ADM reports 60% jump in full-year profits, forecasts strong crush margins and high demand in 2023

USA- Archer-Daniels-Midland Co, (ADM), a major U.S. grains merchant, has posted an  annual net income profit of US$4.34 billion, a record 60% jump when compared to the same period last year.   The Chicago Illinois-based company ascribed the record growth in profits to robust soy crushing margins and hefty global demand for crops in Q2 that ended Dec 31, 2022.…

Read More

Brazil set for another record-breaking grain harvest in 2023, corn production forecast up by 8%

BRAZIL – Brazilian agricultural production is expected to continue growing in 2023, maintaining the trend of producing another record-breaking grain harvest, according to a report from the Foreign Agricultural Service (FAS) of the United Sates Department of Agriculture (USDA). In the report, the FAS post in Brazil maintained its corn planted area forecast at 22.5 million hectares (ha) for MY…

Read More

AFEX annual commodity outlook forecasts global maize prices to decline by 8% in 2023

NIGERIA – Global maize prices will decrease by 8% while prices for wheat, which were anticipated to rise by 36% in 2022, will slightly fall in 2023, according to the Annual Commodity Outlook by AFEX. The report further indicated that the fertiliser index which rose by 66% in 2022, is projected to decline by 12% in 2023 as supply disruptions…

Read More

Kenya licenses traders as window open for the importation of 10M bags of duty-free maize

KENYA – The government has issued licenses to private traders to facilitate the importation of 10 million bags (about 900 metric tonnes) of duty-free maize into to the country. Philip Harsame, the Agriculture Principal Secretary said that already licenses have been issued to 20 traders to import white maize and 50 to import yellow maize to reduce the retail price…

Read More

East Africa’s wheat prices to remain high on sharp drop in Ukrainian production

EAST AFRICA- The Economic Intelligence Unit (EIU), the research and analysis division of the Economist Group, is forecasting higher wheat commodity prices for East African countries due to their high reliance on Ukraine. According to EIU, while demand may slow, supply won’t rise high enough to put enough downward pressure on prices, following a sharp decline in grain production in…

Read More

AFEX sets up operations in Uganda 7 months after entry into East Africa

UGANDA-AFEX, Africa’s leading commodities exchange and commodities market player, has announced its expansion into Uganda, seven months after it first entered East Africa. The new development is the latest in the company’s series of planned expansions to 10 African countries over the next five years Often referred to as Africa’s ‘bread basket,’ Uganda has one of the most dynamic commodities…

Read More

Ardent Mills maintains strong quarterly result, reports Conagra Brands

USA-Ardent Mills, one of the largest milling companies in the United States, has maintained an upward trajectory in the second quarter that ended November 27, 2022, according to a Form 10-Q filing by Conagra Brands, Inc. with the Securities and Exchange Commission. Conagra Brands, Inc, one of North America’s leading branded food companies, owns a 44% stake in Ardent Mills. The remaining…

Read More

Cargill expands joint venture with CHS as Uralchem eyes takeover of its assets in Russia

USA – Agribusiness giants CHS and Cargill have announced the intent to expand the scope of their joint venture, TEMCO, by adding the Cargill-owned export grain terminal in Houston, Texas. The Houston terminal has a capacity of six million bushels of storage and is located approximately 40 miles inland from the Gulf of Mexico via Galveston Bay. It can simultaneously hold 350 rail cars…

Read More

Global wheat flour trade falls to pandemic lows as low purchasing power in Africa affects demand

GLOBAL -The International Grains Council (IGC) forecast declining global wheat flour trade in the marketing year 2022-23 to reach 13.8 million tonnes (wheat equivalent) as sales in sub-Saharan Africa dry up. According to the IGC, the 2022-23 marketing year is similar to 2020-21 when the Covid-19 pandemic was at its peak and operation of mills at one of its lowest.…

Read More

Sohar Flour Mills inaugurates US$52M facility to boost Oman’s grain storage capacity

OMAN-Sohar Flour Mills, a subsidiary of Oman Flour Mills, has inaugurated a new US$52 million grain storage facility to boost the country’s strategic grain reserve capacity. The facility with a capacity of 160,000 MT is in the Sohar Industrial Port, an essential deep-sea port lying at the center of global trade routes between Europe and Asia. The inauguration ceremony for…

Read More