The president of Brazil’s largest soybean seed company, Odilio Balbinotti, will likely become Brazil’s new Agriculture Minister, according to a report from Dow Jones Newswires. Balbinotti owns Sementes Adriana, the largest individual seed company in Brazil and a licensed maker of Roundup Ready soybeans. Balbinotti also is a congressman from the Brazilian Democratic Movement (PMDB), representing the state of Parana, the top soy-producing state behind Mato Grosso. Sementes Adriana is based in Mato Grosso.

Soy farming has made Balbinotti a millionaire, according to the report. He owns one of the most modern private biotechnology labs in Latin America. He also owns about 25,000 hectares of farm land, well above what his counterparts in Parana own. However, Balbinotti is not without controversy – he is currently being investigated for falsifying documents and consumer fraud in Mato Grosso. He says the charges are unfounded.

“He’s someone who knows Brazil’s biggest farm business. He knows soy. He knows ranching. We have a lot of hope for this guy,” Antenor Nogueira, president of the National Agriculture Confederation told Dow Jones in the report.

If approved, he would be replacing Luis Guedes Pinto, the temporary Agriculture Minister. Pinto stepped in for Roberto Rodrigues in mid-2006.

India’s restrictions on imports of genetically modified soyoil will not be implemented until December 31, 2007 according to a statement from the federal government. The restrictions were due to be implemented on soyoil imports from April 1, 2007. This is the third deferment in the implementation of rules for genetically modified soyoil imports in less than a year.

Last year, India made it compulsory for all genetically modified imports to carry a “declaration” of their genetic status. Under the policy, any imported food or feed product that contains GM material will only be allowed in the country with the approval of the government’s Genetic Engineering Approval Committee. The edible oil industry has expressed concern that the new policy could delay soyoil imports, which are mostly made from GM soybeans.

Dow Jones Newswires reports that officials in Iowa are conducting additional tests on crop residue drawn from old-crop soybeans that were found to be harboring the state’s first-ever case of Asian soybean rust, fearing that the bin may still contain live spores capable of causing additional immediate infections.

“We certainly don’t think the spores would be viable...all that we know about biology of soybean rust is that it needs living green leaves to survive...but we’ve also learned not to believe anything with absolute certainty,” said Iowa State University Extension plant pathologist Greg Tylka, who also serves as spokesman for the Iowa Soybean Rust Team. Tylka said those tests should be complete by March 23.

The Bush administration’s farm bill proposal will aid in getting the stalled Doha round of world trade talks going, even before it passes, Agriculture Secretary Mike Johanns said last week. The administration hopes that Congress passes the farm bill –– which must be reauthorized this year –– by the time it takes its August recess. But the administration’s 65 proposals, which include a number of provisions that could make U.S. policies more acceptable to WTO members, could help get the talks moving, Johanns told editors and reporters at The Washington Times.

In provisions aimed in part at making U.S. programs more compatible with the WTO, USDA is proposing to convert a current program of payments to farmers that is based on prices into one based on farmers’ revenues, reduce the adjusted gross income limit for commodity subsidy payments from $2.5 million to $200,000 and revise marketing assistance loans for corn, wheat, cotton, rice, soybeans and other crops to reduce what some people say is the market-distorting effects of the current program.

The round of trade talks is facing a tight deadline because President Bush’s trade promotion authority, which allows him to submit trade deals to Congress for an up-or-down vote without amendment, is set to expire June 30. The administration says it needs the authority to be able to successfully complete the talks and reach bilateral trade deals. But extending the authority promises to be a major battle, with Democrats and labor unions against it and Republicans and major business and trade groups supporting it.

In related news, The Bureau of National Affairs reports that last week House Agriculture Committee Chairman Collin Peterson said it is unlikely that WTO members will be able to reach agreement on anything Congress could endorse. Peterson said he has not been briefed recently by the bush Administration on the status of the bilateral and other talks that have been taking place among key WTO members. “They’ve gone quiet on me,” Peterson said, referring to the Bush administration. Peterson believes that the problems that existed over agriculture a month ago continue to exist today. Otherwise, he said, “they would have called me.”

The soy complex was mostly lower on March 15 as funds reportedly sold another 2,000 contracts with the market lacking fresh supportive news. As has been the case for most of the week, losses in soybean futures were limited relative to those in corn due to growing concerns of a sharp decline in soybean plantings. With South American harvest progressing ahead of normal and reports of good yields, the market may continue to drift lower absent any new supportive features. However, some recovery may occur ahead of planting season in the Corn Belt to prevent a further loss in acreage to corn. May bean futures closed down $1.10 finishing at $275.76; July was $0.73 lower, closing at $281.73; and August lost $1.01 ending at $283.47. May meal was down $0.99 closing at $239.64; July was $1.21 lower, finishing at $245.26; and August decreased $0.88 to finish at $247.80. May oil closed $2.43 higher to finish at $673.73; July was up $2.43, closing at $684.75; and August gained $1.76, ending at $689.60.

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