US corn, wheat, soy export sales outpace 2023-24

Spanish Market: Agriculture
18/10/24

Total commitments of US corn and wheat export sales for the 2024-25 marking year are running far ahead of last year, with soybean sales posting more modest gains, US Department of Agriculture (USDA) data show.

US corn export sales totaled 2.23mn t for the week ended on 10 October, reaching 19.88mn t for the 2024-25 marketing year. Corn export commitments were up by 23pc or 3.7mn t compared with a year earlier.

Japan was the largest known buyer of corn for the week, accounting for 450,000t. Japan had booked 830,000t more corn this marketing year than a year earlier, and among known buyers ranked No. 2 for total commitments of 2.55mn t.

Mexico was the largest corn buyer as of 10 October, with total commitments of 8.28mn t.

But most of the gains in corn sales cannot be attributed to specific buyers, with sales to unknown buyers up by 2.15mn t compared with the year prior.

Wheat export sales totaled 500,000t for the week, with total commitments amounting to 12.55mn t, up by 24pc or 2.46mn t from the year prior.

Mexico was the largest single purchaser of wheat for the week at 140,000t. Mexico also had the largest amount of total commitments for the current wheat marketing year at 2.13mn t, 460,000t more than last year.

The Philippines had 1.68mn t in committed sales for the marketing year.

Soybean export sales totaled 1.7mn t for the week. Total commitments stood at 21.84mn t for the current marketing year, up by 5pc or 1.04mn t from the previous year.

China purchased the most soybeans for the week at 1mn t. China has purchased 9.12mn t of soybeans so far for the current marketing year, but that is 760,000t less than the year prior.

The drop in China soy bookings was offset by gains in purchases from the EU and Egypt.

By Rachel Nelson

Click here to download the Argus data and downloads for US corn export sales

Click here to download the Argus data and downloads for US soybean export sales

Click here to download the Argus data and downloads for US wheat export sales

US Corn Weekly Exports						mn t
		Current Marketing Year			Next Marketing Year
	Weekly Exports	Net Sales	Total Commitments	Outstanding Sales	Net Sales	Outstanding Sales

10-10-24	0.50	2.23	19.88	14.91	0.00	0.11
Prior week	1.06	1.22	17.65	13.18	0.00	0.11
WASDE	1.14*		59.06
Progress			34%
5-yr ave			33%
*52 week average WASDE rate
— USDA

US Soybean Weekly Exports						mn t
		Current Marketing Year			Next Marketing Year
	Weekly Exports	Net Sales	Total Commitments	Outstanding Sales	Net Sales	Outstanding Sales

10-10-24	1.85	1.70	21.84	16.42	0.00	0.00
Prior week	1.71	1.26	20.14	16.57	-0.01	0.00
WASDE	0.97*		50.35
Progress			43%
5-yr ave			50%			0%
*52 week average WASDE rate
— USDA

US Wheat Weekly Exports						mn t
		Current Marketing Year			Next Marketing Year
	Weekly Exports	Net Sales	Total Commitments	Outstanding Sales	Net Sales	Outstanding Sales

10-10-24	0.39	0.50	12.55	3.77	0.00	0.03
Prior week	0.36	0.43	12.05	3.66	0.01	0.03
WASDE	0.43*		22.45
Progress			56%
5-yr ave			53%			0%
*52 week average WASDE rate
— USDA

