Reuters writer Pavel Polityuk reported today that, “Russia targeted Ukrainian ports in the southern Odesa region and the Danube River area in overnight drone attacks, setting at least one grain storage facility on fire, Ukraine’s military and local authorities said on Wednesday.”
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.
U.S. Corn Ratings Decline, Soybeans Steady, While Spring Wheat Conditions Drop
Reuters writer Mark Weinraub reported yesterday that, “The condition of the U.S. spring wheat crop dropped in the latest week, the government said on Monday, as forecasts for hot and dry weather continued in the northern Plains this week.”
Kyiv Finalizing Deal With Insurers to Cover Black Sea Grain Ships, While Additional Heavy Rain Expected in China
Over the weekend, Bloomberg writers Aine Quinn and Olesia Safronova reported that, “The Kremlin’s efforts to paralyze Ukrainian food shipments are succeeding, with a third of the country’s crop exports wiped out since its Black Sea ports were effectively blocked last month.”
Kansas City Fed: Farmland Values Remain Strong, as Interest Rates Climb and Farm Income Tempers
In a recent update from the Federal Reserve Bank of Kansas City (“Farmland Values Stay Resilient as Farm Economy Moderates”), Francisco Scott and Ty Kreitman indicated that, “Strength in farm real estate values persisted in the second quarter despite some moderation in the farm economy and higher interest rates.”
U.S. Establishes USMCA Panel Regarding Mexico’s GMO Corn Import Restrictions, While Global Grain Production Forecast as Second Largest on Record
Reuters writer David Lawder reported yesterday that, “The United States on Thursday escalated its objections to Mexico’s curbs on genetically modified corn imports, requesting a dispute settlement panel under the North American trade pact, the U.S. Trade Representative’s office said.”
ERS: “Recent Trends in the Cage-Free Egg Layer Inventory”
In its monthly Livestock, Dairy, and Poultry Outlook report yesterday, the USDA’s Economic Research Service (ERS) indicated that, “According to the USDA, Monthly Cage-Free Shell Egg Report, the cage-free table egg layer flock (nonorganic and certified organic) added more than 10.5 million layers in the first 6 months of this year.”
U.S. Wheat Exports “Projected at 52-Year Low,” While U.S., Mexico Corn Dispute Continues
In its monthly Wheat Outlook report earlier this week, the USDA’s Economic Research Service (ERS) indicated that, “U.S. all-wheat exports are lowered 25 million bushels to 700 million bushels, the lowest since 1971/72.”
Grain Silos at Port of Reni on the Danube Damaged by Russian Drones, While “U.S. Presses New Routes for Grain Exports”
Reuters writer Pavel Polityuk reported today that, “Russian drone strikes damaged grain silos and warehouses at the Ukrainian river port of Reni on the Danube, a vital wartime route for Ukrainian food exports, senior officials said on Wednesday.”
China Expands Farmland in Food Security Push, as U.S. Corn, Soybean Conditions Improve
Earlier this week, Financial Times writer Sun Yu reported that, “In the western Chinese city of Chengdu, once popular hotpot restaurant Star Shining in the Clouds has closed its doors for the last time, one of several businesses to shut as the government tries to increase the amount of land under cultivation.”
Russia Fires Warning Shots at Black Sea Merchant Ship, as “Ukraine’s Grain Harvest This Year is Exceeding Expectations”
Reuters writer Guy Faulconbridge reported yesterday that, “A Russian warship on Sunday fired warning shots at a cargo ship in the southwestern Black Sea as it made its way northwards, the first time Russia has fired on merchant shipping beyond Ukraine since exiting a landmark UN-brokered grain deal last month.”
FAS: “2022/23 China Soybean Imports Raised to Record High”
In its monthly Oilseeds: World Markets and Trade report on Friday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “This month, USDA raised 2022/23 (Oct-Sep) China soybean imports to a new record of 100.0 million tons.”
Reduced Corn and Soybean Harvests Expected, But If Realized, “Corn Would Still Be the Second Biggest on Record”
Reuters writer Mark Weinraub reported on Friday that, “U.S. corn and soybean harvests will be smaller than previously expected as dry conditions early in the growing season robbed the crops of yield potential, the government said on Friday.”
Federal Reserve Ag Credit Surveys- 2023 Second Quarter
Yesterday, the Federal Reserve Banks of Chicago and Kansas City released updates regarding farm income, farmland values and agricultural credit conditions from the second quarter of 2023. The Federal Reserve Bank of Dallas released its Agricultural Survey for the second quarter in July.
Ukraine Challenges Russian Black Sea Blockade with “Humanitarian Corridor,” While China Floods Hit Corn Crops
Jared Malsin and Anastasiia Malenko reported in today’s Wall Street Journal that, “Ukraine said it was opening temporary routes for civilian ships to sail from its Black Sea ports in a potential challenge to Russia’s attempt to blockade the country’s globally important food exports.”
More Heavy Rains Expected in China’s “Grain Basket,” While Black Sea Viewed as “Increasingly Dangerous Cauldron” of Tension
Bloomberg writer Hallie Gu reported today that, “China’s northeastern grain basket is bracing for more rains and flooding brought on by Typhoon Khanun, as producers struggle to recover from the impact of an earlier storm that ravaged farmland and destroyed crops.”
July Rains: U.S. Corn Harvest Could Be “Second-Largest on Record,” as Black Sea Export Issues Persist
Reuters writer Mark Weinraub reported yesterday that, “The U.S. corn harvest could be the second-largest on record as rains during July shepherded the crop through its critical development phase, offsetting dry conditions early in the season and hot summer temperatures, analysts and farmers said.”
U.S. Corn, Soybean Conditions Climb Two Percentage Points Each
DTN Managing Editor Anthony Greder reported yesterday that, “Beneficial widespread rains this past weekend and a break from the extreme heat across much of the country helped corn and soybean conditions rebound from the previous week, USDA NASS reported in its weekly Crop Progress report on Monday.”
Wheat Climbs on Black Sea Tensions, While Heat Takes Toll on U.S. Cattle, and Low Mississippi River Water a Concern
Financial Times writer Gloria Li reported today that, “Wheat prices climbed on Monday after Ukraine’s drone strikes against a Russian naval vessel and oil tanker over the weekend raised concerns over the potential impact on supply from the world’s largest exporter.”
Threat of Violence in the Black Sea Expands
Financial Times writer Christopher Miller reported on Saturday that, “A Ukrainian naval drone has struck a Russian oil tanker in the Kerch Strait near Crimea, in the latest in a series of bold strikes that signal Kyiv’s use of unmanned vehicles is becoming more aggressive and effective.”
U.S. Cropland Value Averaged $5,460 in 2023, Up 8.1 Percent From 2022
In its annual Agricultural Land Values report on Friday, the USDA’s National Agricultural Statistics Service (NASS) indicated that, “The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $4,080 per acre for 2023, up $280 per acre (7.4 percent) from 2022.”