Bloomberg writers Aine Quinn, Megan Durisin and Agnieszka de Sousa reported today that, “In the span of just two days, the future of Western grain traders in Russia has been quickly rewritten.”
Keith Good
Keith Good is the Farm Policy News editor for the farmdoc project. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily FarmPolicy.com News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.
FAPRI Baseline Update- Corn, Soybean Variables in Focus
The Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri released its latest baseline update for U.S. agricultural markets yesterday.
Russia: Cargill Will Stop Exporting Its Grain, While Biden Aide Has Call With China’s Top Diplomat
Bloomberg writers Aine Quinn and Anuradha Raghu reported today that, “Russia said top agricultural commodities trader Cargill Inc. will stop exporting its grain, the strongest move yet by a major Western crop merchant to pull back from the country.”
“Weaker” Economic Rebound in China, as Brazil Looks to China for Farm Infrastructure Investment, U.S. Winter Wheat Conditions Updated
Financial Times writer Joe Leahy reported earlier this week that, “China’s economic rebound is weaker than expected as consumers emerge ‘stunned’ from pandemic-led disruptions and a real estate meltdown last year, according to the head of AP Møller-Maersk.”
December Corn and November Soybean Futures Ratio Favoring Corn Plantings
Bloomberg writer Sophie Caronello reported yesterday that, “Traders have been betting on corn ahead of the US Department of Agriculture’s prospective plantings report due on Friday.”
Tariff Reducing Negotiations Absent, Biden Administration Looks at Supply Chain Initiatives Instead of Free-Trade Talks
Late last week, DTN Ag Policy Editor Chris Clayton reported that, “More than two years into the Biden administration, the country’s top trade negotiators have no negotiations going on with any country to reduce tariffs for U.S. products.”
“A Flurry of Chinese Purchases of U.S. Corn,” as Brazil Seeks Further Ag Trade Opening with China
Reuters writer Mark Weinraub reported on Friday that, “Falling prices have sparked a flurry of Chinese purchases of U.S. corn, as the world’s top buyer of the grain scrambles to make up for a slow start to its import program, traders and analysts said.”
Lower Fertilizer Prices Persist
DTN writer Russ Quinn reported last week that, “Retail fertilizer prices tracked by DTN for the second full week of March 2023 continue to show lower levels. This trend has been in place for two and a half months.”
Spring Planting Underway in Ukraine, as Soybean Prices Lower (Again)
Reuters writer Pavel Polityuk reported today that, “Most Ukrainian regions have started 2023 spring sowing, seeding a total of 293,000 hectares of various crops, the agriculture ministry said on Friday.”
Ukraine Grain Output Could Fall by a Fifth Compared to Last Year
Bloomberg writers Megan Durisin, Kateryna Choursina and Aine Quinn reported yesterday that, “Oleksandr Klepach’s fields in southern Ukraine would normally be teeming with shoots of wheat and rapeseed in spring. This March, they’re infested with weeds instead.”
ERS: “U.S. Export Competitiveness in Select Crop Markets,” Focus on Corn, Soybeans and Wheat
In a report yesterday from the USDA’s Economic Research Service (ERS), “U.S. Export Competitiveness in Select Crop Markets,” Samantha Padilla, Danielle J. Ufer, Stephen Morgan, and Noah Link stated that, “Export shares and exports-to-production ratios indicate the United States continues to be the top exporter of corn, tree nuts, and cotton, while other competitors have penetrated the global wheat and soybean markets.”
Ukraine Anticipates Lower 2023 Grain Harvest, Kansas Wheat Conditions Improve
Reuters writer Pavel Polityuk reported yesterday that, “Ukraine’s 2023 grain harvest is likely to fall to 44.3 million tonnes from 53.1 million in 2022 as less acreage is sown due to the Russian invasion, a forecast by the Ukrainian agriculture ministry showed on Monday.”
Following Black Sea Grain Deal Extension, Wheat Falls, as WSJ Highlights Soybean Oil Variables
Bloomberg writer Keira Wright reported today that, “Wheat dropped following the renewal of an agreement that allows Ukraine to safely export grains out of key Black Sea ports, although the duration of the latest extension was disputed.”
Black Sea Grain Initiative Extended- “Uncertainty Surrounds The Duration”
Financial Times writer Ben Hall reported yesterday that, “A deal allowing Ukraine to export grain to world markets by ship despite Russia’s blockade of the Black Sea has been extended, the UN and the Ukrainian and Turkish governments said on Saturday.”
Two Month Trend of Lower Fertilizer Prices Continues
DTN writer Russ Quinn reported last week that, “Retail fertilizer prices continue on their path lower, according to prices tracked by DTN for the first full week of March 2023. This welcome trend has been in place for over two months.”
Russia Still Calls for 60 Day Extension of Black Sea Grain Initiative, as Global Grain Stocks Seen Lower
Reuters writer Michelle Nichols reported yesterday that, “The United Nations backed Turkey and Ukraine on Thursday by calling for a 120-day rollover of an agreement allowing the safe export of grain from several Ukrainian Black Sea ports after Russia said it would only extend the pact for 60 days.”
China Makes Advance Purchases of Brazil’s Safrinha Corn Crop
Reuters writer Ana Mano reported yesterday that, “China is actively buying Brazil’s second corn, known as ‘safrinha,’ even as farmers grapple with planting delays in the world’s third biggest producer of the cereal.”
African Swine Fever Surges in China Potentially Driving Pork Prices Higher
Earlier this week, Reuters writer Dominique Patton reported that, “A surge in African swine fever infections in China is set to reduce hog output later this year, farm managers and analysts said this week, pushing up prices in the world’s top pork consumer as demand recovers.”
ERS: “Drought Conditions Have Contributed to Lower U.S. Beef Cow Inventory”
In its monthly Livestock, Dairy, and Poultry Outlook report earlier this week, the USDA’s Economic Research Service (ERS) indicated that, “Changes in beef cow inventory are related to the current and future phases of the cattle cycle— the cyclical expansion (increase) and contraction (decrease) of the national beef cattle herd over time, which tends to span between 8 and 12 years.”
Uncertainty Over Black Sea Grain Initiative Extension Continues to Impact Market- Wheat Price Volatility “Remains High”
Reuters writers Nigel Hunt and Jonathan Saul reported yesterday that, “Russia has proposed that a U.N.-backed initiative that has enabled grains to be exported from Ukraine’s Black Sea ports should be renewed for just 60 days.”