Argentina - Return to export market boosts Cargill performance

The return of Argentina to the agricultural commodity export market, after the government relaxed tariffs on grain shipments in November, helped improve the third-quarter performance of US grain trading giant Cargill. The group said it significantly upped shipments of corn from Argentina in recent months.

Australia - Increased chance of La Nina weather event

Grain markets received a slight lift this week after the Australian Board of Meteorology raised the chances of a La Nina weather phenomenon occurring this year to 50:50. Were such an event to occur, it could lead to droughts in North America and heavy wet weather patterns in Asia and Australia.

Egypt - Government imposes ban on imported wheat trading

The Egyptian government has banned the trading of imported wheat in the domestic market during its wheat harvest season in a bid to stamp out fraud. Egypt pays a fixed price for wheat that is higher than global prices to encourage greater local wheat production. However, smugglers have been importing cheaper grain and selling it as domestic wheat for a premium.

Canada - State pension fund investing in agriculture

The Canadian state pension fund has moved into the agriculture sector after it paid $2.5bn (€2.2bn) for a 40% stake in Viterra, a subsidiary of the agriculture division of struggling commodities giant Glencore. The deal brings Viterra, Canada’s largest grain handler, back into Canadian hands three years after it was originally sold to Glencore.