World Farming Agriculture Commodity news - Weekly Updated - Exclusive and very popular -
India pulled back on purchasing Russian crude in February, as Western sanctions took a toll on trade between the two countries. Oil shipments to India fell by 420,000 barrels per day, totalling 1.2 million barrels imported daily, according to the latest report from the International Energy Agency. New Delhi's strained demand contributed to a slip in Russian crude revenue for the month. Reduced oil and oil product exports earned Moscow nearly 1% less than in January, notching $15.69 billion last month. Though in line with December's revenue, Russia's global crude shipments fell to 4.75 million barrels per day, below a year-end peak of 5 million barrels per day.
Artificial intelligence and crypto euphoria have not only rippled across the markets. They're shaking up the power sector, too. AI and crypto industries are served by data centers — essentially warehouses full of massive computers that run complex code 24/7 — which require a lot of electricity, and it's pushing the grid to its limits. "The power sector is facing a new normal," Tim Fox, managing director of ClearView Energy said in a CNBC interview. "Annual power demand has been flat for the past decade. It still currently is. Americans consumed less power last year than they did in 2022. However, annual consumption and peak demand forecasts — those are now higher than at any point in the last decade." The nationwide forecast of the next five years of electricity demand has gone up from 2.6% growth last year to 4.7%, power sector consulting firm Grid Strategies said in a report. Data centers are a main driver of the boom, they added. Be aware- it will disappear completely on a usual day.
The US exported 587.8 million lbs. of pork during January. While that was down 56.1 million lbs. (8.7%) from December, which was the highest monthly tally since May 2021, pork shipments increased 32.0 million lbs. (5.8%) from January 2023. USDA raised its 2024 pork export forecast and now expects a 4.8% increase to 7.130 billion pounds. Beef exports totaled 232.6 million lbs. during January, down 19.8 million lbs. (7.8%) from December and 10.0 million lbs. (4.1%) less than last year. USDA forecasts beef exports will fall 9.1% from last year to 2.785 billion pounds.
A recent study has highlighted a grim reality for the aquaculture industry, revealing that 865 million farmed Atlantic salmon have perished over the past decade due to mass die-offs. Key factors contributing to this staggering number include the effects of climate change, such as ocean warming, alongside the aquaculture industry's overreliance on antibiotics and pesticides and its push for increased production. This crisis not only underscores the environmental impact of current farming practices but also raises significant concerns about the sustainability and future of salmon farming.
USA-Economic headwinds will continue to impact consumption of both pork and beef in 2024. Swine and pork production in 2024 will be marginally down 3 percent as persistently low live hog and pork prices weigh on producers. However, pork imports may grow marginally to offset the forecasted decline in domestic pork production. Beef imports in 2024 could decline due to the high year-end inventory carried over into 2024 and an expected flat demand. Both swine and cattle imports could also decline due to financial challenges among producers. 2
EXECUTIVE SUMMARY
Swine Production: Post revised its forecast of swine production in 2024 to 695 million head with a year-on-year (YOY) decline of 3 percent due to a lower sow inventory in 2023 compared to 2022.
Swine Imports: Post revised up its forecast for swine imports in 2024 to 7,000 head based on higher-than-expected imports in 2023 despite difficult financial conditions for swine producers. Imports should still decline in 2024 from 2023 as financial difficulties and low prices continue to weigh on producers.
Pork Production: Post forecasts pork production to decline 3 percent in 2024 from fewer slaughters and lower inventory and slaughter weight of fattened swine. Pork Imports: Post forecasts pork imports in 2024 to grow marginally as imports offset the decline in domestic pork production.
Cattle Production: Post revised its forecast of calf production in 2024 down to 55 million head. The cattle herd growth is supported by government policies that encourage production, while lower beef cattle prices continue to curb the growth rate.
Cattle Imports: Post’s forecast of cattle imports in 2024 remains the same with official USDA forecast at 125,000 head with a significant decline due to shrinking profits of beef cattle producers in 2023.
