Bloomberg writer Megan Durisin reported on Friday that, “Global food prices rose for the first time in three months, as trade disruptions from India to the Black Sea and extreme weather stoke supply concerns anew.”
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.
Ukrainian Drones Attack Russian Black Sea Grain Export Port of Novorossiysk, as U.S. Grain Export Inspections Fall in Second Quarter
Bloomberg writer Ben Sharples reported today that, “Wheat futures rose after the Novorossiysk port was closed to marine traffic by Russian authorities following a drone attack.”
Amid Kremlin Grain Port Attacks, Farmers in Ukraine Cut Planting Area; as Midwest “Crop-Friendly” Weather Unfolds
Bloomberg writer Aine Quinn reported today that, “Major Ukrainian farm companies are curbing winter crop plantings after Russia blocked the main Black Sea export route, hitting world food supplies for the next two years.”
Danube River Port of Izmail Attacked, “Raising Further Concerns over Global Food Supplies”
Financial Times writers Christopher Miller and William Langley reported today that, “Russia attacked targets across Ukraine with drones before sunrise on Wednesday, hitting a critical river port facility and a grain silo in the southern Odesa region and raising further concerns over global food supplies.”
U.S. Corn, Soybean Conditions Fall Two Percentage Points Each
DTN Managing Editor Anthony Greder reported yesterday that, “U.S. corn condition fell for the first time in several weeks as intense heat baked much of the country last week, according to USDA NASS’ weekly Crop Progress report on Monday. Soybean conditions also declined for the second week in a row.”
Russia Bombardment Against Ukrainian Grain Infrastructure Persists, as Romania Plans Transit Route Expansion
Marc Santora and Victoria Kim reported in Sunday’s New York Times that, “Russian forces struck a grain terminal in the southern Ukrainian city of Kherson, Ukrainian officials said on Saturday, extending a bombardment of the country’s infrastructure that has raised alarm about Kyiv’s ability to ship grain to the world.”
Farm Production Expenditures Climb 15.2 Percent in 2022
In its annual Farm Production Expenditures report on Friday, the USDA’s National Agricultural Statistics Service (NASS) indicated that, “Farm production expenditures in the United States are estimated at $452.7 billion for 2022, up from $392.9 billion in 2021.”
Wheat Falls as “Solidarity Lanes” Warrant Focus, and U.S. Corn, Soybeans in Drought Climb This Week
Bloomberg writer James Poole reported today that, “Wheat fell for a third day from the highest close in five months as the outlook for ample near-term supplies outweighed concerns over the impact of Russian attacks on Ukrainian port facilities.”
Russia Fires Missiles in Odesa Region From Black Sea Submarine, as NATO Steps Up Patrols
Reuters News reported today that, “Russian forces struck port infrastructure in Ukraine’s Odesa region in an overnight missile attack, killing a security guard and damaging a cargo terminal, the region’s governor said on Thursday.”
EU “Could Provide Alternative Routes” for Ukrainian Grain- Expand “Solidarity Lanes”
Financial Times writers Andy Bounds and Ian Johnston reported yesterday that, “The EU could provide alternative routes for almost all of Ukraine’s grain exports following Russia’s decision to stop their passage through the Black Sea, the bloc’s agriculture commissioner said.”
U.S. Corn Condition Holds Steady, While Wheat Prices Move as Port of Reni Damage Assessed
Reuters writer Julie Ingwersen reported yesterday that, “Weekly condition ratings for the U.S. corn crop held steady in the past week while soybean and spring wheat crops deteriorated, U.S. government data showed on Monday, and ratings for all three crops fell short of trade expectations.”
Russia Strikes Infrastructure Along Danube, “an Alternative [Grain] Export Route”
Reuters writers Olena Harmash and Tom Balmforth reported on Monday that, “Russia destroyed Ukrainian grain warehouses on the Danube River and wounded seven people in a drone attack on Monday, expanding the target area of an air campaign it launched last week after pulling out of the Black Sea grain deal, Kyiv said.”
Kansas City Fed: As Interest Rates Climb, Farm Lending Activity at Commercial Banks Slowed
Earlier this month, in an update from the Federal Reserve Bank of Kansas City (“Farm Lending Slows as Interest Rates Rise”), Nate Kauffman and Ty Kreitman indicated that, “Farm lending activity at commercial banks slowed through the first half of 2023 as interest rates continued to push higher.”
U.S. Beef Cow Herd Declines, “Fewest Beef Cows Since at Least 1971”
Reuters writer Tom Polansek reported on Friday that, “U.S. farmers are raising the fewest beef cows since at least 1971, government data released on Friday showed as drought conditions whittled herds, likely boosting costs for meatpackers that slaughter the animals into steak and hamburgers.”
Amid Black Sea Turmoil, Wheat Set for 9% Weekly Climb; as India Rice Export Issues Emerge
Bloomberg writers Jasmine Ng, Megan Durisin, and Aliaksandr Kudrytski reported today that, “Wheat edged lower but is still poised for a weekly gain of more than 9%, as military drills in the Black Sea add to the risks disrupting grain trade from a vital producing region.”
Wheat Soars as Russia Threatens Ships; Ports Hit For Third Straight Night
Bloomberg writers Megan Durisin, and Aliaksandr Kudrytski reported yesterday that, “Wheat and corn rallied to three-week highs as another wave of Russian attacks battered southern Ukraine following the collapse of the grain-export deal.”
U.S. Winter Wheat Harvest Slows, as Dry Weather Remerges as a Concern for Corn, Soybeans
Shannon Najmabadi reported in today’s Wall Street Journal that, “Rows of wheat fall like waves under the combine Laura Haffnerdrives in a 320-acre field in far west Kansas, leaving stalks stripped of kernels in its wake.”
Ukraine Ports Attacked For Second Consecutive Night, as U.S. Announces Ukrainian Agricultural Aid
New York Times writer Gabriela Sá Pessoa reported yesterday that, “The United States Agency for International Development announced a total of $750 million in new assistance to Ukraine on Monday and Tuesday, with $500 million dedicated to humanitarian aid and $250 million to support the country’s farmers after Russia refused to extend a Black Sea grain deal.”
Black Sea Grain Deal Abandoned – China Was “Biggest Recipient of Ukrainian Grain Under the Deal”
Financial Times writers Max Seddon, Henry Foy and Adam Samson reported yesterday that, “Russia has formally withdrawn from a UN-brokered deal to export Ukrainian grain across the Black Sea, potentially imperilling tens of millions of tonnes of food exports around the world.”
Crop Conditions Improve- Corn Up Two Points, Soybeans Up Four Points
DTN Managing Editor Anthony Greder reported yesterday that, “U.S. corn and soybean conditions improved again last week, according to USDA NASS’ weekly Crop Progress report released Monday. Both crops also continued to mature at a slightly ahead-of-average pace.”