Bloomberg reported that MP Evans Group has acquired the remaining 5% shareholding in its subsidiary companies in Indonesia. A total of US$4mil was spent to buy out the minority interests, which translate into US$9,000 (RM42,300) per planted hectare.
Reuters reported that COFCO International has landed its 1st cargo of deforestation-free soybeans for domestic use. China is a top buyer of agricultural goods but has lagged the ESG policies of Western peers who demand that produce, including palm oil, not be sourced from land linked to deforestation or conversion of natural habitats. This is slowly changing with COFCO International, China Mengniu Dairy Company and Inner Mongolia Yili Industrial Group in the past year asking suppliers and consultants for sustainable soybeans. The 50,000 tonnes of Brazilian soybeans worth US$30mil had a deforestation and conversion-free (DCF) clause for the 1st time for an order from China.
Reuters cited Argentina’s National Weather Service as saying that rainfall will likely be below normal in the western part of Argentina’s agricultural heartland in the next 3 months. The decrease in precipitation will occur during the closing of Argentina’s 2023/2024F soybean/corn harvest and wheat plantings for the 2024F/2025F season. Below-normal rainfall will be beneficial for Argentine farmers finishing the delayed soybean and corn harvest and allow wheat planting to move forward at a steady pace.
Biodiesel Magazine quoted the US Energy Information Administration as saying that US operable biofuel production capacity expanded slightly in March. Total biofuel capacity reached 23.7bil gallons per year in March, up 5mil gallons per year compared to the previous month and up 627mil gallons per year compared to a year ago. According to EIA, 1.1bil pounds of soybean oil went into biofuel production in March, including 458mil pounds into biodiesel plants and 479mil pounds into renewable diesel facilities.
S&P Global Platts cited sources as saying that the new Indian government is not expected to remove the 20% export duty on parboiled rice, which will keep prices artificially high for international customers. The initial objective of the duties was to control rising food inflation. However, the government has realised that the levy is also bringing in millions of USD in revenues without affecting local prices. While most of the parboiled variety is typically exported to West Africa, Indian basmati rice is primarily shipped to the Middle East.
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