Rice feeds the world, now more than ever
Rice has been produced throughout the world for thousands of years, and today it is a staple food for more than 3.5 billion people. The United States, while newer to the rice game than some other exporters, produces several varieties of nutritious, high-quality, and delicious rice. While approximately half of the rice produced in the U.S. is consumed there, the other half is exported around the globe including providing food to the world’s hungry. The U.S. rice industry is proud to participate in international food assistance programmes that help feed, nourish and educate those in need.
Numerous man-made and natural disasters as well as the ongoing COVID-19 pandemic have only increased the need for such assistance. Two years into the pandemic, the World Food Programme reports that global and national economic disruptions caused by subsequent waves of the virus have resulted in an estimated 97 million more people living in poverty in 2021 compared to 2019, leaving tens of millions more people hungry and malnourished.
[divider style=”normal” top=”20″ bottom=”20″]
World’s largest wheat importer Egypt achieves 62pc self-sufficiency
Egypt, the world’s largest wheat importer, has achieved 62 percent self-sufficiency in the grain this season, according to the Minister of Agriculture and Land Reclamation. The country cultivates 3.7 million acres with wheat, producing 9.5 to 10 million tons, Mohamed El Quseir told Asharq during Expo 2020 Dubai. El Qusier noted that this area is the largest ever set aside for the grain in Egypt’s history. The wheat planting season starts from mid-November until the end of January, while the harvest season starts from mid-April until mid-July, according to Asharq. Amid efforts to reduce reliance on imports, especially of wheat and corn, Egypt plans to expand its agricultural area, which stands at 9.7 million feddans, the minister noted.
[divider style=”normal” top=”20″ bottom=”20″]
USDA raises 2021-22 cane sugar production
The US Department of Agriculture in its Feb. 9 World Agricultural Supply and Demand Estimates report boosted its 2021-22 forecast of US cane sugar production and slightly lowered its import forecast from January, resulting in higher ending stocks and a higher stocks-to-use ratio. The USDA forecast 2021-22 total domestic sugar production at a record high 9,442,000 tons, up 49,170 tons, or 0.5 percent, from its January forecast due to a like increase in cane sugar production at 4,041,000 tons. All the cane sugar increase was in Louisiana. Beet sugar production was unchanged from January but already forecast record high at 5,401,000 tons.
Louisiana cane sugar production for 2021-22 is increased by 49,170 short tons, raw value, to 1,905,741 tons on industry reporting, the USDA said. The sugar cane harvest ran longer through January than normal, and the crop had strong sucrose content. Total sugar imports in 2021-22 were forecast at 3,012,000 tons, down 3,736 tons from January due to a like reduction in 2020-21 tariff-rate quota imports that were allowed to enter the United States until Dec. 31, 2021, the USDA said. Imports from Mexico were unchanged from January at 1,065,000 tons, as were high-tier imports at 150,000 tons. Total sugar supply in 2021-22 was forecast at 14,158,000 tons, up 45,434 tons from January and up about 112,000 tons from 2020-21.
[divider style=”normal” top=”20″ bottom=”20″]
Oil price set to test fresh peaks barring Iran breakthrough
Efforts by governments to drive an economic rebound are likely to add strain to tight oil supplies and could send prices to fresh peaks, unless international talks end sanctions on Tehran and lead to a surge in Iranian exports. Nervousness of possible disruption of exports from major oil producer Russia as it masses troops on neighbouring Ukraine’s border has already helped to push oil prices to their highest since 2014. At around $95 a barrel , international crude prices are a way off the all-time peak of more than $147 hit in July 2008. However, as in 2008, when it took only five months to soar from roughly current levels to the record, the world is seeing fast economic growth, tight supplies and a lack of spare capacity to provide a cushion against geopolitical shocks. As the Organization of the Petroleum Exporting Countries and allies (OPEC+) gradually unwind output cuts implemented in response to the record demand fall at the height of the COVID-19 pandemic in 2020, JP Morgan predicts the producer group will continue incremental increases but underperformance by some members will drive prices.
[divider style=”normal” top=”20″ bottom=”20″]
The world’s largest iron ore producing countries in 2021
According to the preliminary data released by the U.S. Geological Survey (USGS), estimated global iron ore production in 2021 was 2,600 million tonnes of usable ore, which is 5.3 percent higher than a year ago (2,470 million tonnes). USGS said that increases in production, shipments, and trade of iron ore in 2021 were due to recovery from the effects of the global COVID-19 pandemic, which lowered steel production and consumption globally in 2020. With 900 million tonnes of usable iron ore mined in 2021, Australia is the largest iron ore producing country, followed by Brazil (380 million tonnes), China (360 million tonnes) and India (240 million tonnes). According to the report, overall, global prices trended upward to an average unit value of $178.27 per tonne in the first 9 months of 2021, a 64 percent increase from the 2020 annual average of $108.92 per tonne and a 90 percent increase from the 2019 annual average of $93.85 per tonne. Based on reported prices for iron ore fines (62 percent iron content) imported into China (cost, insurance, and freight into Tianjin Port), the highest monthly average price during the first 9 months of 2021 was $214.43 per tonne in June compared with the high of $155.43 per tonne in December 2020, USGS said.