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Lack of snow reduces Mississippi flood risk: NWS
Lack of snow reduces Mississippi flood risk: NWS
Houston, 15 March (Argus) — The Mississippi River faces below normal flood risk this spring because of historically low snowpack, meaning barges carrying fertilizer and other commodities may experience fewer delays from high water. The lack of snowpack in the Mississippi River basin resulted from persistent drought since last September and unseasonably warm temperatures across the Northern Plains, which prevented a base layer of heavy snow from forming, the National Weather Service (NWS) said in its final spring flood outlook on 14 March. Meteorologist Brennan Dettmann told Argus there is no snowpack in Minnesota, with only a light covering along the northern border, making for one of five driest years since the NWS began recording snowpack in 1872. There is no snow at the Minneapolis-St Paul International Airport this week compared to 10 inches of snow on the ground a year ago. This year, the most amount of snow on the ground at the airport was 7 inches on 14 February, according to NWS. Risk of flooding for the upper Mississippi River and tributaries will be entirely dependent on rainfall, with much of the basin already in a precipitation deficit because of the drought. Barges have been navigating through the upper Mississippi and will soon reach the Twin Cities after locks open tonight at midnight . This time last year, tows were just breaking the ice on Lake Pepin , signaling safe passage to begin through the upper Mississippi River. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Australia cattle prices to fall further: Rural Bank
Australia cattle prices to fall further: Rural Bank
Dalby, 14 March (Argus) — Australian cattle prices are expected to continue softening for the rest of March, with beef exports forecast to remain high as the US rebuilds its herd this is limiting global supplies, according to Australia's Rural Bank. Australian cattle prices recorded a marginal fall during February and sharp drops at the start of March. Meat and Livestock Australia's (MLA) Eastern Young Cattle Indicator started February at 667A¢/kg and finished the month at 629A¢/kg, dropping further to 576A¢/kg on 14 March. The Argus northern feeder steer index began February at 379A¢/kg and ended the month at 357A¢/kg. Prices are expected to continue to soften on the back of forecast dry weather in key producing regions and firm domestic supplies, according to Rural Bank. Beef exports continued to climb during February because of rising demand from key markets such as Japan and the US, with elevated domestic slaughter numbers and beef production creating ample supplies from Australia. Rural Bank expects that exports will continue to lift with the US' herd rebuild limiting global supplies. Australian slaughter numbers during February hit a high of 128,347 head for the week ending 23 February, a rise from 106,958 for the same month in 2023, according to MLA data. Australia's February beef exports recorded the highest level for the same month since 2019. The 93,834t of exports was 33.3pc higher than a year earlier, with shipments to the US recording growth of 5.1pc from the previous month, according to Australia's Department of Agriculture Fisheries and Forestry. Australia's Bureau of Meteorology is forecasting lower than average rainfall for March-May. This will support increased cattle numbers, as producers look to maintain herd numbers and not overstock to prepare for a potential dry winter. By Jessica Clarke Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Final locks to open on upper Mississippi River
Final locks to open on upper Mississippi River
Houston, 13 March (Argus) — Locks 3 and 7 on the upper Mississippi River will open at midnight on 15 March after being closed for repairs, allowing access to St Paul, Minnesota, for barge carriers, according to the US Army Corps of Engineers. Barges are already heading toward the locks carrying plenty of commodities, to the northern Plains for distribution. Locks 7 and 3 are located at miles 703 and 796 of the upper Mississippi River, respectively. The Corps anticipates barges passing through the locks starting over the weekend. Navigation repairs for the locks have been finished as well, the Corps said. Maintenance for the locks determined the opening date this year, as the Lake Pepin ice measurements that typically establish the date were cancelled due to unseasonably warm weather. A barge carrier mentioned some of their barges may arrive in time to cross at midnight. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Malaysia's February palm oil exports, stocks hit lows
Malaysia's February palm oil exports, stocks hit lows
Singapore, 11 March (Argus) — Malaysian palm oil exports fell to a three-year low in February, along with lower production and a drop in stocks to a seven-month low. Palm oil exports fell by 25pc on the month to 1.02mn t in February, the lowest level since February 2021, according to the Malaysian Palm Oil Board (MPOB). Purchases from price-sensitive countries have fallen as the price discount for palm oil has narrowed compared with rival soft vegetable oils. Average crude palm oil prices delivered to Indian ports rose to $911/t cif in January from $883/t cif in December 2023, while crude soybean oil prices fell to $939/t cif from $976/t cif over the same period, according to the Solvent Extractors' Association of India. Malaysian palm oil inventories also dropped by 5pc on the month to a seven-month low of 1.92mn t in February, falling below the 2mn t threshold for the first time since July 2023, MPOB data show. Market participants look to Malaysia's monthly palm oil stock levels as a gauge for price direction. Malaysia is the world's second-biggest palm oil producer. A drop in production contributed to the export and stock declines. Crude palm oil (CPO) production fell by 10pc on the month to 1.26mn t in February, although output was stable from a year earlier. The month-on-month decline was mainly driven by lower production in the east Malaysian states of Sabah and Sarawak, which are the country's largest palm oil producers. Output fell by nearly 15pc each in Sabah and Sarawak from January to 291,000t and 276,000t respectively. Palm kernel production fell by 12pc on the month to 302,000t in February, while output of crude palm kernel oil fell by 14pc to 139,000t, the MPOB said. Tight palm oil supplies will likely support palm oil prices at relatively high levels over the next three months, analysts forecast last week. Malaysian exports of biodiesel also fell by 28pc on the month to 29,400t in February. Outbound trade of oleochemicals rose to 255,000t, 1pc higher from January, but palm kernel oil exports fell by 19pc on the month to 55,600t in February. By Lauren Moffitt Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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