Wheat crop shaping up better than past two years
Wheat production across Texas looks better than in years past, providing producers some optimism despite low wheat prices. Texas A&M AgriLife Extension Service specialists said several opportunities could exist for cashing in on good forage.
Mark Welch, Ph.D., AgriLife Extension economist-grain marketing in the Texas A&M Department of Agricultural Economics, said while the U.S. Department of Agriculture doesn’t start its national winter wheat conditions reports until April 1, updates from the Southern Plains, which include the biggest winter wheat-producing states – Kansas, Texas, Oklahoma and Colorado – are showing conditions are really good, much improved from last year.
Russia still biggest wheat price influencer
Welch said the wheat price outlook is tough and still revolves around Russia. A couple of years ago, there was concern about the invasion of Ukraine. Wheat prices skyrocketed over concerns about production and participation in the global grain markets.
“But since then, Russia is supplying record wheat exports at really cheap prices,” Welch said. “That’s the overall price-depressing feature of the world market.”
US crude oil production falls 6pc in Jan
In a recent report released by the Energy Information Administration (EIA), it was revealed that U.S. crude oil production experienced a significant decline in January, plummeting to 12.5 million barrels per day (bpd). This marks a notable 6 percent drop from December’s record-high production levels.
The sharp decrease in crude oil output can be attributed to severe weather conditions, particularly freezing temperatures, which swept across the nation in January. The adverse weather disrupted production and led to the shutdown of refining capacity in Texas, exacerbating the situation.
According to the data provided by the EIA, crude oil production in Texas, the leading oil-producing state in the U.S., saw a decline to 5.4 million bpd in January, representing a decrease of approximately 5 percent from the previous month. Similarly, North Dakota witnessed a substantial drop in production, falling nearly 13 percent to 1.1 million bpd during the same period.
Farmers busy harvesting tea leaves in Anhua county
Farmers pick tea leaves at a tea garden in Malu Township of Anhua County, central China’s Hunan Province, March 26, 2024. Recently, farmers are busy harvesting tea leaves in Anhua County, a main producing area of dark tea in China. The county has 360,000 mu (24,000 hectares) of tea gardens with nearly 400,000 local people engaged in tea related industries.
By 2023, there are more than 200 tea processing enterprises in Anhua and the comprehensive output value of the industry reached 25.2 billion yuan (about 3.49 billion US dollars) last year.
A farmer picks tea leaves at a tea garden in Malu Township of Anhua County, central China’s Hunan Province, March 26, 2024. Recently, farmers are busy harvesting tea leaves in Anhua County, a main producing area of dark tea in China. The county has 360,000 mu (24,000 hectares) of tea gardens with nearly 400,000 local people engaged in tea related industries.
February milk production report in USA
The latest February Milk Production Report in the USA presents a mixed picture, showcasing both increases and declines compared to previous years. With 28 days in February, the report’s figures diverge from historical trends, particularly when accounting for leap years.
While overall February milk production increased by 2.4 percent compared to the non-leap year in 2023, the per-day production saw a modest decline of 1.1 percent. The total number of milk cows reached 9.3 million head, indicating a slight uptick of 10,000 from January 2024, yet marking a notable decrease of 89,000 compared to the previous year.
Some states experienced significant declines in milk production, with New Mexico leading the downturn, witnessing a loss of 97 million lbs. of milk alongside a reduction of 42,000 cows. Additional states reporting declines included Texas, Idaho, Oregon, and Minnesota, each facing various challenges impacting their dairy sectors.
Uranium prices take a dip at $89 per pound
Uranium prices have experienced a decline to $89 per pound, marking the 6th consecutive week of decreases since reaching a 16-year high of $106 in early February. This drop comes as market participants continue to evaluate the evolving dynamics following the recent surge in prices.
Uranium, a dense metal found in most rocks, primarily serves as fuel in nuclear power plants. The standard contract unit for uranium is 250 pounds of U3O8 and is traded on the New York Mercantile Exchange. Key uranium-producing countries include Kazakhstan, Canada, and Australia.
India’s pulses imports in Jan-March drop 29pc
India has imported 516,223 tonnes of masur (lentil), tur (pigeon pea) and urad (black gram) so far this current calendar year, marking a nearly 29 percent decrease from a year earlier, a top government official told Mint.
The fall in imports of these three pulses is attributed to a tight supply globally amid likely hoarding on expectations of India’s increasing import demand.
Iran renews Iraq gas contract amid production uncertainty
Despite a persistent and alarming deficit in its natural gas production, Iran recently chose to renew gas export contracts with Iraq – a decision that can have severe consequences for its own energy needs.
While Iran boasts having the second largest natural gas reserves in the world, its production capacity has consistently fallen short of meeting escalating demand in recent years, especially during peak periods such as winter.
Historically, Iran has played a pivotal role in providing vital natural gas to fulfill Iraq’s energy requirements, particularly for powering electricity generation.
Yet, a notable decrease in the supply of natural gas from Iran has exacerbated Iraq’s own energy crisis – with the country’s electricity output significantly lagging behind its increasing demand currently at 35 gigawatts.