Scotland To Ban Genetically Modified Crops: Reports re-circulating form several sources that the Scottish government is going to ban genetically modified crops. From what I understand the ban will have essentially no impact nearby because the only genetically modified type crop approved for commercial sale in Europe is insect-resistant corn, which is not suited to Scottish conditions. Keep in mind earlier this year Scotland announced a moratorium on fracking. This just points out how things can change without scientific evidence. (Source: Financial Times, Clive Cookson)
Romania’s Crops Drastically Smaller Than Last Year: According to the head of Romanian farmers organization LAPAR, the country’s wheat crop will be roughly half what it was last year while rapeseed output will be 20%-25% lower. LAPAR says the crops have been severely damaged by lack of rain. Romania’s Ag ministry has not yet weighed in on the situation. Wheat production last year totaled 7.5 million metric tons.
Ukraine Corn Crop In Trouble?: There’s more talk that the corn crop in Ukraine is coming under stress with the country forecast to experience temps of 95 degrees plus over the next 7-10 days. Not only will it be hot, but there is little rain in the forecast, on top of some widespread dry conditions already. The crop is currently in the grain filling stage, so this isn’t exactly the best forecast their yield potentials could get.
French Corn Crop Deteriorates Further: Several different sources have been talking about the sad state of France’s corn crop, which is expected to put a big dent in overall EU production. The median estimate from analysts and traders that Bloomberg surveyed pegs this year’s total EU crop at 62.8 million metric tons, compared to last year’s record 75 million. They noted that France had its 3rd hottest July since 1900, with rainfall more than 40% below normal. FranceAgriMer rates the French crop as just 58% “Good-to-Very Good”, compared to 85% back in June.
Indian Wheat Import Duty Is Finally Official: India will impose an import duty of 10% on wheat until March 31 next year, according to the finance minister. This marks the reinstatement of tariffs after a gap of eight years and follows big overseas purchases in recent months, primarily from Australia. In June, deals struck down under totaled 500,000 metric tons, the biggest purchases in over a decade, as millers were worried about a lack of quality in domestic supplies. Another 500,000 of contracted Australian wheat is now in question as it could now be subject to the duty. There is talk that French wheat bound for Bangladesh, rejected on quality issues, might have been re-directed toward India, prompting the Indian government to finally make the much rumored tariff official.
This article is only an excerpt of the 8/10/15 Van Trump Report. Sign up for a free trial by clicking here.