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Australia's climate-related financial disclosure regime mandates larger companies to report climate impacts across their value chains, aiming to enhance transparency and risk management. In agriculture, only very large operations face direct reporting, but indirect effects are significant since farm activities are a major source of climate impact in food value chains. Food and agriculture companies will likely scrutinize farm-level emissions, though the absence of standardized local GHG estimation for Australian agriculture complicates consistent reporting. Initially, companies may rely on secondary data, minimizing immediate impacts on farmers. Over time, increased engagement from commodity buyers will push farmers toward measuring and reporting emissions.
Special - A first look at tariffs: US President Donald Trump revealed the reciprocal import tariffs that the US will now levy on trade partners worldwide. For Brazilian goods, the tariff was set at a baseline of 10%, while significantly higher tariffs apply to other trading partners.FX: We project the exchange rate at BRL 6.09/USD by the end of 2025. The appreciation of the Brazilian real against the US dollar is driven by the cooling of the US economy, increases in interest rate differentials, and strong trade and investment flows, while its depreciation is influenced by anaemic global growth and domestic fiscal uncertainty.Weather: After a rainy January, February and the first half of March were drier than normal. While this has benefited the harvest and planting of grains, it has raised concerns for sugarcane, orange, and coffee crops.Fertilizers: The depreciation of the exchange rate during the last quarter of 2024 contributed to improved soybean margins in the current season. However, this improvement does not fully resolve the issue of tight margins.Cane, sugar, and ethanol: Below-average rains in February and the first half of March have tempered some of the earlier optimism regarding the size of the 2025/26 crop. However, the weather in early Q2 2025 can still influence crop prospects and market sentiment.Coffee: Geopolitical tensions, adverse weather conditions, and supply uncertainties are causing volatility in the coffee market.Soybeans: RaboResearch estimates record soybean production of 170m metric tons for the 2024/25 season, marking an increase of 15m metric tons compared to the previous year.Corn: Over the past 12 months, corn prices in Brazil have experienced a significant increase, rising by approximately 42%. This substantial growth reflects the dynamic changes in the market and the various factors influencing supply and demand.Cotton: Prices in the Brazilian market fell by 2% compared to twelve months ago. However, on the ICE, the fiber showed a 31% drop for the same period.Beef: Exports remain strong while supply is slowing down, and calf prices are experiencing a significant appreciation.Orange juice: Prices moved sharply lower in Q1 2025 due to expectations of a rebound in the Brazilian orange harvest in 2025/26 and weaker global demand. Fundecitrus is set to issue its first 2025/26 crop estimate in May, likely confirming a larger crop ahead.Dairy: Firm supply growth from high farmer margins and less robust demand is expected to cause farmgate prices to start declining later in Q2 2025.Pulp: While global prices rebounded in Q1 2025 due to early buying from importers, a more consistent price recovery is not expected before late 2025 as supply continues to increase.
Celebrating 50 years in any event – combines or otherwise – is an achievement worthy or recognition, and this is the case as New Holland celebrates the golden anniversary of its twin rotor design this year.
New Holland’s twin rotor design hit the machinery market in 1975 with its TR70 combine. A lot of change occurs over a period of five decades, and gauging by its exterior the TR70 was a rudimentary machine by modern standards. The combine’s twin rotor design was the first of its kind on the commercial market, allowing farmers to harvest quicker and handle grains more gently than conventional threshing cylinders in use before that time. The TR70 was in production up until 1978.
We spoke with J Cole Sanford, cash crop specialist with New Holland, at the National Farm Machinery Show in Louisville, Kentucky in February. Sanford was yet to be born when the TR70 arrived on the scene, but he has memories of the model in later years.
U.S. consumer sentiment plummeted in April to its lowest level since June 2022, with the University of Michigan's Consumer Sentiment Index dropping to 50.8 from 57.0 in March, driven by heightened fears of inflation and recession risks amid escalating trade tensions. Consumers’ 12-month inflation expectations surged to 6.7%, the highest since 1981, up from 5.0%, with five-year expectations rising to 4.4%, the highest since 1991. The sentiment decline was widespread across all demographics and political affiliations, worsened by trade disputes, including a U.S. tariff hike on Chinese goods to 125% and retaliatory tariffs from Beijing. Financial markets faced volatility, with stocks fluctuating, the dollar weakening, and Treasury yields rising. The Labor Department reported a 0.4% drop in the producer price index (PPI) for March, led by a 0.9% decline in goods prices, particularly gasoline, though steel prices rose 7.1% due to tariffs. Economists warn that persistent high inflation expectations could delay Federal Reserve rate cuts, with markets now anticipating a cut in December rather than June. Concerns about unemployment also grew, with expectations of rising joblessness hitting a peak not seen since 2009.
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