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25/10/24

Seca no Brasil: Níveis dos rios voltam a subir

Sao Paulo, 25 October (Argus) — Os embarques brasileiros de grãos e fertilizantes seguem em risco devido ao baixo nível dos rios ao longo das principais hidrovias, uma vez que a pior seca na história do Brasil continua dificultando a navegação. Porém, os rios registraram recuperação esta semana, devido ao aumento das chuvas no país, com seus níveis subindo novamente após quase um mês de quedas consecutivas. Hidrovia do Madeira A hidrovia Madeira liga Porto Velho, capital do estado de Rondônia, ao porto de Itacoatiara, no estado do Amazonas, e é a segunda maior da região Norte. Em outubro, o porto de Itacoatiara deve receber cerca de 70.634 toneladas (t) de fertilizantes, de acordo com dados de lineup da agência marítima Unimar. O nível do rio Madeira em Porto Velho aumentou para 91cm em 23 de outubro, ante 46cm em 18 de outubro, de acordo com dados do monitoramento do Serviço Geológico Brasileiro (SGB). Porém, a navegação permanece suspensa no porto, depois da Sociedade de Portos e Hidrovias do estado (SOPH) interromper as operações em 23 de setembro porque o Rio Madeira registrou seu menor nível desde que o monitoramento começou em 1967. Hidrovia do Solimões-Amazonas A hidrovia Solimões-Amazonas é a principal do Norte do Brasil, movimentando cerca de 65pc dos volumes da região, segundo o Departamento Nacional de Infraestrutura de Transportes (DNIT). Ela liga a capital do Amazonas, Manaus, à capital do Pará, Belém. Em 23 de outubro, o nível do Rio Negro estava em 12,56m no ponto de monitoramento do SGB em Manaus, acima dos 12,46m de 18 de outubro. Isso ainda supera o menor nível histórico de 12,7m registrado em 121 anos de monitoramento. Hidrovia do Tapajós-Teles Pires É uma hidrovia importante para transportar os volumes produzidos na porção norte do estado de Mato Grosso até o porto de Santarém, no Pará. O porto de Santarém deve receber 130.234t de fertilizantes em outubro, de acordo com dados de lineup da agência marítima Unimar. A hidrovia Tapajós-Teles Pires também enfrenta uma situação crítica. A Agência Nacional de Águas e Saneamento Básico (ANA) declarou escassez hídrica no Rio Tapajós em 23 de setembro. O clima mais seco do que o normal reduziu os níveis dos rios — especialmente no trecho entre as cidades de Itaituba e Santarém, no Pará — para abaixo dos níveis mínimos históricos. O nível do Rio Tapajós no ponto de monitoramento de Itaituba, onde está localizado o ponto de transbordo para a hidrovia em Miritituba, estava em 1,03m em 23 de outubro, acima dos 92cm em 18 de outubro, mas ainda abaixo da mínima recorde de 1,32m, de acordo com dados do SBG. No ponto de monitoramento de Santarém, o Rio Tapajós estava em 27cm, um nível considerado de seca. O nível era de 28cm em 18 de outubro. O mínimo histórico no local é de -55cm abaixo do ponto de referência do porto. Um nível abaixo de zero não significa que o rio está seco, mas indica condições extremamente baixas. Hidrovia Tocantins-Araguaia A hidrovia Tocantins-Araguaia abrange os Rios Araguaia e Tocantins. Ela vai da cidade de Barra do Garças, em Mato Grosso, pelo Rio Araguaia, ou da cidade de Peixes, no estado do Tocantins, pelo Rio Tocantins, até o porto de Vila do Conde, no Pará. Soja, milho, fertilizantes, combustíveis, óleos minerais e produtos derivados são transportados pelas hidrovias do Norte. O porto de Vila do Conde deve receber 245.500t de fertilizantes em outubro, de acordo com a Unimar. O SGB possui dois pontos de monitoramento no Rio Araguaia. Na cidade de Nova Crixás, em Goiás, o rio estava em 3,11m em 23 de outubro, acima dos 2,85m de 18 de outubro e superando o mínimo histórico anterior de 3,10m. Na cidade de São Félix do Araguaia, em Mato Grosso, o rio estava a 2,71m, acima dos 2,56m de 18 de outubro, se recuperando dos níveis extremos de seca e se afastando da mínima histórica de 2,51m. Por João Petrini Envie comentários e solicite mais informações em feedback@argusmedia.com Copyright © 2024. Argus Media group . Todos os direitos reservados.

