Mato Grosso into Goias, far western Bahia, and far northwest Minas Gerais, CWG said. Broader coverage develops in northwest soy areas Thursday night and continues for much of the next two weeks, aiding germination prospects and encouraging better planting progress in between showers.
Remaining dry spots should encompass 10% or less of the corn/soybean area by the middle of next week. Mato Grosso produces more than 25% of Brazil's soybeans.
Cold Threatens Late-Planted Russian Wheat
Nearly half of the Russian crop is likely to be pushed into dormancy under developed due to limited moisture, Commodity Weather Group said.
Of even more concern is wheat in the very dry area in southern Russia which is expected to just avoid going into dormancy. That area comprises about 35% of the country's crop and has had minimal time to put on fall growth. The upturn in temperatures there at the end of the month is critical for the crop to avoid significant winterkill loss. That area is more vulnerable as snow cover is much less dependable than further north.
China Says September Soy Imports up 7% Year over Year
China imported 7% more soybeans in September than a year earlier, with 67% coming from Brazil and the rest from Argentina, Uruguay, Canada and Bangladesh, the government's customs administration said this week.
While there were no imports from the United States for that month, China has been buying U.S. soybeans in October. It bought nearly 20 million bushels this week after buying 62.5 million last week.
China's overall year-to-date purchases are up 15.27% from 2013 at 1.94 billion bushels, which includes a 38.35% increase in U.S. soybeans. USDA puts China total imports at 2.72 billion bushels this year, up from 2.53 billion the previous year.
India Starts Soymeal Exports at $390-$431 per ton
India has contracted to export up to half a million metric tons of soymeal at about $390 to $431 per ton in the crop year that began in October, with traders expecting annual overseas sales to touch last year's levels, according to Reuters.
Last year's deals started at about $432 to $436 per ton.
Nearly half of the contracted sales will go to Iran and the rest to Japan, Thailand, South Korea and others, Rajesh Agrawal, coordinator of the Soybean Processors Association of India, said. Sales to Iran could reach 770,000 to 880,000 tons, he said.
Overall exports could have been higher but farmers delayed sales due to the late start to the monsoon. Traders also held back, expecting export prices to go up. India is the world's fifth-biggest producer of soybeans.
Russian Ban Hits Danish Hog Producers
Denmark's Agriculture Minister has asked the European Union to support its hog farmers who have been hurt by Russia's ban on Danish pork, Reuters reported. The ban was in retaliation for EU sanctions on Russia for its actions in the Ukraine.
Danish pork exports to Russia tumbled to 7,500 metric tons in the first six months of 2014, compared with 60,000 for the same period a year earlier. Denmark is a leading European pork producer and typically exports about 90% of its production.