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Yahoo
15-07-2025
- Business
- Yahoo
Sugar Prices Higher as USDA Curbs Specialty Sugar Imports
October NY world sugar #11 (SBV25) today is up +0.29 (+1.78%), and August London ICE white sugar #5 (SWQ25) is up +17.30 (+3.69%). Sugar prices are trading higher today. The USDA announced late Monday that the US will not import any specialty sugar beyond what is required by international trade laws, "in alignment with Secretary Rollins' Farmers First policies." Coffee Prices Surge on Dry Conditions in Brazil and Tariff Threats Coffee Prices Sharply Higher on Dry Weather in Brazil and Tariff Threats Grain Market Bears Seized the Moment Last Week. What That Means for Corn, Soybeans, and Wheat. Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. On the bearish side, Pakistan today revised its sugar tender (with bids due July 22) sharply lower to 50,000 MT from its previous indication of a 300,000 MT tender. Pakistan's cabinet on July 8 approved an increase in sugar imports to stop what it called artificially high domestic sugar prices. Expectations for a sugar surplus in 2025/26 are bearish for sugar prices. On June 30, commodities trader Czarnikow projected a 7.5 MMT global sugar surplus for the 2025/26 season, the largest surplus in 8 years. On May 22, the USDA, in its biannual report, projected that global 2025/26 sugar production would increase by +4.7% y/y to a record 189.318 million metric tons (MMT), with global sugar ending stocks at 41.188 MMT, up 7.5% y/y. The outlook for higher sugar production in India, the world's second-largest producer, is bearish for prices. On June 2, India's National Federation of Cooperative Sugar Factories projected that India's 2025/26 sugar production would climb +19% y/y to 35 MMT, citing larger planted cane acreage. The outlook for abundant rainfall in India could lead to a bumper sugar crop, which is bearish for prices. On April 15, India's Ministry of Earth Sciences projected an above-normal monsoon this year, with total rainfall forecast to be 105% of the long-term average. India's monsoon season runs from June through September. On Monday, the India Meteorological Department reported that rainfall in June was 9% above normal in India and has forecast above-normal rain for July. Signs of larger global sugar output are negative for prices. On May 22, the USDA's Foreign Agricultural Service (FAS) predicted that Brazil's 2025/26 sugar production would rise +2.3% y/y to a record 44.7 MMT. Also, India's 2025/26 sugar production is projected to rise +25% y/y to 35.3 MMT, citing favorable monsoon rains and increased sugar acreage. In addition, Thailand's 2025/26 sugar production is expected to climb +2% y/y to 10.3 MMT. In a bearish factor, the Indian government said on January 20 that it would allow its sugar mills to export 1 MMT of sugar this season, easing the restrictions placed on sugar exports in 2023. India has restricted sugar exports since October 2023 to maintain adequate domestic supplies. India allowed mills to export only 6.1 MMT of sugar during the 2022/23 season to September 30, after allowing exports of a record 11.1 MMT in the previous season. However, the ISMA projects that India's 2024/25 sugar production will fall by -17.5% y/y to a 5-year low of 26.2 MMT. Also, the ISMA reported last Monday that India's sugar production from Oct 1-May 15 was 25.74 MMT, down -17% from the same period last year. In addition, Indian Food Secretary Chopra said on May 1 that India's 2024/25 sugar exports may only total 800,000 MT, below earlier expectations of 1 MMT. The outlook for higher sugar production in Thailand is bearish for sugar prices. On May 2, Thailand's Office of the Cane and Sugar Board reported that Thailand's 2024/25 sugar production rose +14% y/y to 10.00 MMT. Thailand is the world's third-largest sugar producer and the second-largest exporter of sugar. Sugar prices have some support from reduced sugar production in Brazil. Unica reported today that the cumulative 2025/26 Brazil Center-South sugar output through June is down by -14.3% y/y to 12.249 MMT. Last month, Conab, Brazil's government crop forecasting agency, said 2024/25 Brazil sugar production fell by -3.4% y/y to 44.118 MMT, citing lower sugarcane yields due to drought and excessive heat. The International Sugar Organization (ISO) raised its 2024/25 global sugar deficit forecast to a 9-year high of -5.47 MMT on May 15, up from a February forecast of -4.88 MMT. This indicates a tightening market following the 2023/24 global sugar surplus of 1.31 MMT. ISO also cut its 2024/25 global sugar production forecast to 174.8 MMT from a February forecast of 175.5 MMT. The USDA, in its bi-annual report released May 22, projected that global 2025/26 sugar production would climb +4.7% y/y to a record 189.318 MMT and that global 2025/26 human sugar consumption would increase +1.4% y/y to a record 177.921 MMT. The USDA also forecasted that 2025/26 global sugar ending stocks would climb +7.5% y/y to 41.188 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Politics
