Keith Good

William Mauldin, Jared Malsin and Evan Gershkovich reported in today’s Wall Street Journal that, “An effort to ship grain stranded by the Russia-Ukraine war showed progress Wednesday, as a top Russian official blessed Turkey’s role in removing mines from the Black Sea and a top U.S. official said Washington was working to keep sanctions from blocking Russia’s exports.”

Reuters writer Michelle Nichols reported yesterday that, “A senior U.N. official had “constructive discussions” in Moscow with Russian First Deputy Prime Minister Andrei Belousov on facilitating Russian grain and fertilizer exports to global markets, U.N. spokesman Stephane Dujarric said on Tuesday.”

Financial Times writers Polina Ivanova, Leila Abboud and Max Seddon reported late last week that, “European leaders have stepped up diplomatic efforts to loosen Russia’s hold on Ukraine’s grain supplies as Kyiv’s prospects in the eastern Donbas region worsen and the risk of a global food crisis mounts.”

On Thursday, 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).

Karoun Demirjian, Alex Horton and Stefano Pitrelli reported in today’s Washington Post that, “The American general slated to become NATO’s next supreme allied commander warned Thursday that Russia’s blockade of Ukrainian grain exports could enable terrorist networks in other parts of the world and may require U.S. military intervention to ensure global markets don’t become destabilized.”

Alistair MacDonald, William Mauldin and Ann M. Simmons reported in today’s Wall Street Journal that, “Russia is open to easing its blockade of Ukraine’s ports along the Black Sea if sanctions on Moscow are lifted, a Russian official said Wednesday, a move that, if it went ahead, could increase grain exports and help relieve rising food inflation and shortages.”

Shane Harris reported on the front page of today’s Washington Post that, “Newly declassified U.S. intelligence shows that a Russian naval blockade has halted maritime trade at Ukrainian ports, in what world leaders call a deliberate attack on the global food supply chain that has raised fears of political instability and shortages unless grain and other essential agricultural products are allowed to flow freely from Ukraine.”

Bloomberg writer Yvonne Yue Li reported yesterday that, “Farmers are still making money despite the higher costs for fuel and fertilizer, as crop prices have risen even more.”

Reuters writer Pavel Polityuk reported on today that, “Ukraine’s grain exports could reach 1.5 million tonnes in May compared with around 1 million tonnes in April, Roman Slaston, Director General of the Ukrainian Agrarian Business Club Association, said on Monday.”

Reuters writer Pavel Polityuk reported yesterday that, “Ukrainian farmers have almost completed the sowing of spring wheat for the 2022 harvest and the overall rate of this year’s spring crop sowing is 25% lower than at the same date in 2021, the agriculture ministry said on Friday.”

Wall Street Journal writers William Mauldin and Vivian Salama reported in today’s paper that, “Russia dismissed calls from top United Nations and Western officials to halt a Black Sea blockade that has prevented Ukraine from exporting much of its grain to world markets, causing price hikes and exacerbating food shortages.”

Bloomberg writer Elizabeth Elkin reported yesterday that, “In more bad news for farmers, a fertilizer that’s key for corn production will remain expensive for at least two years.”

In its monthly Wheat Outlook report on Monday, the USDA’s Economic Research Service (ERS) stated that, “The U.S. season-average farm price (SAFP) for 2022/23 is projected to reach a record $10.75 per bushel, supported by tight domestic stocks.”

Reuters writers Rajendra Jadhav and Mayank Bhardwaj reported today that, “India will allow overseas wheat shipments awaiting customs clearance, the government said on Tuesday, introducing some relaxation in exports after it banned overseas sales of the staple on Saturday.”

Financial Times writers Hudson Lockett and Nic Fildes reported yesterday that, “Wheat prices rose by the maximum amount allowed on Monday after India imposed a ban on exports, stoking pressure on food costs as tight global supplies roiled international markets.”

Bloomberg writer Pratik Parija reported today that, “India’s move to restrict wheat exports is set to reverberate through global agricultural markets, exposing just how tight global supplies are after the war in Ukraine and threatening to drive up food prices even more.” 

Bloomberg writer Pratik Parija reported today that, “India prohibited wheat exports that the world was counting on to alleviate supply constraints sparked by the war in Ukraine, saying that the nation’s food security is under threat.”

In its monthly Grain: World Markets and Trade report yesterday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “Global [wheat] production is forecast at 775 million tons, down 4 million from the previous year. The largest cut to production is in Ukraine, which is projected to have a crop one-third smaller than the prior year with reduced harvested area and lower yields due to the ongoing war with Russia.”