Reuters writers Jarrett Renshaw and Stephanie Kelly reported yesterday that, “The Biden administration is expected on Wednesday to recommend for approval a rule that would allow expanded sales of gasoline with a higher ethanol blend in certain U.S. Midwest states, based on a request from governors in those states, four sources familiar with the matter said on Tuesday.”
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.
Wheat Futures Lowest Since September 2021, “Optimism” on Renewal of Black Sea Grain Deal
Bloomberg writer Tatiana Freitas reported yesterday that, “Wheat futures declined to the lowest in 17 months amid ample near-term supplies.”
Wholesale Fertilizer Prices “Tumble,” Bloomberg
Bloomberg writers Kim Chipman and Elizabeth Elkin reported on Friday that, “Corn farmers stung by soaring fertilizer costs in the aftermath of Ukraine’s invasion are poised for further relief as wholesale prices tumble to the lowest in almost two years.”
The 2023 Outlook for U.S. Agriculture From USDA’s Chief Economist
Speaking on Thursday at USDA’s Agricultural Outlook Forum, USDA Chief Economist Seth Meyer provided a broad outlook for U.S. agriculture. Today’s update provides an overview of key aspects of Dr. Meyer’s presentation.
Black Sea Grain Initiative Up for Renewal in March, Negotiations Expected This Week
Reuters writer Pavel Polityuk reported late last week that, “Negotiations will start in a week on extending a U.N.-backed initiative that has enabled Ukraine to export grain from ports blockaded by Russia after its invasion, a senior Ukrainian official said on Friday.”
Kansas City Fed- Nonirrigated Farmland Values Up About 9%; Minneapolis Fed- Nonirrigated Cropland 18% Higher
Last week, the Federal Reserve Banks of Kansas City and Minneapolis released updates regarding farm income, farmland values and agricultural credit conditions. Today’s update contains highlights from the Fed reports.
DTN: Nitrogen Fertilizer Prices Lower; Bloomberg: Relying on International Fertilizer Supplies, a Growing Concern
Logan Garcia, Market Reporter — at Fertecon, S and P Global Commodity Insights, reported last week at DTN that, “January began a reset across the nitrogen complex with anhydrous ammonia, urea and UAN fertilizer prices falling sharply to open 2023, a fall attributed mostly to a lack of demand across all products as well as further reductions in European natural gas prices last month.”
Farm Bill Budget, SNAP in Focus at Senate Ag Committee Nutrition Hearing
On Thursday, the Senate Ag Committee held a hearing on USDA nutrition programs in the next Farm Bill.
Farms and Land in Farms, Highlights From a Recent NASS Report
On Friday, the USDA’s National Agricultural Statistics Service (NASS) released its annual Farms and Land in Farms report.
U.S. Pork and Beef Exports at a Glance, Recent USDA Reports
In its monthly Livestock, Dairy, and Poultry Outlook report this week, USDA’s Economic Research Service (ERS) indicated that, “Although fourth-quarter pork exports had a solid finish—shipments of almost 1.7 billion pounds were about 1.6 percent higher than a year earlier, mostly on the strength of year-over-year larger shipments to Mexico and China—total U.S. exports ended 2022 at 6.3 billion pounds, about 10 percent below volumes in 2021.”
USDA Agricultural Projections to 2032- Focus on Corn, Soybeans
On Wednesday, the U.S. Department of Agriculture released its 10-year projections for the food and agricultural sector.
Food Prices Increased 0.5% in January, Up 10.1% From Year Ago- Egg Prices Climb 8.5% in January
Wall Street Journal writer Gwynn Guilford reported on the front page of today’s Wall Street Journal that, “Still-elevated inflation cooled slightly at the start of 2023 to 6.4% in January from a year earlier, with energy, housing, food and other items keeping some pressure on prices.”
Mexico Softens Stance on GMO Corn Import Ban
Reuters writers Cassandra Garrison and Adriana Barrera reported this week that, “Mexico on Monday scrapped a deadline to ban genetically modified corn for animal feed and industrial use amid trade tensions with the United States, but retained plans to prohibit use of the grain for human consumption as well as the herbicide glyphosate.”
Fighting in Ukraine Impacting Wheat Prices, March Renewal of Black Sea Grain Deal “Unclear”
Dow Jones writer Yusuf Khan reported yesterday that, “Ukraine remains key this week for grain and oilseed markets, after Russia launched more missile attacks on the country’s infrastructure.”
DTN: Fertilizer Prices “Moved Lower Again” -But– “Remain Above Historical Averages,” WSJ Says
DTN writer Russ Quinn reported last week that, “Average retail fertilizer prices moved lower again the last week of January 2023, continuing a trend that has been present since just before the beginning of the year, according to retailers surveyed by DTN.”
A Closer Look at China’s Pork Production, “A Strategic Imperative”
Writing on the front page of the Business Section in Friday’s New York Times, Daisuke Wakabayashi and Claire Fu reported that, “The first sows arrived in late September at the hulking, 26-story high-rise towering above a rural village in central China.”
Record Year for U.S. Farm Exports in 2022- Soybeans, Corn, Wheat in Focus
A news release Friday from the U.S. Department of Agriculture stated that, “The American agricultural sector posted its best export year ever in 2022 with international sales of U.S. farm and food products reaching $196 billion, Agriculture Secretary Tom Vilsack announced today.”
Chicago Fed: 2022 Farmland Values Saw Annual Increase of 12 Percent
On Thursday, in the Federal Reserve Bank of Chicago’s quarterly AgLetter, David Oppedahl explained that, “In 2022, the District saw a strong annual increase of 12 percent in its farmland values.”
FAS: “Brazil and the United States Vie for World’s Top Corn Exporter”
In its monthly Grain: World Markets and Trade report yesterday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “Brazil 2022/23 corn exports (Oct-Sep) are forecast to equal those of the United States at 51 million tons on expanding production and strong exports in the second half of its 2021/22 marketing year (Mar 2022-Feb 2023).”
2023 Farm Sector Income Forecast, February
The USDA’s Economic Research Service (ERS) indicated on Tuesday that, “Farm sector income is forecast to fall in 2023 following two years of strong growth.”