Annual Inflation Rate Reached 193% in Argentina
Annual inflation rate reached 193%, falling below the 200% level for the first time in almost a year. In October, monthly inflation reached 2.7%, the lowest since November of 2021. (Indec)
Rainfall recorded on November 9th and 10th should allow the 2024/25 soybean sowing to continue. According to the Rosário Commerce Exchange, the country should reach the planting estimate of 17.7 million hectares, with a projection of 52 million tonnes of soybeans for the season. (BCR)
The Ministry of Agriculture is considering the creation of two new secretariats: one for the National Institute of Meteorology and another for Trade Promotion. “We are making small adjustments to improve efficiency”, said Carlos Fávaro, Minister of Agriculture. (MAPA)
The railway and logistics company Rumo has shown increased profit by 65% in the 3Q24. A higher volume of agricultural cargo in the Northern Network offset losses in the South, resulting in a profit of US$ 137.64 million from July to September. (Rumo Logística)
The Federal Government has received confirmation from the South African government regarding the authorization of 19 more meatpacking plants to export Brazilian meat. The list includes units specializing in beef, pork and poultry and are located in nine Brazilian States. (MAPA)
In October, coffee exports reached 4.92 million bags, 11.6% more than in the same month of 2023, and revenue of US$ 1.39 billion (+62.6%). From January to the end of October, exports totaled 41.45 million bags (+35.1%), a record for the period. (Cecafé)
In experiments in the State of Mato Grosso, the adoption of “customized sowing”, which involves varying the quantity of seeds throughout different areas of the farm, increased corn yields by up to 8% and cotton yields by up to 3%. The research used a technology called Intelligent Planting Solution to adjust sowing according to the terrain and soil characteristics. (Embrapa; Bosch)
BNDES has approved US$ 86.42 million for the implementation of a corn and sorghum ethanol plant in the State of Mato Grosso. The plant will have a capacity of 935,000 L of ethanol/day, 587 tonnes of dry grains and 37 tonnes of corn oil. The project aims to expand corn ethanol production in Brazil, with an expected production of 20% of the country’s supply by 2025. (BNDES; 3tentos)
Too much rain in the Itapeva region, State of São Paulo, has caused significant damage to bean production, compromising quality and yields. The average yield loss was from 20% to 30%, with some crops losing more than 50%. (Ibrafe)
Minerva recorded a net profit of US$ 16.20 million in 3Q24, a drop of 33% when compared to 3Q23. The company’s Ebitda totaled US$ 139.96 million from July to September, an increase of 13.9% when compared to the same period of 2023. (Minerva Foods)
Chile and Canada have signed an agreement to combat forest fires and for “emergency aid”, according to Aida Baldini, director of the National Forestry Corporation. So far, 494 fires have been recorded in Chile, an increase of 12% when compared to 2023. In terms of area, 3,223 ha have been affected, a drop of 27% when compared to the previous year. (Minagri; Conaf)
Almost 35% of table grape exports to the US should be carried out without methyl bromide fumigation. These exports should reach 56 thousand tonnes of a total of 161 thousand tonnes of grapes, reaching a value of US$ 107 million. (Table Grape Committee)
The president of Colombia, Gustavo Petro, declared a national emergency situation after storms caused flooding in several regions of the country and a drought forced Bogotá to ration water. (Government of Colombia)
Drought and low water reservoirs are harming corn production. The forecast is for a harvest of 24.5 million tonnes of corn in 2024/25, 7% below the average of the last five years. Almost 70% of the country’s second corn harvest happens in the Sinaloa region, where water reservoirs have reached their lowest level in 22 years. (Conagua; SIAP)
A trade mission was carried out in Southeast Asia, aiming to attract investment and diversify markets. The aim is to explore emerging markets and to promote exports of products such as soybeans, meat and ethanol, to countries such as Singapore, Indonesia and Vietnam. (MIC)
The wheat harvest was estimated at 1.4 million tonnes, a record for the country. Half of this production will be destined for the local market, converted mainly into wheat flour, and the rest will be exported. (Paraguayan Chamber of Mills)
Water crisis in Piura has reached its critical point. The Poechos reservoir, the region’s main source of water, reached its lowest level in 90 years. (Government of Peru)
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