The USDA trimmed 2024-25 US wheat ending stocks - but raised global stocks - in updated monthly supply-demand estimates on Tuesday. Amid a higher export forecast, projected US wheat ending stocks for the current marketing year were lowered 20 million bu from last month to 795 million, still well above 696 million the previous year. Meanwhile, global stocks were bumped 300,000 tonnes higher from November to 257.9 million, still the lowest since 2015-16. The fall in the US ending stocks estimate was steeper than expected by traders and analysts, but the increase in global stocks was slightly bigger than anticipated. Wheat futures were trading 2-6 cents higher across all three exchanges this afternoon. On the US side, the USDA raised its wheat import forecast by 5 million bu from last month to 125 million, reflecting larger inflows of Hard Red Spring. However, that additional supply was more than offset by a 25-million bu increase in the 2024-25 all wheat export forecast to 850 mil
World food commodity prices ticked higher for the third consecutive month in November, rising to the highest since April 2023 on the strength of surging world vegetable oil values. The Food and Agriculture Organization of the United Nations reported last week that its food price index - which tracks monthly changes in the international prices of a set of globally traded food commodities - averaged 127.5 points in November. That is up 0.5% from October and follows on the heels of a 2% increase in October and a 3% gain in September. The index, which is up 5.7% from a year ago but still 20.4% below its March 2022 peak, declined slightly in August. Much of the overall food price gain was due to the vegetable oil price index, which jumped 7.5% in November and now sits almost one-third higher than last year. Global palm oil prices climbed further last month amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia. Meanwhile, world soyoil prices rose on g
Manitoba's agricultural sector is set to receive a significant boost, with both the provincial and federal governments investing $15.4 million over the next four years in major infrastructure projects aimed at improving food processing capacity across the province. This funding, part of the Sustainable Canadian Agriculture Partnership (Sustainable CAP), is designed to help local producers increase their output, create jobs, and make the industry more efficient and sustainable. Wab Kinew, Premier of Manitoba, spoke about the importance of this investment: "This is all about supporting the backbone of our economy—the agriculture industry. We’re helping businesses modernize by providing them with the tools they need to boost productivity, be more sustainable, and keep moving forward." The funding will support up to 70 projects in areas like food processing, modernization of facilities, and the adoption of new technology. "By investing in equipment and innovative solutions, we're
When MLT Aikins Partner Danielle Graff and Associate Nicolas Joubert were asked to provide a legal perspective on ag innovation at EMILI’s 2024 Agriculture Enlightened conference, they emphasized the importance of thinking strategically and working with experienced legal advisers. “To me, the value that lawyers bring when we’re talking about innovation is helping organizations really think about their strategy around innovation and specifically intellectual property (IP),” Graff told the crowd of more than 260 agri-food and technology experts, industry leaders, and decision makers. “And it’s not just startups that need to think about this. It’s any organization that innovates.” Graff recommends innovators work with a lawyer to develop a broad strategy. Questions such as “Who are we in the market? How do we want to take this innovation to market? And who do we want to work with?” lay the groundwork for success. The earlier innovators begin exploring these questions, the better. “We c
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