Milling & Grains – COMMODITY & TRADE UPDATES

Experts are urging the government to embrace genetically modified maize and soybeans to reduce feed costs and stabilise supply.

The surge is driven mainly by favorable weather conditions and an expanded olive harvest expected to hit 2 million tons, compared with 950,000 tons last year.

Producers who had invested heavily in pesticides, fertilizers, labour, and rented land said they expected better returns, only to be disappointed by low market prices.

Conab credited growth in cultivated area, up 1.9 million hectares to 81.7 million, and favorable weather.

Global wheat production is forecast at 804.9 million tonnes, slightly lower than July’s projection.