- Yahoo
Why these Utah legislators traveled to Washington to address key Western issues
Utah House Speaker Mike Schultz and House Majority Assistant Whip Casey Snider were among a contingent of Utah lawmakers who were in Washington, D.C., Wednesday to discuss important issues to the state and elsewhere in the West. 'It was amazing,' Schultz, R-Hooper, said in an interview Thursday, emphasizing how impressed he was with the responsiveness of Trump officials the delegation met. On the same day, Agriculture Secretary Brooke Rollins hosted an inaugural Farmers First roundtable at the U.S. Department of Agriculture. Rollins hosted Nebraska Gov. Jim Pillen, the board of directors for the National Association of State Departments of Agriculture, and over 20 farmers and ranchers from 11 states who run smaller-scale, independent, family-owned operations. These operations, Rollins said, are at the heart of American agriculture and their success is critical for the economic viability of the industry. Both Schultz and Snider, R-Paradise, are steeped in farming, but they also met with the U.S. Environmental Protection Agency and the U.S. Forest Service and other top ranking officials. Following several natural disasters that deeply impacted farms and ranches across the country, Rollins announced plans to expedite $21 billion in disaster assistance. Farmers receiving livestock relief for drought and wildfire can expect to receive payments as soon as the end of this month. Schultz said Rollins gets it: There must be some way to salvage small- and mid-sized farming operations in the United States. Snider added the meeting convened included some East Coast farming operations, but was of particular note to smaller farming interests in Utah and elsewhere in the West. 'I think it is pretty humbling,' he said. 'That level of deference. ... And just the fact that a Cabinet member would spend two hours to talk about this issue when everything else is going on is, just — I'm just incredibly grateful for that opportunity". Rollins, in a release, said while the agency aims to move all payments out to struggling farmers expeditiously and to cut timelines where possible, some payments will take more time. 'At USDA, we understand there are many challenges to starting a new farm and maintaining a small family farm. While there are many programs to assist our farmers, we feel strongly that it takes government entities, nonprofits, and the private sector working together to improve the viability, prosperity, and longevity of small family farms,' she noted. 'I have had the honor of visiting many farms and speak with families over the last several months and have heard firsthand that farmers are struggling. We are working every day to improve the farm economy,' Rollins said. Schultz said a main topic of conversation centered on how to build up a cadre of processing centers that support U.S. farmers and ranchers. Farmers in Utah and elsewhere are struggling with the lack of ability to process U.S. production of food and fiber. Years ago, a processing plant for lamb shut down in adjacent Colorado. That set producers in Utah in a quandary, only to be accentuated by the effects of COVID-19. Local food supplies were a huge concern, but farmers and ranchers had no way to get it to market. As the supply chain dried up for high-end meat due to the shuttering of cruise lines and expensive sit-down restaurants — and processing plants shut down due to the risk of spreading coronavirus — cattle, lambs and other animals sat idle on ranches and in feedlots. 'In Utah we have small family farms for the most part,' Schultz said. 'She understands and realizes that this consolidation we have happening in our farm industry is not good for America.' The Utah lawmakers heard from EPA Administrator Lee Zeldin and from the U.S. Forest Service on issues related to air quality regulations and shared stewardships agreements when it comes to Forest Service land management. Utah was among the first to ink a deal that solidified collaboration with the federal agency and land managers in Utah to better manage forests which are getting increasingly dry in the West, particularly. Both Schultz and Snider said they believe Utah has caught the attention of Cabinet members of the Trump administration due to a number of factors, the state's leadership and its continuing role as the best managed state in the nation. 'In so many ways, we are leading out on some of these issues, as no one else in the nation,' Schultz said. 'They want to figure out what Utah is doing and how we can help other states do it.'
