Bloomberg writers Aine Quinn and Megan Durisin reported on Tuesday that, “Wheat gained to the highest in a week amid confusion over the terms of renewing a key grain-export deal that allows Ukraine to ship crops from its Black Sea ports.”
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.
Food Prices Rose 0.4% in February, While Eggs Dropped 6.7%- But Eggs Still 55% Higher Than Last Year
Gabriel T. Rubin and Nick Timiraos reported on the front page of Wednesday’s Wall Street Journal that, “Inflation eased in February but remained stubbornly high, presenting a challenge for the Federal Reserve as it confronts how to slow the economy with higher interest rates at the same time it moves to stem banking problems.”
China in Focus: Biden to Speak by Phone “Soon” With His Chinese Counterpart, Xi Jinping
Reuters writer Joe Cash reported yesterday that, “China’s new Premier Li Qiang said that the country’s food security is guaranteed and that state policies to support food production will increase, at a news conference to mark the close of the annual sitting of parliament on Monday.”
If No Objections, Black Sea Grain Initiative Automatically Extended, Mixed Signals on Extension Emerge
Reuters writer Gabrielle Tétrault-Farber reported yesterday that, “Russia on Monday suggested renewing a deal allowing the safe export of grain from Ukraine’s Black Sea ports but only for half the term of the previous renewal while the United Nations pledged to do everything possible to ensure the agreement’s integrity remained intact.”
Fertilizer and Diesel Prices Continue To Decline
DTN writer Russ Quinn reported last week that, “Retail fertilizer prices tracked by DTN for the last week of February 2023 continue to move lower. This trend has been in place for a couple months.”
Black Sea Grain Initiative Deadline Looms, Ukrainian Farmers Still “Risk Deadly Harvest”
Michael Schwirtz and Stanislav Kozliuk reported in Sunday’s New York Times that, “Oleksandr Hordienko stepped gingerly into a wheat field that had recently served as a Russian tank position, following closely behind an assistant with a metal detector.”
Kansas City Fed: “Signs of Softening” in Farmland Values, as Interest Rates Climb
In an update last week from the Federal Reserve Bank of Kansas City, “Growth in Farmland Values Slows Amid Higher Interest Rates,” Cortney Cowley and Ty Kreitman indicated that, “Farm real estate values increased considerably in 2022 but showed signs of softening during the final months of 2022 as interest rates rose sharply.”
Federal Reserve: Observations on the Ag Economy- February 2023
On Wednesday, the Federal Reserve Board released its February 2023 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. The report included several observations pertaining to the U.S. agricultural economy.”
Argentina Soybean, Corn Production Estimates Lowered, as “Country’s Key Agricultural Region Battles Ongoing Drought”
In its monthly Oilseeds: World Markets and Trade report yesterday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “For the third straight month, 2022/23 Argentina soybean production is lowered as hot and dry weather continues to strain the crop in key growing regions.”
UN Secretary-General, in Kyiv, Highlights Black Sea Grain Deal Rollover, Expires on March 18
Bloomberg writers Olesia Safronova and Megan Durisin reported yesterday that, “United Nations Secretary-General Antonio Guterres stressed the importance of renewing the key Black Sea grain deal during a visit to Kyiv, with the current accord soon set to expire.”
Wheat Export and Production Issues in Focus, as Black Sea Grain Deal Discussions Continue
Late last week, Bloomberg writers Aine Quinn and Megan Durisin reported that, “After a slow start to the season, Russia’s grain exports are booming as buyers load up on its attractive bumper supplies.”
China Imports Record Volume of Soybeans in Jan.-Feb., While Warning U.S. on Policy Strategy
Earlier this week, Reuters writer Dominique Patton reported that, “China, the world’s top oilseed buyer, imported a record volume of soybeans for the first two months of the year, as buyers stocked up in anticipation of healthy demand and over worries of a delayed harvest in Brazil.”
Biden Administration Requesting Talks With Mexico on GMO Corn Import Restrictions
Ana Swanson and Linda Qiu reported on the front page of the Business section in today’s New York Times that, “The Biden administration said on Monday that it would take initial steps toward challenging a ban that Mexico has placed on shipments of genetically modified corn from the United States, restrictions that have rankled farmers and threatened a profitable export.”
Additional Brazilian Firms Cleared to Export Corn to China- Background and Issues
Reuters writer Roberto Samora reported late last week that, “Brazil’s agriculture ministry said on Friday that 90 local firms have been cleared to export corn to China in the first two months of the year, taking the total to 446.”
Fertilizer Prices Continue to Fall
DTN writer Russ Quinn reported last week that, “Retail fertilizer prices continue their march lower, according to prices tracked by DTN for the third full week of February 2023.”
The FAO Food Price Index Drops in February, For the Eleventh Consecutive Month
Bloomberg writer Agnieszka de Sousa reported today that, “Global food costs edged down again, extending their retreat to the lowest in 17 months, although consumers continue to feel the pinch at grocery stores.”
Reuters: “Ukraine Doesn’t Plan to curb 2023/24 Wheat Exports”
Reuters writers Rod Nickel and Pavel Polityuk reported yesterday that, “Ukraine sees no need to limit wheat exports for the upcoming 2023/24 July-June season, as the winter harvest looks to be larger than expected, albeit smaller than in peacetime, a top agriculture ministry official said on Thursday.”
“All Options” Considered by U.S. Over Mexico’s Corn Import Restrictions
Reuters writer Andrea Shalal reported yesterday that, “The United States will consider ‘all options,’ including a formal trade dispute panel, unless Mexico addresses Washington’s concerns over Mexico’s plan to limit imports of genetically modified corn, a senior U.S. trade official said on Wednesday.”
AMIS: War in Ukraine, Black Sea Grain Deal- “Uncertainty Continues to Hang Over Agricultural Markets”
In its March Market Monitor report, the Agricultural Market Information System (AMIS) indicated that, “With no end in sight to the war in Ukraine and threats of further escalation, uncertainty continues to hang over agricultural markets.”
Crop Insurance Guarantee: $5.91 for Corn and $13.76 for Soybeans
Reuters writer Julie Ingwersen reported yesterday that, “Crop insurance policies that guarantee prices for the 2023 growing season are the highest since 2011 for corn and the second-highest on record for soybeans after last year’s peak, reflecting tight global grain supplies, analysts said.”