DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices tracked by DTN for the third week of September 2022 continue to show varied prices. Five of the eight major fertilizers are lower in price compared to a month ago, while the remaining three are higher.”
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.
Adverse Weather Brings “Shrinking” Harvests, and Tight Global Grain Inventories
Reuters writer Tom Polansek reported yesterday that, “The world is heading toward the tightest grain inventories in years despite the resumption of exports from Ukraine, as the shipments are too few and harvests from other major crop producers are smaller than initially expected, according to grain supply and crop forecast data.”
218 Ships Have Left Ukraine Under Black Sea Export Deal, While U.S. Thanksgiving Turkey Prices in Focus
Reuters writer Pavel Polityuk reported late last week that, “A total of 211 ships with 4.7 million tonnes of agricultural products on board have left Ukraine so far under a deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports, the Ukrainian infrastructure ministry said on Saturday.”
Russia Wheat Harvest Could Reach Record, but Exports Stymied- as Ukraine Begins Corn Harvest
Bloomberg writer Aine Quinn reported today that, “Russia’s wheat harvest could reach a historic 100 million tons, according to consultant SovEcon, with the commodity piling up at home as the nation struggles to export large volumes.”
China Food Security Goals Prompt Effort to Cut Soy Use in Livestock Rations, as Argentina Farmers May Plant More Soybeans
Bloomberg News reported yesterday that, “China is redoubling its efforts to bolster food security by trying to cut the amount of soybeans that get turned into animal feed.”
“Lackluster” U.S. Harvest Impacting Global Food Supply Challenges, as Putin Calls up More Troops
Patrick Thomas reported in today’s Wall Street Journal that, “A lackluster U.S. harvest this year is setting back efforts to relieve a global food supply that has been constrained by Russia’s war in Ukraine, agriculture-industry executives said.”
CoBank, University of Missouri Report: “The Importance of Off-Farm Income to the Agricultural Economy”
CoBank’s Knowledge Exchange division, in partnership with the University of Missouri, released a report yesterday titled, “The Importance of Off-Farm Income to the Agricultural Economy.”
Russia Invasion Impacting Ukraine’s Crop Storage Capacity, While Black Sea Export Deal in Focus
Late last week, Bloomberg writer Courtney McBride reported that, “Russia has destroyed, damaged or seized control of 14% of Ukraine’s crop storage capacity since invading in February, jeopardizing the global food supply and threatening future harvests, a US government-backed report said Thursday.”
Tentative Rail Agreement Reached- Averting Strike, as EU Drought Toll Continues, and Ukraine 2023 Winter Wheat Sowing Begins
Wall Street Journal writer Ken Thomas reported today that, “The White House said Thursday it had reached a tentative agreement to avoid a potential railway strike that threatened to shut down a crucial vein of the U.S. economy.”
Food Prices Soar, as Some Railroads Ready to Halt Farm Product Shipments- While Putin, Erdogan to Discuss Black Sea Export Deal
Jeanna Smialek reported on the front page of today’s New York Times that, “Price increases remained uncomfortably rapid in August as a broad array of goods and services became more expensive even as gas prices fell, evidence that the sustainable inflation slowdown the Federal Reserve and White House have been hoping for remains elusive.”
Soybeans Climb on “Shockingly Tight Supplies” – Looming Railroad Strike Could Impact Shipping
Bloomberg writers Kim Chipman, Michael Hirtzer, and Tarso Veloso Ribeiro reported yesterday that, “Soybean futures climbed 5.4%, the most in more than a year, after a closely watched crop report signaled shockingly tight supplies.”
India Restricts Rice Exports- Stoking Food Inflation Fears, as France, Romania Help Increase Ukrainian Grain Exports
Financial Times writers John Reed and Jyotsna Singh reported late last week that, “India imposed controls on exports of several varieties of rice on Friday, in a move likely to affect the global market for one of the most commonly eaten staple foods as commodity prices surge following Russia’s invasion of Ukraine.”
Federal Reserve: Observations on the Ag Economy- August 2022
On Wednesday, the Federal Reserve Board released its August 2022 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.
Putin Criticises Black Sea Export Deal, While Drought Takes “Hefty Toll” on U.S. Production
Financial Times writers Polina Ivanova, Roman Olearchyk, Henry Foy, and David Sheppard yesterday that, “Vladimir Putin has criticised a grain deal signed with Ukraine that unblocked agricultural products trapped in the country by his government’s military assault, threatening an agreement that had eased a growing global food crisis.”
Russia Questions Black Sea Export Deal- Implying West Not Fulfilling Obligations to Facilitate Moscow’s Exports
Reuters writer Michelle Nichols reported yesterday that, “Russia on Tuesday questioned a U.N.-brokered deal with Ukraine to boost grain and fertilizer exports by both countries, accusing Western states of failing to honor pledges to help facilitate Moscow’s shipments.”
Thirteen Ships Sail From Ukraine, Biggest Grain Convoy Yet, While Australia Wheat Production Climbs
Reuters writer Aleksandar Vasovic reported earlier this week that, “Ukraine said it had dispatched its biggest convoy of grain vessels under a U.N.-brokered deal so far after 13 ships set sail from its ports on Sunday carrying 282,500 tonnes of agricultural products to foreign markets.”
2022 Farm Sector Income Forecast, September
The USDA’s Economic Research Service (ERS) indicated on Thursday that, “Net farm income, a broad measure of profits, is forecast to increase by $7.3 billion (5.2 percent) from 2021 to $147.7 billion in calendar year 2022.”
World Food Prices Drop For Fifth Month in a Row in August
Bloomberg writer Agnieszka de Sousa reported today that, “Global food prices fell for a fifth month after demand for some products weakened and there was a seasonal uptick in supplies.”
FAPRI Baseline Update- Higher Prices for Some Commodities and Inputs- August 2022
Earlier this week, the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri released its latest baseline update for U.S. agricultural markets.
U.S. FY 2023 Ag Exports Forecast Slightly Lower From Record Breaking FY 2022
On Tuesday, the USDA released its Outlook for U.S. Agricultural Trade, a quarterly report from the Department’s Foreign Agricultural Service (FAS) and Economic Research Service (ERS). Today’s update includes highlights from the report, which was coordinated by Bart Kenner, Hui Jiang, and Dylan Russell.