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Morning round-up, Friday February 7


* Russian agriculture consultancy, IKAR reduced the country’s wheat export forecast for the 2019-20 season to 32m tonnes, down from its previous estimate of 33.5m tonnes.


The consultancy also forecast Russia’s total grain crop for 2020 at 127m tonnes and grain exports at 48m tonnes.



* China on Friday announced that it will be increasing the supply of meat, rice, flour and edible oils to Hubei province to boost food supplies in the country’s hardest coronavirus-hit region.


This includes 2,000 tonnes of pork which will be released from reserves in Wuhan.




* US Treasury Secretary, Steven Mnuchin said he expected China to fulfil its phase one trade deal promise to buy around $200bn worth of US products over the next two years despite the outbreak of coronavirus in the country.


He told Fox Business Network that “based on current information, I don’t expect there will be any issues”.



* According to data from the US Department of Agriculture, US soybean sales to China reached 31,523 tonnes in the week ending January 30, the lowest weekly amount in almost five months.


Soybean exports for the week were at 552,523 tonnes.



* American meat processor, Tyson Foods on Thursday announced that it would be cutting 500 jobs as part of its restructuring efforts.


The company said in a regulatory filing that most were corporate positions in its offices in Chicago and Springdale, Arkansas.


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