Grains and oilseeds: Biden disappoints with refusal to issue tariffs

May 17, 2024 at 10:58 AM , Der AUDITOR
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BRUSSELS. Frost will force Russian farmers to resow an extensive area with wheat. Brazil’s CONAB has issued a rather surprising production estimate for corn. US soy traders are taken aback by Biden’s refusal to impose tariffs on used cooking oil imports from China. The EU will need to import more rapeseed from Canada and Australia.

Russia forced to resow wheat

After quotations rose sharply at the start of the week improved growing conditions in the Midwest of the USA along with more encouraging weather forecasts in Russia brought the market back on a downward turn. Analyst SovEcon has, however, further reduced the crop forecast for Russia by 3.9 million mt to 85.7 million mt as an area spanning 500,000 ha needs to be resown after frost inflicted heavy damages. The USDA’s May report reckons with 88 million mt. Ukraine will also only harvest 21 million mt, which is 2 million mt less than l

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