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Morning round-up, Tuesday October 29


* BP’s chief executive of biofuels told reporters at Datagro’s sugar conference in Sao Paulo that the company was looking to wrap up its deal with grain trader Bunge Ltd this year which will see the companies merge their sugar and ethanol operations in Brazil.


Mario Lindenhayn said that BP was waiting on the go-ahead from antitrust bodies in three countries.


He added that the companies are hoping to start planning their operations together before the 2020 cane season kicks off.


BP and Bunge announced their Brazilian venture in July. The new company will operate 11 plants and crush 32m tonnes of cane per year.



* Nomura analysts estimate that China’s current shortage of pork will also affect the country’s economic growth.


According to the economists, the country’s pork output will drop by 60% in the fourth quarter, causing a 0.12% decrease in GDP growth for that period.


Nomura said that pork production makes up around 1% of China’s GDP.




* Russia has resumed exporting wheat to Vietnam after that country requested a temporary suspension due to the presence of thistle seed in shipments.


Russian state news agency, TASS reported on Tuesday that Deputy Prime Minister Maxim Akimov said the country had “solved this issue” with Vietnam.



* Prices for Russian wheat with a 12.5% protein content jumped by $1 last week to reach $208 per tonne on a free board basis.


According to agricultural consultancies SovEcon and IKAR, the increase was due to a rise in export demand and possible purchases by Saudi Arabia following a tender issued by that country.



* Data from the European commission showed that soft wheat exports for the 2019-20 season had reached 8.55m tonnes by October 27.


That was 50% more than the volume shipped by October 21, 2018.


EU barley exports for the 2019-20 season, which kicked off in July, reached 2.5m tonnes, up 47%.


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