Reuters writer Julie Ingwersen reported yesterday that, “The U.S. corn and soy harvests were 23% complete by Sunday, government data showed on Monday, slightly behind analysts’ expectations that both crops would be 25% harvested.”
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.
United States Hog Inventory Up Slightly From Year Ago
Late last week, DTN reported that, “United States inventory of all hogs and pigs on Sept. 1, 2023, was 74.3 million head. This was up slightly from Sept. 1, 2022, and up 2% from June 1, 2023, USDA NASS reported on Thursday.”
Three Vessels Leave Black Sea Ports With Grain and Iron Ore, Five New Ships Waiting to Be Loaded
Reuters writer Pavel Polityuk reported on Sunday that, “Five more ships are on their way to Ukrainian sea ports using a new corridor opened to resume predominantly agricultural exports, an alternative arrangement to the Black Sea grain deal blocked by Russia, a top Ukrainian official said on Sunday.”
Grain Prices “Steep Dive” Following Production, Stocks Reports
Dow Jones writer Kirk Maltais reported on Friday that, “Wheat for December delivery fell 6.6% to $5.40 3/4 a bushel, on the Chicago Board of Trade on Friday, with heavy selling taking place after the USDA reported both higher production and higher stockpiles than expected by analysts.”
Lower Water Levels on Mississippi Put “Crop Exports at Risk,” Impact New Orleans Drinking Water
Bloomberg writer Michael Hirtzer reported on Friday that, “America’s crop exports are once again at risk due to a diminished Mississippi River.”
U.S. May Forfeit A Bit of “Soft Power” as Share of Global Grain Exports Recedes, While Mississippi Water Levels Still a Concern
Bloomberg writers Isis Almeida, Gerson Freitas Jr, and Michael Hirtzer reported yesterday that, “Today the source of America’s agripower is rapidly dwindling.”
Wheat Prices Hit Two Year Low, While “Super” El Niño Event Possible
Reuters writer Pavel Polityuk reported today that, “Russia carried out a big wave of air strikes on three Ukrainian regions early on Thursday in which Ukrainian officials said some attack drones had hit their targets but did not say what was damaged.”
Bloomberg: As EVs Dent Gasoline and Ethanol Demand, Focus Turns to “Green Jet Fuel”
Bloomberg writers Kim Chipman and Tarso Veloso Ribeiro reported yesterday that, “For US corn farmers, the rise of green jet fuel is their best hope of staving off an existential threat.”
Iowa Drought Concerns Farmers; While 15% of Corn, and 12% of Soybeans Harvested
Donnelle Eller reported on the front page of Sunday’s Des Moines Register that, “Drought, now [Iowa’s] longest in two decades, encompasses most of Iowa, a new U.S. Drought Monitor shows. Nearly three-fourths of the state is gripped in severe to exceptional drought, including large swaths of eastern Iowa.”
Russia Hits Ukrainian Port Infrastructure For Second Night, as Black Sea Turmoil Persists
New York Times writers Victoria Kim and Matthew Mpoke Bigg reported today that, “Russian drones targeted southern Ukraine early Tuesday, hitting port infrastructure, warehouses and dozens of trucks near the Black Sea, after Ukraine increased attacks on Crimea in an effort to loosen Moscow’s grip on the south.”
Port of Odesa Bombed Again in Sustained Effort to Snarl Ukraine’s Grain Exports
Financial Times writer Roman Olearchyk reported today that, “Russian forces pummeled the Black Sea port city of Odesa in the early hours of Monday as they continued their months-long campaign of air strikes aimed at hobbling Ukraine’s grain exports.”
As Harvest Unfolds, Mississippi River Transportation Issues Persist
Associated Press writer Scott McFetridge reported on the front page of Saturday’s Des Moines Register that, “A long stretch of hot, dry weather has left the Mississippi River so low that barge companies are reducing their loads just as Midwest farmers are preparing to harvest crops and send tons of corn and soybeans downriver to the Gulf of Mexico.”
Large Chinese Imports of South American Soybeans Continues; Another “Humanitarian Corridor” Grain Ship Sails, While Temperature Lowered on Ukraine, Poland Rift
Bloomberg writers Hallie Gu and Tarso Veloso Ribeiro reported earlier this week that, “China’s voracious appetite for South American soybeans has continued into a period typically dominated by the US, an ominous sign for that nation’s growers as their harvest begins.”
Wheat Prices Near Three-Year Low on Robust Russian Supplies; While Ukraine, Poland Grain Tensions Mount
Financial Times writer Susannah Savage reported yesterday that, “The price of wheat has been pushed to a near three-year low by an exceptionally strong crop in Russia, but analysts warn that an escalation of tensions between Ukraine and Russia in the Black Sea and high levels of hedge fund bets risk causing a renewed spike.”
Ukraine Takes “Bold Steps” to Export Its Grain, as Better Than Expected Harvest Unfolds
Bloomberg writer Olesia Safronova reported today that, “As Ukraine’s farmers labor through their second wartime harvest, they’re expecting a big one. They just don’t know how much of it will ever make it to market.”
Ship Departs Ukrainian Port With Wheat, “Further Testing” Black Sea Blockade; U.S. Soybean Ratings Lowest “At This Time of Year Since 2013”
New York Times writer Matthew Mpoke Bigg reported today that, “A commercial ship loaded with wheat left a Ukrainian port on Tuesday, becoming the first vessel with cargo to use a new Black Sea route out of the country aimed at avoiding Russian naval threats.”
Ukraine Set to Bring Unilateral Grain Bans to WTO; While WSJ Explores U.S. Soy Seed Market
Reuters writer Tom Balmforth and Pavel Polityuk reported today that, “Ukraine plans to sue Poland, Hungary and Slovakia over bans on Ukrainian agricultural products, Agriculture Minister Mykola Solsky said on Monday.”
Two Grain Ships Arrive in Black Sea Port Using “Humanitarian Corridor”
Reuters writers Pavel Polityuk, Olena Harmash and Michelle Nichols reported on Saturday that, “Two cargo vessels arrived in Ukraine on Saturday, Ukrainian port authorities said, the first ships to use a temporary corridor to sail into Black Sea ports and load grain for African and Asian markets.”
EU Lifts Ban on Kyiv’s Grain Exports; as Poland, Hungary, Slovakia Introduce Restrictions
Wall Street Journal writers Thomas Grove and Laurence Norman reported in Saturday’s paper that, “Russia’s blockage of Ukrainian food exports has become a painful political issue next door in the European Union, where Brussels decided Friday to end EU restrictions on Ukrainian grain purchases but the bloc’s eastern flank immediately rejected the decision.”
ERS: U.S. Hard Red Winter Wheat Exports, “Lowest Since Records Started in 1973/74”
U.S. Hard Red Winter (HRW) exports are forecast down 10 million bushels this month to 155 million bushels, the lowest since records started in 1973/74.”