Saudi Arabia Archives

NYMEX August 2023 West Texas Intermediate crude oil, with August 2023 Brent crude oil (black line). (Barchart)

Extent of Saudi oil production cut unclear

Reported tensions within OPEC limit price gains

By GFM Network News June 6, 2023

MarketsFarm — At the OPEC+ meeting Sunday in Vienna, Saudi Arabia announced it will cut its oil production by one million barrels per day (BPD) come July. And while that move was bullish for the markets, by how much remains to be seen, said Phil Flynn of the Price Futures Group in Chicago. “It’s probably […] Read more

File photo of an irrigated alfalfa stand in Saudi Arabia. (JohnnyGreig/E+/Getty Images)

Crops, Markets

Saudi Arabia highly dependent on grain imports

Alfalfa more profitable for domestic growers

By GFM Network News April 4, 2023

MarketsFarm — While Saudi Arabia is a giant among the oil-producing countries of the world, the desert kingdom does produce small amounts of grain. With a population that’s about one million less than Canada’s, Saudi Arabia is extremely dependent on importing its grain from overseas. The U.S. Department of Agriculture’s (USDA) attaché in Riyadh explained […] Read more

Grain storage at a Russian seaport. (Pridannikov/iStock/Getty Images)

Crops, Markets, Reuters, Spring Wheat, Winter Wheat

Tax, competition expected to prolong Russian wheat export season

Tax complicates forward sales for exporters

By GFM Network News August 23, 2021

Moscow | Reuters — Exports of Russian wheat will stretch well into the second half of the season as Moscow’s export tax and tough competition with Ukraine and Romania slow sales until the end of 2021, traders and analysts said. Russia, the world’s largest exporter of wheat, generally sells most of its crop during the […] Read more

Cereals, Crops, Markets, Reuters

Saudi Arabia completes first phase of flour mill privatization

By GFM Network News July 8, 2020

Dubai/London | Reuters — Saudi Arabia said on Wednesday it had completed the first batch of its flour milling sector privatization, according to a statement by the state grain buyer and privatization centre. The long-awaited flour mills sale was one of the first privatizations the kingdom planned as part of a wide-reaching overhaul of its […] Read more

Crops, Markets

USDA’s supply and demand report largely stands pat

By GFM Network News March 11, 2020

MarketsFarm — Any changes in the latest monthly supply and demand report from the U.S. Department of Agriculture (USDA) on Tuesday were few and far in between when it came to corn, wheat and soybeans; what the markets largely expected. However, there were some small revisions to the department’s global projections. That meant USDA’s March […] Read more

Crops, Machinery, Markets

Oil price war spells bad news for Canada, global market

By GFM Network News March 9, 2020

MarketsFarm — Benchmark crude oil prices plummeted 30 per cent on Monday, after a price war erupted between Saudi Arabia and Russia. While that will mean lower prices at the pumps for consumers, the price war will not bode well for the Canadian economy, according to a pair of industry experts. “We already had the […] Read more

Crops, Machinery, Markets

Canada’s fuel prices to rise after attack in Saudi Arabia

By GFM Network News September 16, 2019

MarketsFarm — Following an attack on two major oil facilities in Saudi Arabia, consumers can expect a small rise in fuel prices in the days to come. The attacks on Saturday hindered the production of about 5.7 million barrels of oil per day. On Monday morning, crude oil prices were up by about 10 per […] Read more

CBOT December 2019 corn with 20-, 50- and 100-day moving averages. (Barchart)

Crops, Markets, Reuters

U.S. grains: Soy, corn close higher

By GFM Network News August 8, 2019

Chicago | Reuters — U.S. soybean and corn futures settled up on Thursday, as traders squared their positions ahead of a U.S. government report next week expected to clarify how many acres were planted of the two crops. Dealers said a rebound in energy prices provided some support, although there remained ongoing concerns in the […] Read more

Barley south of Ethelton, Sask. on Aug. 3, 2017. (Dave Bedard photo)

Barley, Crops, Markets, Reuters

Barley ‘price war’ seen sparked by China, Saudi demand drop

By Reuters, GFM Network News February 14, 2019

Paris | Reuters — A drop in demand from China and Saudi Arabia sent barley prices tumbling in recent weeks, despite low global supply, and price pressure may continue if harvest prospects for next season remain good, analysts at Strategie Grains said. The barley market rallied earlier in the 2018-19 season with weather-hit crops in […] Read more

A diplomatic dispute between Canada and Saudi Arabia has halted wheat and barley shipments to the middle eastern country. Photo: Thinkstock

Cereals, Crops, Reuters

Saudi Arabian agency stops buying Canadian wheat, barley

By GFM Network News August 7, 2018

Hamburg | Reuters – Saudi Arabia’s main state wheat buying agency has told grains exporters it will no longer buy Canadian wheat and barley in its international tenders, European traders said on Tuesday, as a diplomatic dispute between the two countries escalates. Traders said they had received an official notice from the Saudi Grains Organization […] Read more

U.S. grains: Corn rebounds from contract lows on short covering, bargain buying

U.S. livestock: Cattle futures come down from highs

Entomologist tests trap crops and marigolds to repel flea beetles at an Ag in Motion

GFM Network News