Reuters writer Pavel Polityuk reported yesterday that, “Ukrainian Deputy Prime Minister Oleksandr Kubrakov denied on Thursday reports by Ukrainian and British firms that the new Black Sea export corridor had been suspended.”
Farm Policy News
Fertilizer Prices Higher, Anhydrous Climbs 6%- DTN
DTN writer Todd Neeley reported yesterday that, “Retail prices of all eight major fertilizers continued to climb in the third week of October, with anhydrous leading the way while farmers continued to hit the fields.”
Ukraine Suspends Black Sea Humanitarian Grain Corridor
Reuters writer Pavel Polityuk reported today that, “Ukraine has suspended the use of its new Black Sea grain corridor due to what it sees as a threat from Russian warplanes, the Kyiv-based Barva Invest consultancy said on Thursday.”
Iowa Farmland Values Steady, After Two Years of Record Highs- Des Moines Register
Donnelle Eller reported on the front page of Tuesday’s Des Moines Register that, “Following two years of record highs, Iowa farmland values have plateaued: Rising interest rates, declining profits and drought are cooling buyers’ enthusiasm, experts say.”
China Grain Companies Sign Agreement to Purchase U.S. Farm Goods
Bloomberg writers Michael Hirtzer and Tarso Veloso Ribeiro reported yesterday that, “Chinese grain companies participated in a formal contract-signing ceremony for the purchase of US farm goods for the first time since the Trump-era trade dispute.”
FAS: “U.S. Soybean Meal Exports Expected to Reach Record High”
In a Trade Spotlight report yesterday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “U.S. soybean meal exports set a record at an estimated 13.2 million tons in MY 2022/23 (Oct-Sep), valued at nearly $7 billion, driven by increased soybean crush to supply feedstock oil for growing U.S. biomass-based diesel production.”
U.S. Soybeans Facing Increased Export Competition as Brazilian Soybeans to China Jump
Bloomberg writer Tarso Veloso Ribeiro reported last week that, “A sevenfold jump in Brazilian soybean shipments to China for next month highlights how the US is losing influence over one of the world’s most important agricultural markets.”
Farm Loan Interest Rates Highest Since 2007, Higher Financing Costs Impacting Business Decisions
In an update late last week from the Federal Reserve Bank of Kansas City (“Smaller Operating Loans Slow Lending Activity”), Nate Kauffman and Ty Kreitman indicated that, “Farm lending activity at commercial banks slowed further in the third quarter alongside a drop in operating loan volumes.”
Federal Reserve: Observations on the Ag Economy- October 2023
On Wednesday, the Federal Reserve Board released its October 2023 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.
Lower Mississippi River Water Levels Will Likely Persist
Reuters writer Karl Plume reported yesterday that, “Low water levels on the lower Mississippi River are likely to persist through at least January despite expected above-normal precipitation across the southern United States this winter, forecasters with the National Oceanic Atmospheric Administration (NOAA) said on Thursday.”
Fertilizer Prices Climb; and Injunction for Largest Proposed Fertilizer Mine in Brazil Overturned
DTN Farm Business Editor Katie Micik Dehlinger reported yesterday that, “The retail prices of all eight major fertilizers climbed higher in the second week of October, with anhydrous, MAP and UAN32 posting the largest gains.”
FT Looks at Sustainability Issues in Brazilian Soybean Production
Financial Times writer Sam Cowie reported yesterday that, “Few plants divide opinion in Brazil as much as soya, of which the country is the world’s largest producer and exporter.”
China Approves “Dozens” of Genetically Modified Corn, Soybean Varieties- Potentially Advancing Production
Bloomberg writer Hallie Gu reported yesterday that, “China has approved dozens of genetically modified corn and soybean seed varieties for planting, in a breakthrough move that could eventually boost production and reduce dependence on foreign supplies.”
FAS Highlights International Pork, Beef and Chicken Export Variables- EU Share Expected to Fall, Brazil Increase
Last week, in its quarterly Livestock and Poultry: World Markets and Trade report, USDA’s Foreign Agricultural Service (FAS) indicated that, “In 2024, EU pork, beef, and chicken meat exports are forecast to account for 15 percent of global exports, marking a significant decline from 20 percent in 2019.”
Soybean, Corn Harvest Pace Ahead of Average
DTN Managing Editor Anthony Greder reported yesterday that, “The nation’s soybean harvest jumped to a 10-point lead over the five-year average, and the corn harvest also remained slightly ahead of the average pace by the end of last week as farmers in some areas rushed to get in as much fieldwork as they could ahead of heavy rains, USDA NASS reported in its weekly Crop Progress report on Monday.”
Rains Impact Wheat Planting in China- The Fifth-Largest U.S Wheat Importer in MY 2022-23
Bloomberg writer Hallie Gu reported on Sunday that, “Heavy rains will hit parts of China’s biggest grain producing areas in the next ten days, affecting crops from wheat to rice, the country’s weather bureau said.”
Fertilizer “Scarce and Expensive” in Some Lower-Income Countries, as “Politics of the Dinner Table” Emerge
Peter S. Goodman reported in Sunday’s New York Times that, “Farmers are grappling with shocks that made fertilizer scarce and unaffordable, diminishing harvests, raising food prices and spreading hunger.”
Low Mississippi Levels “Disrupt U.S. Corn Trade,” and “Could Add Pressure on Local Storage Systems”
In its monthly Grain: World Markets and Trade report on Thursday, the USDA’s Foreign Agricultural Service indicated that, “Since June 2023, hot and dry conditions along the Mississippi River valley caused river levels to dip well below historical averages.”
Corn, Soybean Futures Climb on Production Cuts- Third Largest Corn Harvest Expected
Reuters writer Mark Weinraub reported yesterday that, “U.S. corn and soybean harvests will be smaller than previously forecast, with hot and dry weather during critical parts of the growing season dragging on yields, the government said on Thursday.”
Anhydrous Prices Climb; Mississippi Hits Record Low at Memphis, and China “Scoops Up Wheat”
DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices continued to be evenly split the first week of October 2023 with half lower and half higher compared to last month, according to sellers surveyed by DTN.”