Nov 12, 2021

Brazil Clears GMO Wheat Flour from Argentina

About half of Argentina’s wheat currently goes to Brazil

Brazil Clears GMO Wheat Flour from Argentina

  • Brazil on Thursday approved imports of flour from Argentina made from a genetically-modified, drought- and glufosinate-resistant strain of wheat.

  • It is the first decision of this kind in the world, though it only applies to wheat flour, after Brazilian millers threatened to boycott Argentine grains.

  • Public sentiment, however, appears to be against the use of GMO wheat, and Brazilian millers say they are evaluating legal options against the approval.

  • About 55,000 hectares in Argentina have been planted with the GMO wheat on an experimental basis.

  • Bioceres, the company who developed the variety, said it would seek approval from other markets before marketing it commercially.

FBN’s Take On What It Means: While most of the world’s corn and soybean crops are GMOs, they’re largely fed to livestock. Wheat, on the other hand, has proven more controversial as it would be directly eaten by people. Bioceres hopes the decision will be the first of many and has eyes on getting approval in the U.S. and Australia. However, it may lead to stronger demand for U.S. wheat if the Brazilian millers and consumers refuse to accept Argentine wheat. About half of Argentina’s wheat currently goes to Brazil.

FBN
FBN

NOPA October U.S. Soybean Crush Estimated at 181.9 Million Bushels

  • A Reuters’ poll of analysts sees NOPA soybean crushings rebounding to 181.945 million bushels for October.

  • If correct, the figure would be up 18.3% from the 153.800 million bushels in September.

  • It would be the fourth-largest crush for any month on record; the record is 185.245 million from October last year.

  • Estimates ranged from 176.900 and 187.789 million.

  • Soyoil supplies are seen rising to 1.724 billion pounds, 2.4% higher than September’s 1.684 billion.

  • Crushings typically rise sharply in October as freshly harvested beans bolster supplies.

  • The report is scheduled to be released at 11am CST Monday.

FBN’s Take On What It Means: September’s crush was the lightest in three months and the seventh time in eight months the crash failed to meet analyst estimates. However, October tends to be a busy month as supplies are refreshed from harvest. The USDA kept its 2021/22 crush estimates at 2190 million bushels. Also of note, NOPA’s monthly release will no longer include soymeal exports “due to likely inadvertent under-reporting.”

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Kevin McNew

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Marketwatch: Nov, 28

cmdty National Corn Price Idx: ZCPAUS.CM

open: 5.5712
high: 5.7406
low: 5.5262
close: 5.7276

cmdty National Soybean Price Idx: ZSPAUS.CM

open: 12.1595
high: 12.1807
low: 12.0432
close: 12.166

cmdty National Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 8.331
high: 8.4769
low: 8.226
close: 8.444

cmdty National Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.7213
high: 7.8263
low: 7.6213
close: 7.7716