Brazil's drought: River levels rise after declines

23/10/24

Brazil's drought: River levels rise after declines

Sao Paulo, 23 October (Argus) — Brazilian grain and fertilizer shipments remain at risk from low river levels along key waterways, as the worst drought in Brazil's history continues to hamper inland navigation. But rivers have recovered this week, because of increased rainfall in the country, with their levels rising again after almost a month of extended declines. Madeira waterway The Madeira waterway links Rondonia state's capital Porto Velho to Itacoatiara port in Amazonas state, and is the second largest in the northern region. Itacoatiara is expected to receive around 70,634 metric tonnes (t) of fertilizers in October, according to line-up data from shipping agency Unimar. The Madeira river's depth at Porto Velho increased to 91cm on 23 October, from 46cm on 18 October, according to monitoring data from Brazil's geological survey SGB. But navigation remains suspended at the port after the state's ports and waterways authority SOPH halted operations on 23 September in response to the Madeira registering its lowest level since monitoring began in 1967. Amazon waterway The Amazon River is the main waterway in northern Brazil, handling around 65pc of the region's cargo, according to national transportation and infrastructure department DNIT. It links Amazonas state capital Manaus to Para state capital Belem. The Negro river's depth was at 12.56m at the SGB monitoring point in Manaus on 23 October, up from 12.46m on 18 October. This still exceeds the previous historic low of 12.7m over the past 121 years of monitoring. Tapajos waterway Tapajos is an important waterway for moving product from the northern part of Mato Grosso state to Santarem port in Para state. Santarem is expected to receive 130,234t of fertilizers in October, according to line-up data from Unimar. The Tapajos-Teles Pires waterway is also facing a dire situation. National water and sanitation agency ANA declared a water shortage on the Tapajos river on 23 September. Drier than usual weather has reduced river levels — especially between Itaituba and Santarem cities, in Para state — to below the historic minimum. The depth of the Tapajos at the Itaituba monitoring point, where the transfer point for the Miritituba waterway is located, was 1.03m on 23 October, up from 92cm on 18 October but still below the previous record low of 1.32m, according to SGB data. At the Santarem monitoring point, the Tapajos was at 27cm, a level considered to be dry. The level was 28cm on 18 October. The historic minimum at the location is -55cm below the port's reference point. A level below zero does not mean the river is dry, but indicates extremely low levels. Tocantins-Araguaia waterway The Tocantins-Araguaia waterway encompasses the Araguaia and Tocantins rivers. It runs from Barra do Garcas city, in Mato Grosso, into the Araguaia river, or from Peixes city, in Tocantins state, into the Tocantins river to the port of Vila do Conde, in Para state. Soybeans, corn, fertilizers, fuels, mineral oils and derivative products are transported along the northern waterways. Vila do Conde is expected to receive 245,500t of fertilizers in October, according to Unimar. The SGB has two monitoring points on the Araguaia river. In Nova Crixas city, in Goias state, the river was at 3.11m on 23 October, up from 2.85m on 18 October, surpassing the previous historic minimum of 3.10m. In Sao Felix do Araguaia city, in Mato Grosso state, the Araguaia was at 2.71m, up from 2.56m on 18 October, recovering from extreme drought-like levels and moving away from the historic low of 2.51m. By João Petrini Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Malaysia's 2025 budget promotes palm waste SAF

