The Brazilian government, following orders issued by President Luiz Inácio Lula da Silva earlier this month, implemented a zero import tax reduction on eleven basic products.

The measure applies to meat, sardines, roasted coffee, coffee beans, olive oil, sugar, palm oil, sunflower oil, corn, pasta, and cookies. With this zero tax reduction, the president “aims to especially protect low-income families, who will be able to spend up to 40 % of their income on food.”

This decision is expected to contribute to increasing the food supply, in addition to reducing market prices and thus multiplying the availability of these items in the domestic market.

The Brazilian president is focused on reducing shortages and ensuring the most dignified living conditions for the population. “The government indicates that the measure will be accompanied by other structural actions, preserving the sustainability of the national production chain.”

M.Pino

Source: americaeconomia

(Reference image: Paul Teysen on Unsplash)

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The increase in the prices of items such as cocoa and coffee, together with the hydrocarbon sector, has maintained a good rhythm of the markets in Latin America, despite declines in the value of wheat and corn.

According to the Bloomberg Commodities Spot Index, which analyzes future contracts for 24 items, including food and raw materials, as well as minerals and hydrocarbons, an increase of 5 % was experienced in the first half. The products that gave the greatest impetus to commodity trading and generated profits for investors were coffee, cocoa and oil.

Cocoa, although down from its peak in April, overall rose in value 84% from January to June. For its part, coffee, a key product in the region’s markets, reached a price increase of 22.3 %, leading Bloomberg’s list of the 24 products in the basket analyzed.

In contrast, wheat and corn futures contracts suffered losses in the first half (8.88% and 12.73 %, respectively). One of the main reasons for this decline in the price of corn is the effect of climate change in the United States; and in the case of wheat, as a consequence of the Russia-Ukraine conflict.

Oil and copper price increased from January to June

With respect to oil, this main source of energy and key in the economies of Latin America, the benchmark WTI crude oil experienced an increase between January and June of 16 %, and it is expected that together with Brent crude oil, prices will average in the second half barrel of $80 and $84, respectively.

The last step in the commodities section is occupied by copper, with gains that represent an increase of 15.4 %. Credicorp Capital’s projections suggest that demand for this mineral, with China as the main market (50 % of world production), will double by 2035.

M.Pino

With information from BloombegLínea

(Main reference image source: Elle inlom in Unsplash)

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In a constant decline, the prices of the most prominent cereals continue their downward trend, experiencing significant weekly setbacks. Common wheat has registered a depreciation of 1.75 %, while barley is not far behind, with a decrease of 1.71 %. These decreases are attributed to the excess supply that prevails on the international scene.

Even despite worsening growing conditions in the United States for crops such as soybeans and corn, the values of the main grains continue to decline. According to sources from the Spanish Grain and Oilseed Trade Association (Accoe), this negative trend persists.

Analysis of the latest Accoe report reveals that the barley price has settled at €233.74 per tonne, representing a weekly decline of 1.71 %. For its part, soft wheat has experienced a decline of 1.75 %, standing at 255.53 euros per ton.

Regarding other cereals, corn has had a price of 264.24 euros per ton, with a weekly reduction of 0.46 %. Malt barley, for its part, registered a fall of 0.62 %, reaching 265.67 euros per ton. Oats, with a decrease of 0.23 % in the week, have been quoted at 315.71 euros per ton.

However, in this bleak picture, a rebound in the value of durum wheat stands out, which has experienced an increase of 1.38 % in just seven days, reaching a value of 390 euros per ton.

The numbers accumulated since the beginning of the year do not offer an encouraging picture. Soft wheat has suffered a price decrease of 23.60 %, while corn has fallen by 17.54 %. For its part, barley has registered a decrease of 26.48 %, durum wheat has suffered a reduction of 14.60%, malted barley has fallen by 19.09 % and oats has experienced a decline of 5, 76 %.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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Celso Fantinel, president of the Confederation of Associations of Agricultural Producers of Venezuela (Fedeagro), warned that vegetable production could be in danger and go through a negative period as a result of the heavy rains that are being recorded throughout the national territory.

According to Fantinel, the transfer of cargo vehicles to the producing towns has been hampered by the torrential downpours that have caused the collapse of the roads.

“We are in a negative phase for vegetables, where much less is produced due to diseases and excessive rains.”

The representative of the business organization stressed that the rains are very useful in the production of other items such as corn, rice, sugar cane, and coffee, which are items that require abundant water for their development.

The shortage of diesel is another of the critical points in the entire process of planting, harvesting and transferring agricultural production throughout the national territory. From Fedeagro they warn that the fulfillment of the goals for this year is in danger.

M. Rodríguez

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Source: eluniversal.com

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