Highlights

AmInvest Research Reports

Author: AmInvest   |   Latest post: Wed, 21 Oct 2020, 9:49 AM

 

Plantation - News flow for week 20 – 24 Apr

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  • Bloomberg reported that five US governors are asking the Trump administration to waive US biofuel blending requirements as the cost of complying with the mandates on top of the coronavirus lockdown will pose a “severe economic harm”. The governors cited a spike in the cost of tradable credits that the refiners use to prove compliance with annual biofuel blending targets as well as the fall in fuel demand resulting from the coronavirus pandemic. If the EPA (Environmental Protection Agency) rules in favour of the governors, it will be a blow to the US ethanol producers. Ethanol is primarily made from corn in the USA.
  • China’s CGTN cited an industry expert as saying that China is not running out of food and as such, people do not have to buy more than they need. Fan Shenggen, chair professor at China Agricultural University said that China probably has one year’s inventory of rice and wheat. He added that there is no food shortage in China as the country has years of good harvest and a strategic food reserve. So far, other countries’ bans on food exports have had a limited impact on China and the country’s food prices are stable as supply recovered in March. Instead, the concern is China’s imports of soybean and meat. So far, China has not seen a disruption in US supplies of soybean. In Brazil however, there were small cases of disruptions as port workers cannot go to work.
  • The USDA (US Department of Agriculture) has issued a report analysing the impact of India’s initial national lockdown (24 March to 14 April). According to the USDA, although the lockdown exempted all trade, agricultural and food-related activities, the lack of clarity and varied enforcement at state and local levels led to widespread disruptions. These included temporary closure of ports, food processing facilities, warehouses and retail outlets as workers stayed at home. In addition, it took time for exempted businesses to receive permits. As such, delivery of food and commodities to markets, shops, warehouse and processing facilities was delayed. Many importers and food processors expect that operating conditions would normalise as authorities work to enable their operations.
  • Bloomberg reported that Argentina is asking Brazil to release water from the Itaipu Dam to the Parana River where low levels are stymieing the soybean business. A drought in South America means that the Parana River is at its lowest level since 1989 and this is costing Argentine crop traders money. Brazil sometimes releases water from Itaipu Dam to top up the Parana River when it is dry as part of a longstanding deal with Argentina. But this can weaken Itaipu Dam’s supplies to Brazil’s energy grid. The dam provides 11% of Brazil’s energy needs.

Source: AmInvest Research - 27 Apr 2020

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