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Oct 11, 2021

Cargill Reroutes Bean Shipments through Texas

Vessel was loaded with 2M bushels of soybeans from a facility that normally handles wheat and sorghum

Cargill Reroutes Bean Shipments through Texas

  • The first bulk U.S. soybean cargo from the Texas Gulf Coast in six months was loaded and shipped last week from a Cargill terminal.

  • The vessel was loaded with about 2 million bushels of soybeans from a facility that normally handles wheat and sorghum.

  • It’s the first of several bean shipments expected at the facility, as the company reroutes shipments from one of its damaged Mississippi terminals.

  • Cargill was hit harder than most other companies when Hurricane Ida hit Louisiana at the end of August.

FBN’s Take On What It Means: Terminals along the Louisiana Gulf continue to feel the effects from Hurricane Ida, six weeks on. Total corn and bean exports are a fraction of what they were a year ago, and companies like Cargill are finding (costly) ways to reroute shipments. However, exports are returning to normal levels. Bean weekly exports last week were about half of the total exports so far for the marketing year.

FBN
FBN

Mexico Rejected new GMO Corn Permit for First Time

  • Mexican health safety regulators rejected a new variety of GMO corn, the head of the country’s top farm lobby, CNA, said.

  • Regulators determined the corn variety was designed to tolerate glyphosate, adding they consider the herbicide dangerous.

  • Mexico has never allowed commercial-scale cultivation of GMO corn, but has allowed varieties to be imported.

  • Each variety must be approved by regulators before imports are allowed.

  • Mexico has approved 170 GMO seed varieties; however, under President Lopez Obrador, no new varieties have been approved since late 2018.

  • Regulators worldwide have determined glyphosate to be safe.

FBN’s Take On What It Means: Mexico depends heavily on yellow corn imports for livestock feed and industrial uses; last year, the country imported more than 16 million tonnes from the U.S. and is poised to import a record amount this year. Almost all imports from the U.S. are GMO varieties. The Mexican administration aims to cut corn imports by half by 2024 and boost domestic production. The head of CNA, however, doesn’t see this happening and pointed to government data showing Mexican production is down more than 5% during the first half of the year.

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Kevin McNew

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Marketwatch: Oct, 24

cmdty National Corn Price Idx: ZCPAUS.CM

open: 5.1374
high: 5.1867
low: 5.1249
close: 5.1668

cmdty National Soybean Price Idx: ZSPAUS.CM

open: 11.801
high: 11.861
low: 11.7324
close: 11.7679

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

open: 7.4043
high: 7.5443
low: 7.3993
close: 7.5365

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

open: 6.9986
high: 7.0999
low: 6.9861
close: 7.0671