Yahoo
28-04-2025
- Business
- Yahoo
Federal agriculture grant loss is a major blow to Idaho's farmers
A pivoting irrigation system waters a crop of barley on a farm located near Arco, Idaho, during a late summer day. Idaho is a top barley-producing state, growing both malting and feed varieties. () It was a stunning loss for Idaho's agricultural community: On April 16 the U.S. Department of Agriculture withdrew a $59 million grant from the University of Idaho's College of Agriculture and Life Sciences. The Partnerships for Climate-Smart Communities grant was designed to help state agriculture producers develop more sustainable business practices as part of the Farmers First initiative. Before the termination, 201 Idaho producers representing 34 counties had already signed up for the program. Federal government terminates University of Idaho climate grant for farmers A University of Idaho press release said many of the producers had completed all the paperwork and were enrolled, others were in the final stages of enrollment. In Idaho, agribusiness is 20 percent of the state's industrial backbone. Agribusiness includes crops, seed, dairy, livestock, wine and beer cultivation and sales. This makes agriculture the state's number one industry, followed by lumber, chemicals and paper, mining and tourism. Overall, Idaho is the seventh largest agribusiness state in the country, led by livestock and dairy sales at more than 50 percent of all agribusiness sales. Any assistance to this large industry can only help the state grow. Historically, this was the largest grant to UI in school history. When the new administration drew up new guidelines, the USDA withdrew the grant because Idaho's plan fell short of the requirements. How short? The new guidelines would require the program, titled the UI Innovative Agriculture and Marketing Program, to allocate at least 65 percent of the money to go to producers. Under the withdrawn grant, UI allocated more than 50 percent of the funds to go directly to state producers. The remaining nearly 50 percent was allocated for grant management and providing technical and marketing services to the enrolled producers. UI can reapply, but there is no guarantee one will be awarded or that the school will receive same amount of money as the original grant. The deadline for the new Advanced Markets for Producers initiative is June 20. Innovative Agriculture and Marketing Program co-director Sanford Eigenbrode said while disappointed, the UI is in a good position to re-apply for the grant by reconfiguring the numbers to meet the new guidelines. Why was the Partnerships for Climate-Smart Communities grant eliminated? According to the federal government, it was because it was a Biden-era program. Under the current administration, just about anything that came from the previous administration is being labeled 'bad' and being removed. The grants were designed to help any state's agribusinesses better compete in the world marketplace. Under the Innovative Agriculture and Marketing Program, information gathered by UI faculty, staff and students provided technical support and guidance to Idaho producers, helping them make better informed decisions about their financial bottom line. Overall, the program was designed to help reduce risks to agribusinesses and help them engage in new practices. Granted, many people say the administrative costs of such programs can be high when run through a university. Often, depending on the university and the grant, administrative costs can run as high as 50 percent or more. To better help Idaho's agribusiness community, UI and other state universities need to adjust their administrative costs so more money can flow to the intended targets, in this case, the farmers and ranchers. But even more needs to be done. As indicated, there is no guarantee that the grant will be re-issued to Idaho. This should now be priority work for the state's congressional delegation. In Washington, D.C., Idaho's U.S. senators and House members need to engage with their staff members and the USDA to regain at least part of, if not all, the grant money. Failing to do so would mean the congressional delegation will be unsuccessfully representing their primary constituents: Idaho's very large rural and agribusiness communities. Anyone who has lived here knows Idaho is much more than potatoes. The state's agribusinesses are vital to the state's economic well-being. To help improve especially small agribusinesses, it is time for schools to adjust their overhead expenses and for those elected officials to truly help their constituents by fighting for a reinstatement of the Farmers First philosophy grant. SUPPORT: YOU MAKE OUR WORK POSSIBLE
