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Australia trims wheat crop estimate, curbing global supplies

The government trimmed its estimate by 3 percent from June to 25.4 million tons, putting the crop on track for a 36 percent decline from the record harvest a year earlier, according to the Australian Bureau of Agricultural and Resource Economics and Sciences. Wheat is a major winter crop in Australia with planting from April and the harvest starting in November.

Even less wheat from major exporter Australia may come as a blow to international buyers such as China, which could need more imports after rain hurt its crop. Extreme weather from scorching temperatures to flooding has left crops across the world damaged, exacerbating supply pressures as Russia’s war in Ukraine continues to crimp Black Sea cargoes.

Sowing of paddy rises around 4pc and pulses down 8.53pc this season

Sowing of kharif crops almost ended with paddy acreage standing at around 3.73 per cent more than the same period last year, while area under pulses was down 8.53 per cent during the week ended September 1. All eyes are now on how the rains will fare in the coming weeks as most standing crops in big states like Maharashtra, Madhya Pradesh, Rajasthan, Telangana and Karnataka are facing moisture stress.

Minimum dairy pricing policy could expand milk production, affect water quality

A dairy pricing policy originally proposed at the beginning of the COVID-19 pandemic could have resulted in dairy farmers getting 10 percent more for their products if the policy had been passed, according to a Penn State study.

The research, led by College of Agricultural Sciences researchers and based on a model of livestock production in the Chesapeake Bay watershed, found that this price increase could have led to an approximately 13 percent expansion of the local dairy industry. Additionally, the model suggested that an increase in livestock production also would lead to an increase of manure leaching into the waterways, which would result in more nitrogen emissions but fewer phosphorus emissions.

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading Tuesday afternoon, a price unseen in the market since November.

The countries’ moves could increase inflation and the cost for motorists at gasoline pumps. It also puts new pressure on Saudi Arabia’s relationship with the United States, as President Joe Biden last year warned the kingdom there would be unspecified “consequences” for partnering with Russia on cuts as Moscow wages war on Ukraine.

Natural gas, wti oil, brent oil forecasts – oil rallies

Natural Gas pulls back as traders focus on cooler trends in weather forecasts, which will lead to lower demand for natural gas. In case natural gas settles below the support at $2.60 – $2.65, it will head towards the next support level, which is located in the $2.35 – $2.40 range.

WTI oil rallied as Saudi Arabia and Russia extended their voluntary production cuts until the end of this year. Currently, WTI oil is trying to settle above the resistance at $86.00 – $87.30. In case this attempt is successful, WTI oil will head towards the next resistance level, which is located in the $92.50 – $94.00 range. Brent oil has also gained strong upside momentum as traders focused on production cuts.

China stops work at more coal mines in Shaanxi over safety issues

Safety inspectors in China’s third-largest coal-mining regions ordered the suspension of operations of two more mines in northwest Shaanxi province, with more than a dozen temporarily closed in recent weeks after a deadly accident late last month.

The suspensions come after a gas explosion in a coal mine in Shaanxi on Aug. 21 killed 11 people and injured 11 others, according to an announcement by the Ministry of Emergency Management.

Annual production from the latest two mines to be closed was put at 600,000 and 450,000 metric tons per year in 2019, official data shows.

The local mine safety administration said in documents posted on a government website that the mines were found to have “major accident hazards” during on-site inspections.

Tea production rises 6.2pc at 165 million kg in July 2023

Tea production in the country increased marginally by 6.2 percent at 165.01 million kilogramme during July 2023 as compared to 155.29 million kilogramme in previous similar period.

As per the latest Tea Board data, North India tea production during July this year stood at 143.05 million kilogramme, as against 135.77 million kilogramme in the corresponding previous period.

Indian sugar production concerns drive local prices to 6-year high

Sugar prices in India have jumped by more than 3 percent in a fortnight to their highest level in six years, traders and industry officials said, as limited rainfall in the country’s key growing regions raised production concerns for the upcoming season.

This could add to food inflation and discourage New Delhi from allowing sugar exports, supporting global prices which are near their highest in more than a decade.

“Sugar mills are worried that production could fall sharply in the new season because of drought.

They are not willing to sell at lower price,” said Ashok Jain, president of the Bombay Sugar Merchants Association.

Higher prices will, however, improve margins for producers such as Balrampur Chini, Dwarikesh Sugar, Shree Renuka Sugars and Dalmia Bharat Sugar, helping them make payments on time to farmers, dealers said.

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