World Agrinews

India may import a total of two million metric tons of rice over the next 12 months in phases to meet a possible shortfall after a drought. The imports will start only if a senior group of ministers approves the proposal, put forth by the food ministry, at a meeting scheduled Nov. 12, according to a food ministry document seen by Dow Jones Newswires Tuesday.

According to the world experts, the volumes of the world trading with grains on the world market will possibly lower by 11% due to the essential surplus of supply over demand. High harvest of grains in the countries of the North Africa and the Middle East also assisted to the development of the situation. However, the world market still expects for the results of wheat harvests in the countries of the Southern Hemisphere, including grain quality in Australia, reduction of grain production volumes in Argentina, due to the decrease of sowing areas and yield indices. And what will Kazakhstan initiate in order to promote own grains on the world market?

European competition watchdogs Wednesday gave French President Nicolas Sarkozy a ticking-off for announcing a flood of money for its farmers without first informing Brussels.

“The real negative point of this is that nearly all corn sold was to fill out soymeal cargos,” said MaxYield commodity trade adviser Karl Setzer. “Nobody really wanted our corn, but took it anyway.”

Traders and analysts differ on the significance of the weak sales, whether they have been caused by higher prices and to what extent the poor sales would weigh on the market.