Beef Production: The beef production forecast in 2024 remains at 7.7 MMT with a 2 percent growth YOY from a large number of finished cattle ready for slaughter.
Beef Imports: Post revised its forecast of beef imports in 2024 down to 3.4 MMT with a decline of 5 percent due to a high year-end inventory carried over into 2024 and flat demand in 2024.
This protest in Czechia is part of a wider wave of agricultural demonstrations sweeping across Europe, initially ignited in Germany and quickly spreading to other member states. These protests highlight the deepening rift between the agricultural sector and policymakers over the future direction of farming in the EU, amidst growing concerns over sustainability, competitiveness, and rural livelihoods. The unfolding events in Prague underscore the pressing need for a balanced dialogue that reconciles environmental objectives with the economic realities facing Europe's farmers. The farmers' outcry stems from a combination of rising production expenses, increased taxation, stringent EU environmental mandates—particularly the Green Deal—enhanced bureaucratic procedures, and the competition from cheap grain imports, notably from Ukraine. Last week's discussions between farmers' representatives and Agriculture Minister Marek Výborný culminated in a set of demands aiming to mitigate these challenges. Despite the government's recent move to boost national subsidies for animal welfare, the farming community deemed the response inadequate, pressing ahead with their planned protest.
Despite warnings from the Greens about Australian farming reaching a "crisis point" due to supermarket pricing tactics, recent analyses predict a bright future for the fruit and vegetable sector. Government and private sector insights suggest that, contrary to claims of jeopardy due to aggressive retail practices, the horticulture industry is on the verge of significant growth. This comes amid a parliamentary inquiry led by the Greens into the impact of supermarket practices on farmers. Contrary to the grim outlook presented by some, the official agriculture research bureau forecasts a 3% increase in nominal horticultural production values for 2023-24, hinting at a record-setting $17.2 billion this year and an anticipated rise to $17.8 billion the next. This optimism is echoed by Rabobank analysts, who cite declining fertilizer costs and a positive operating environment for both the horticulture and grain sectors. Meanwhile, farmers express concerns over fresh produce prices not keeping pace with rising labor costs during the ongoing senate inquiry into supermarket power dynamics.
World Farming Agriculture Commodity news - Short update - 1st Week March 2024
WINE
France
The south of France offers a range of wines at attractive prices, and international demand is slowly picking up. Prices are also falling in Burgundy, the Loire Valley, Bordeaux and the Rhône Valley.
Italy
By contrast, prices in Italy are continuing to rise due to the small harvest, particularly for white wines and certain red wine appellations and grape varieties. However, the majority of prices have not changed since the last survey.
Spain
Spain's red wines remain at a moderate level, but white wine prices and Rosado have risen significantly; the latter in particular is becoming scarce across the country. Verdejo from the central region is virtually unobtainable, and international grape varieties — with the exception of Cabernet Sauvignon and Syrah — are also slowly becoming scarce. If there is no or too little spring rainfall in the dry regions of eastern and central Spain, prices are likely to rise further.
The record-breaking blueberry is about 1.25 times the weight of the previous record holder, which weighed 16.2g with a diameter of 36.33mm. The past two records were set by Ozblu Western Australian growers in 2020 and 2018. Hocking said while typically a sacrifice in quality is expected with larger fruit, blueberries of the Eterna variety were “firm with a really good shelf life”. “The consumer experience is consistently good with great flavour,” he said. “It’s really outstanding that it maintains all of those eating qualities, even with the large size that it delivers.”
Meanwhile, poppy cultivation is becoming more sophisticated, the UN says, with increased investment and improved irrigation pushing up crop yields. Myanmar produced an estimated 1,080 metric tonnes of opium last year, the world body’s office on drugs and crime said, up from an estimated 790 metric tonnes the previous year. The opium is refined into heroin in factories hidden in the jungles and ravines of Shan state and then smuggled through neighbouring countries such as Thailand and on to the world market.
