Soybeans, corn and cotton are the main GM crops in Brazil, a country that accepts and promotes genetically modified foods.
In Brazil the number of hectares planted with genetically modified soybeans, corn and cotton amounts to 36.6 million, varieties of crops which according to producers reduce costs, increase production and generate higher profits.
Oil in containers measuring from 1.7 to 2 liters can enter Panama duty-free for a year.
Through a Cabinet Decree, the Panamanian government has removed the tariff, for one year, on imports of soybean oil in bottles of 1.7 liters and 2 liters. It is established that other refined oils will incur a 10% tariff.
Brazilian investors estimate that a minimum of 50,000 hectares are needed to develop soybean production for the domestic market and export.
This was confirmed by the Deputy Minister of the Ministry of Agriculture and Livestock (SAG), Ramon Escobar, during a meeting between investors and members of the SAG. The mission is composed of representatives of sectors including energy, infrastructure, tourism and agribusiness. "The idea is to plant the legume exploiting the potential of the country."
The key to the global soybean market is China, which consumes 60% of world exports, and it is very likely to continue growing.
An article by Bloomberg News reports that "soybean purchases by China, which buys more than 60% of global exports, are heading towards depleting North American reserves and reducing the amount available to importers in Southeast Asia, said the American Soybean Association, ASA"
The rising price of its main raw material has decreased profit margins of companies in the food industry, who are looking for alternative suppliers and using future hedge purchases.
Representatives of several companies in the food industry in Costa Rica noted that the escalating prices of wheat, corn and soybeans, the main raw material, are added to the U.S., the largest supplier of grains in the country, facing its worst drought,.
Producers are pushing a project to plant 20,000 acres of soybeans, primarily for local consumption but with a focus on long-term exports.
The ambitious plans to promote the cultivation of soybeans in Guatemala are being pushed by the Association of Soybean Producers (Agresoya), an initiative aimed at small farmers with credit support from Rural Development Bank (Banrural).
The country could significantly increase production and start exporting within two years.
The signing of a cooperation agreement between the Export and Investment Center (CEI), the Research Institute of Organic Agriculture (FiBL) and the Dutch network Solidarity will increase the cultivation of conventional and organic soy, and then export the grain to international markets.
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