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Morning round-up, Thursday October 03

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* Data from Costa Rica’s national coffee institute, ICAFE showed that the country’s coffee exports for the 2018-2019 season dropped by 12.8% compared to last season.

 

According to the institute’s report, the country shipped 1.06m 60-kilogramme bags of coffee for the season.

 

It exported 24,312 bags in September, down 40% compared to September 2018.

 

 

 

* South Korea has again confirmed two additional cases of African swine fever, bringing its total number of outbreaks to 13.

 

The country’s agriculture ministry said on Thursday that the new cases were found at pig farms close to the border with North Korea.

 

 


* According to a new report by Rabobank, China’s pig herd will likely decrease 55% by the end of the year due to African swine fever.

 

The bank said that while the Chinese government has introduced measures to boost pork production in the country, it sees output falling by 10% to 15% in 2020.

 

This is in addition to the 25% drop recorded in 2019.

 

It believes that the unstable market conditions brought on by the disease will likely last for the next three to five years.

 

 

 

* Nigeria’s Ministry of Agriculture said on Wednesday that Ondo state, the country’s largest cocoa growing region, is on track to meet its 2019-20 production target of 100,000 tonnes thanks to favourable weather.

 

This new target is higher than the 80,000 tonnes produced in the region in the previous season.

 

 


* Fitch Ratings said on Wednesday that weak crude palm oil prices will be cutting into earnings of Asian producers, leaving them vulnerable to a credit-rating downgrade.

 

The agency noted an average 26% rise in debt over the nine companies it tracks in the second quarter.

 

This trend, it said, looks set to continue with lower palm oil demand and an increase in production in the second half of the year projected to put more pressure on prices.

 

 


* Russia’s Minister of Agriculture, Dmitry Patrushev said that the country would be keeping its grain and wheat crop forecasts unchanged at 118m tonnes and 78m tonnes respectively for 2019.

 

 


* Egypt’s supply ministry said the country’s strategic sugar reserves are enough for 7.4 months of consumption, while its wheat reserves cover 4.7 months.

 

Reserves of rice are enough for 3.7months and vegetable oil reserves for 3.3 months.

 

 

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