Amid changing climate, Bangladesh farming groups conserve indigenous rice seeds
Bangladesh, the fourth biggest rice-producing country in the world, produces around 39 million tons of rice annually to feed its 170 million people, with 130 lab-developed high-yielding varieties.
For higher production, farmers have turned to a few high-yielding varieties, despite having around 1,000 indigenous varieties that have better adaptive quality amid changing climatic patterns; the trend has forced many traditional varieties to go extinct.
By cultivating indigenous rice varieties, some farmers are fighting back against monoculture, and a few nongovernmental conservation organizations, as well as individuals, are creating awareness about protecting local varieties.
Bangladesh Resource Center for Indigenous Knowledge (BARCIK) alone is conserving more than 600 local rice varieties and engaging with farmers across the country.
Edible oil & seeds: call for urgent steps to increase production
Sheikh Umer Rehan, Former President of the Korangi Association of Trade and Industry (KATI) and Former Vice Chairman of Pakistan Vanaspati Manufacturers Association (PVMA), has called for urgent action to increase the production of edible oil & seeds in the country.
Rehan said a large portion of Pakistan’s imports consist of edible oil, with an annual import of $4 billion. However, due to the State Bank’s decision to curb LCs and the shortage of foreign exchange, the prices of edible oil in the country have been steadily rising, making it increasingly difficult for people to procure it.
Rehan noted that the situation has also resulted in a rise in smuggling due to the hike in prices of edible oil.
He further stated that the coastal areas of Sindh are highly suitable for the production of palm, sesame, and canola oils, and the government has already achieved success in this regard.
He urged the government to take charge of the private sector and work together to increase the production of edible oil in the country.
Oil prices jump after surprise OPEC production cut
Oil prices and futures prices rose sharply in the early hours of Monday as markets re-opened for business in Oceania and Asia, responding to Sunday’s surprise announcement by Saudi Arabia, Iraq and other Gulf states that they would reduce oil production further than previously planned.
Both the benchmark oil prices rose. Further movement is possible as markets in Europe and the US open for business on Monday.
Brent Crude oil reported a jump of over 6 percent, rising $5.16 (roughly €4.78) to $85.05 per barrel. The US West Texas Crude index climbed $4.88, to $80.55.
The Organization of Petroleum Exporting Countries (OPEC) called the production cut a “precautionary” move aimed at stabilizing the market.
Why U.S. natural gas output keeps rising as prices sink
U.S. natural gas prices last week plunged to a 30-month low, crossing below $2 per million British thermal units (mmBtu) for the second time this year, even as some producers have cut drilling to stave off further convulsions.
Since the start of the year, U.S. gas futures have collapsed by about 50 percent, a record drop for a quarter, on rising output and mostly mild weather so far this winter that kept heating demand low and allowed utilities to leave more gas in storage than usual.
But there is little chance of stopping output from continuing to grow. The amount of gas in U.S. storage, meanwhile, sits about 21 percent higher than is normal for this time of year, and that surplus will set up U.S. inventories to reach record highs before next winter’s heating season.
China’s steel demand is set to slow. that could dent iron ore prices by nearly 30pc
Iron ore prices could decline as much as 28 percent by the end of 2023 on the back of a dip in Chinese steel demand and output, experts forecast.
Morgan Stanley analysts say iron ore prices will fall and cited subdued production from the world’s leading steel producer China, as well as the country’s turn toward steel scrap.
Analysts say there’s still upside potential for iron ore prices in the coming months, as China reopens and eases Covid-19 restriction. But they do not expect the strength of China’s steel production or demand to last beyond the second half of this ye
India may import dairy products amid stagnant milk output
India may look at importing dairy products like butter and ghee if needed as there is a supply constraint for such items due to stagnant milk production in the last fiscal year, a top government official said on Wednesday.
After assessing the stock position of milk in Southern states where the flushing season has started, the government will intervene to import dairy products, he said, adding that the country’s milk production was static in 2022-23 due to lumpy skin disease in cattle.
In 2021-22, India’s milk output stood at 221 million tonnes, while it was 208 million tonnes in the previous year, according to official data published by the news agency PTI.
U.S. wheat production problems could worsen food inflation
The spread between hard-red winter wheat and soft-red winter wheat has blown out to a record high as drought threatens crop yields across the Midwest and other major farming regions.
Hard-red winter wheat’s premium over soft-red winter wheat is $1.72 a bushel in Chicago on Tuesday morning, surpassing the 2011 record.
James Bolesworth, managing director at CRM AgriCommodities, told Bloomberg the widening spread is “a factor of the drought in the US Plains which is detrimentally impacting crop conditions.”
Sugar output falls 3pc to 299.6 lakh tonnes in Oct-Mar of 2022-23 market year
India’s sugar production fell 3 percent to 299.6 lakh tonnes in the first six months of the 2022-23 marketing year ending September, according to industry body ISMA.
Sugar output stood at 309.9 lakh tonnes in the corresponding period of the previous year.
The sugar marketing year runs from October-September.