21/10/24

Malaysia's 2025 budget promotes palm waste SAF

Singapore, 21 October (Argus) — Malaysia's state-owned Petronas will work with palm oil producers to develop palm oil waste-based sustainable aviation fuel (SAF), according to prime minister Anwar Ibrahim when he presented the 2025 budget. The palm oil producers include Malaysia-based agribusiness FGV and Malaysia-headquartered SD Guthrie, previously Sime Darby. Anwar also announced additional higher tax brackets for crude palm oil (CPO) exports will be introduced from 1 November and proposed to increase Malaysia's windfall profit levy threshold for the palm sector. These changes are meant to ensure domestic CPO supply and encourage domestic production of value-added products including SAF and biodiesel, according to the Budget documents. Progressive export duties will be introduced from 8.5pc when CPO prices rise above 3,600 ringgit/t ($837/t), up to a maximum 10pc for CPO prices above 4,050 ringgit/t. Previous duty rates capped out at 8pc for CPO prices above 3,450 ringgit/t. This revised export structure is likely to weigh on palm oil prices, as exporters may reduce bids in the domestic market to keep prices below the threshold that will trigger higher export duties. The CPO price threshold for triggering Malaysia's windfall profit levy will be increased to 3,150 ringgit/t for Peninsular Malaysia and 3,650 ringgit/t for Sabah and Sarawak from 1 January 2025, a rise of 150 ringgit/t from the previous threshold for both areas. The windfall profit levy applies to producers of palm fresh fruit bunches (FFB). The revised export taxes and windfall profit levy threshold are expected to increase costs for the palm plantation sector, but would help the downstream palm refining industry become more competitive compared with Indonesia, according to industry consultancy Glenauk Economics. Replanting funds Malaysia will also allocate another 100mn ringgit to incentivise smallholders to continue replanting unproductive, ageing oil palm trees under its 2025 budget, the same amount from the previous year. The funding will be 50pc in grants and 50pc in soft loans, as in Budget 2024. No land area target for replanting was specified this year. But this year's allocated funding of 100mn ringgit mirrored last year's allocation that targeted 5,900 hectares (ha) of land area. But this amount will likely not be enough to support adequate replanting, according to market participants. Malaysia replanted an estimated 1.7pc of mature oil palm plantation areas during January-September and 2.6pc of mature areas in 2023, according to data from Glenauk Economics. This indicates more funding is likely needed to meet the 4pc industry standard for replanting mature areas yearly as recommended to maintain palm oil output volumes. The low replanting rate has likely partly been because of high palm oil prices in recent years compared to the historical average. High prices discourage voluntary replanting as plantation owners prefer to continue harvesting FFB from older trees over replanting. Third-month crude palm oil (CPO) futures on Bursa Malaysia averaged 3,890 ringgit/t over the past two years up to 21 October. The average price recorded over the past 10 years was just 3,124 ringgit/t. The US department of agriculture (USDA) estimated a quarter of planted oil palm areas in Malaysia were older than 25 years old as of early January, resulting in lower yields. By Malcolm Goh Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Brazil's 2024-25 crop to total 322.5mn t: Correction

