{"id":1643,"date":"2019-08-15T13:00:05","date_gmt":"2019-08-15T13:00:05","guid":{"rendered":"http:\/\/commodityconversations.com\/wordpress2\/?p=1643"},"modified":"2019-08-15T08:03:36","modified_gmt":"2019-08-15T08:03:36","slug":"commodity-conversations-weekly-press-summary-83","status":"publish","type":"post","link":"https:\/\/commodityconversations.com\/wordpress2\/2019\/08\/15\/commodity-conversations-weekly-press-summary-83\/","title":{"rendered":"Commodity Conversations Weekly Press Summary"},"content":{"rendered":"

In the UK, around 17% of the population has been <\/span>stockpiling food and medicine<\/span><\/a> to prepare for an eventual no-deal Brexit in October, according to a survey by Premium Credit. The total cost of the stockpile is estimated at GBP 4 billion, which has affected the cash flow of both businesses and individuals. Nestle warned that a no-deal departure would lead to \u201c<\/span>major challenges<\/span><\/a>\u201d for the food industry. Back in 2018, the group already said it had increased stocks to prepare for the March 29 deadline.\u00a0<\/span><\/p>\n

In contrast, the National Farmers Union welcomed comments by the new Prime Minister who mentioned <\/span>allowing the production of Genetically Modified Organisms<\/span><\/a> (GMO) in the UK. Researchers in <\/span>aquaculture biotechnology<\/span><\/a> also welcomed the move and mentioned that GMOs could help address some of the most pressing issues facing our food supply. Nonetheless, experts warned that seeds would have to be developed specifically for the UK, which would take time, while GMO exports to the EU would have to go through a lengthy approval process.\u00a0<\/span><\/p>\n

The White House <\/span>weakened the Endangered Species Act (ESA)<\/span><\/a> this week in order to minimise its economic consequence and improve efficiency. Farmers will most likely be able to use more pesticides in at-risks habitats, which could be bad news for the bumblebee, a recent addition to the endangered list. A new <\/span>study<\/span><\/a> suggested that the growing use of neonicotinoids pesticides has increased the toxicity level of agricultural land 48-fold in the last 20 years, which threatens the wild bumblebee. Farmers have increasingly been using neonicotinoids instead of organophosphates as they are cheaper and safer for humans. <\/span>In response to the study<\/span><\/a>, Bayer and Syngenta, the makers of the top three neonicotinoid products, said the toxicity loading method used by the researchers oversimplified exposure levels.\u00a0<\/span><\/p>\n

The US Environmental Protection Agency (EPA) said labels warning that glyphosate can cause cancer will <\/span>no longer be approved<\/span><\/a>. The head of the agency argued they were confident the product was not carcinogenic. California had looked into imposing warning labels on the herbicide but the proposal was blocked by a preliminary injunction.\u00a0<\/span><\/p>\n

Cargill announced that it will no longer accept <\/span>Canadian lentils that have been treated<\/span><\/a> with glufosinate ammonium, distributed by BASF in its Liberty herbicide. Canadian growers were warned that the EU and Japan allowed the herbicide but under a very low maximum residue limit (MRL), while the US has not yet set an MRL. On the other hand, Cargill said it will start accepting soybean treated with fluoxastrobin fungicide after conducting a comprehensive scientific review.\u00a0<\/span><\/p>\n

Singapore-based <\/span>Olam<\/span><\/a> saw profits in the first half of 2019 drop by 8.5% on year to USD 230 million, in part due to lower coffee prices. The CEO pointed out, however, that this was satisfactory given the current market conditions, adding that the group\u2019s diversified portfolio was helping it cope well in the current scenario. Olam will continue on its path to diversify away from non-core businesses to be able to invest in areas of growth, such as its <\/span>bid<\/span><\/a> earlier this year to buy out Nigeria\u2019s Dangote Flour Mills.\u00a0<\/span><\/p>\n

Wilmar, on the other hand, reported a <\/span>52% drop in net profit<\/span><\/a> to USD 151 million during the second quarter of the year as the impact of the African Swine Fever on soybean crush margins was bigger than expected. In contrast, the group\u2019s sugar operations in Australia and Indonesia improved, along with the consumer products and oleochemicals sectors.<\/span><\/p>\n

A <\/span>Feed4Thought survey<\/span><\/a> conducted by Cargill revealed that 55% of respondents thought the first priority of a farmer was to provide \u201csafe, healthy, abundant and affordable food\u201d, while 28% said the priority should be sustainability. A Cargill spokesperson noted that the two demands were not necessarily exclusive. The survey also found that most people viewed farmers in a positive light. In contrast, another study <\/span>analysing social media conversations<\/span><\/a> found that people were increasingly talking about sugar, albeit in a negative light. The study found that monk fruit and coconut sugar were among the most mentioned alternatives.\u00a0<\/span><\/p>\n

The rising popularity of imposing a tax on sugar-sweetened drinks could lead the way to similar <\/span>sin taxes being imposed on red meat<\/span><\/a>, according to Fitch Solutions. Meat is increasingly being targeted for its impact on the climate, animal welfare and health. The idea has already been discussed in Denmark and Sweden, while a poll in Germany showed that a majority of respondents were in favour of imposing a tax on meat to promote better living conditions for animals.\u00a0<\/span><\/p>\n

Subway announced that it will sell Beyond Meat\u2019s plant-based meatballs in <\/span>685 restaurants across the United States and Canada<\/span><\/a>. The news pushed up the share price of Beyond Meat, which has gained 545% since the IPO in May. While some are jumping on the plant-based meat bandwagon, <\/span>this Australian chef<\/span><\/a> is taking another direction by encouraging people to treat fish like meat. In his new cookbook, he introduces the Hot Smoked Fish Turducken: yellowfin tuna loin, wrapped in a cod fillet, wrapped again in a tail-on ocean trout fillet, and smoked for a few hours.\u00a0<\/span><\/p>\n

This summary was produced by<\/span> ECRUU<\/span><\/a><\/p>\n

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