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China's per capita vegetable oil consumption has reached levels similar to Japan and South Korea in a relatively short time.
A large portion of the
vegetable oil growth is being captured by restaurants. China's growing
middle class, with its increasing disposable income, eats more meals outside
the home.
Source: USDA; FAS: Oilseeds:
World Markets and Trade; October 2006
Soybean production is forecast at 3.19 billion bushels, up 4 percent from the 2005 crop. If realized, this would be the highest production on record. Based on Oct.1 conditions, yields are expected to average 42.8 bushels per acre. Expected area for harvest, at 74.5 million acres, is 5 percent above 2005.
All cotton production is forecast
at 20.7 million 480-pound bales, down 14 percent from last year's record high
production. Yield is expected to
average 774 pounds per acre, down 57 pounds from last year. The
October harvested area is expected to total 12.8 million acres, down 7
percent from 2005.
Source: USDA; NASS: Crop Production; October 2006
Texas biodiesel
project moves forward
TexCom, Inc. recently made public that it has finalized a stock offering with gross proceeds of $4.25 million. The proceeds generated will go to TexCom's investment of $3.5 million in Houston Biodiesel, LLC to build and operate a 35 million gallon-per-year biodiesel processing facility in Seabrook.
The funds will complement previously announced project commitments of $10.6 million in equity from U.S. Renewable Group. LBC Houston, LP will provide terminal assets, storage and terminal services for the biodiesel plant as previously announced.
Source: AFBF; Executive Newswatch;
Oct. 20, 2006
Disney yields to activist groups in food marketing
The Disney Company will change the way it markets food products to kids, in response to pressure from consumer activist groups. Disney will only allow its characters to be used for marketing foods that meet certain standards limiting calories, fat, saturated fat and sugar. The company also will change the foods it markets to kids at its parks and resorts.
Source: AFBF; Executive Newswatch;
Oct. 18, 2006
Agriculture 'alive and well' in New Jersey
New Jersey, like most states throughout the country, is experiencing urban sprawl in many areas.
Charles Harrison, a journalist from Woodstown, tracked the future of agriculture in the state based on years of compiling data from interviews and research. The information is compiled in his recently released book, Tending the Garden State: Preserving Agriculture in New Jersey.
Since 1957, Harrison said in his book that Washington Township's 200 farms have been reduced to only two, while the population drastically increased from 4,000 to 50,000.
Although Harrison cites signification differences in New Jersey farming from the past to the present, he said in his book agriculture is still "alive and well."
Source: AFBF; Executive Newswatch;
Oct. 20, 2006
November 3, 2006
For wheat, Australia is one of the world's largest suppliers, but exports are now forecast to drop by a third. This will likely mean sharply reduced shipments to Mediterranean markets such as Egypt and a greater focus on traditional Asian destinations.
Australian supplies will exacerbate an already very tight global situation and result in even further drawdowns in exporters' stocks (which typically impact world prices). This has already caused prices to soar to the highest levels in decades.
As the world's largest barley exporter for the past three years, sharply lower exportable supplies will support higher prices and cause demand to shift to European and Black Sea region suppliers.
For rice, Australia had returned
as a significant player in the medium-grain market. However, with
production forecast to plunge nearly two-thirds, importers will have to
source more medium-grain rice from the United States, Egypt and China.
Source: USDA; FAS; Grain: World
Markets and Trade; October 2006