18/10/24

Brazil's 2024-25 crop to total 322.5mn t: Correction

Corrects estimates for wheat crop in the first paragraph the "Wheat, cotton lint" subhed. Sao Paulo, 18 October (Argus) — Brazil´s 2024-25 grain and oilseed crop is set to reach approximately 322.5mn t, 8.3pc above the 2023-24 results amid an increased outlook for estimated yields. The national supply company (Conab) released its first estimate report for the 2024-25 season and expects yields of 3,964 kg/hectare (ha), up by 6.2pc from the prior cycle. The planted area forecast was increased to 81.3mn ha from 79.8mn ha in 2023-24 crop. Conab has also revised slightly down its final yield and production estimates for the 2023-24 crop. The previous season produced 297.9mn t — from 298.4mn t estimated last month — with average yields of 3,731 kg/ha — instead of the 3,739 kg/ha last estimated. Planted area remained at 79.8mn ha. The volume is also below the preliminary outlook for the 2024-25 crop, which Conab released in September. Conab's publication estimated 326.9mn t, which would be a new record for Brazil. The planted area was estimated at 84.4mn ha, with yields of 4,016 kg/ha. Soybean Brazil's 2024-25 soybean crop is expected to total 166.1mn t, a rise of 12.7pc from the 2023-24 season's volumes of 147.4mn t. The output is slightly down from preliminary estimates from September, when Conab estimated production of 166.3mn t, with a planted area of 47.4mn ha and yields at 3,508 kg/ha. The yearly increase is supported by higher sowed area and yield estimates. Conab projects the cycle to sow approximately 47.3mn ha, an expansion of 1.3mn ha on the year, while estimated yields were up by 9.6pc to 3,508 kg/ha. Corn Brazil is initially set to produce 119.7mn t of corn in 2024-25, including the first, second and third crops, according to Conab. That is 3.5pc — or 4mn t — above the 2023-24 volumes. The increase is supported by the 3.7pc rise of expected yields to 5,701 kg/ha. Planted area is estimated at 21mn ha, down by 0.2pc from the 2023-24 cycle. Conab estimated in September production of 119.8mn t, with a planted area and yields of 21mn ha and 5,706 kg/ha, respectively. For the winter corn cycle — also known as the second crop — Conab projects that the 2024-25 second corn crop will produce 94.6mn t, up by 4.8pc from 90.3mn t in the previous crop. Yield estimates were increased to 5,702 kg/ha from 5,491 kg/ha, while the planted area estimate went up by nearly 159,200ha to 16.6mn ha. In September, Conab estimated production of 94mn t, with a planted area of 16.5mn ha and yields at 5,700 kg/ha. The 2024-25 summer corn — also known as the first crop — is expected to decrease by 1.1pc to 22.7mn t this year. The 5.4pc reduction in acreage to 3.8mn ha more than offsets the 4.6pc expected increase of yields to 6,049 kg/ha. In September, Conab estimated production of 23.4mn t, with a planted area of 3.8mn ha and yields at 6,080 kg/ha. Wheat, cotton lint Brazil's wheat production is estimated at approximately 8.3mn t in 2024. Yields and planted area are set to reach 2,693 kg/ha and 3.1mn ha, respectively. Conab should release the estimate for 2025 crop in February, as planting usually starts in main producing states. Conab projects the 2024-25 cotton lint production at 3.7mn t, approximately 7,900t below the previous season. The yearly decrease is driven by a 3.1pc drop of yields to 1,831 kg/ha, more than offsetting the 2.9pc expansion in estimated planted area to over 2mn ha. In September, Conab preliminarily estimated production of 3.7mn t, with a planted area of 2mn ha and yields at 1,831 kg/ha. 2024-25 soy exports revised up Brazil's expected 2024-25 soybean exports are set to total a record 105.5mn t. That is up by 14.2pc — or 13.1mn t — from 92.4mn t in the previous crop, amid a higher demand expected specially from China. Soybean crushing for the season is set to total 56.6mn t up by 8pc from the previous crop, amid an expected increase of soybean oil production by nearly 830,000 t to 11.4mn t. But corn exports are set to drop to 34mn t in the 2024-25 crop from 36mn t in the previous cycle. The 2023-24 corn exports represent a decrease by 27pc compared to the record 54.6mn t exported a year previous. Lower Brazilian production and higher international availability, specially considering the US production, weigh on exports from Brazil. By João Petrini Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Iowa renewable feedstocks terminal begins operations

18/10/24

Iowa renewable feedstocks terminal begins operations

Houston, 18 October (Argus) — Biofuels supply chain company Eco Energy has started operations at its renewable feedstocks terminal in Newton, Iowa, expanding domestic feedstock access for the renewable diesel market. The terminal will give Marathon Petroleum access to distillers corn oil, soybean oil, animal fat and used cooking oil (UCO) from Iowa for use in the company's renewable fuels segment, Eco Energy said on 15 October. The site east of Des Moines includes 1.2mn USG of feedstock storage, 32 tank car offload spots and access to primary railroads. Through a joint venture, Marathon and Neste are in the process of fully converting Marathon's Martinez, California, refinery to produce 48,000 b/d of renewable fuels, primarily renewable diesel, with full capacity expected by the end of this year. The agreement requires the companies to split feedstock supply requirements for the plant. By Payne Williams Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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