Bloomberg writer Tarso Veloso Ribeiro reported yesterday that, “The cost to transport America’s harvest from the Midwest to the rest of the world is soaring as shrinking water levels on the Mississippi River drive up barge freight rates — and the forecast for below-than-average rainfall offers no relief.”
Farm Policy News
Bloomberg: Brazil Top Corn Exporter in 2023, 2024
Bloomberg writers Michael Hirtzer and Dominic Carey reported today that, “For more than half a century, US farmers dominated the international market for corn, shipping more of the critical crop than any other country to feed the world’s livestock, fill its stockpiles and manufacture its processed foods.”
EPA Amends “Waters of the U.S.” Rule to Conform With Supreme Court Decision
DTN writer Todd Neeley reported yesterday that, “The EPA removed the term ‘significant nexus’ from the waters of the U.S. (WOTUS) rule in a final revision announced by the agency Tuesday after the Supreme Court in May declared unconstitutional the jurisdictional test that has been the subject of intense opposition and litigation for nearly a decade.”
U.S. Corn, Soybean Conditions Slightly Lower; El Niño Weather Variables, and Danube River Transport in Focus
Reuters writer Julie Ingwersen reported yesterday that, “Weekly condition ratings for the U.S. soybean and corn crops declined in the past week after a spell of sweltering heat in the Midwest, government data showed on Monday, but not by as much as most analysts expected.”
Second Ship Sails From Odesa Through Black Sea “Humanitarian Corridor,” While China Economic News in Focus
Reuters writer Dan Peleschuk reported yesterday that, “A vessel carrying steel products to Africa has left Ukraine’s Odesa port through a temporary Black Sea corridor, the second ship to do so since Russia withdrew last month from a U.N.-brokered deal that allowed for grain to be safely exported, a senior Ukrainian government official said on Sunday.”
Despite Russian Attacks on Danube, Romania Seeks to Double Alternative Shipping Capacity, as “Russia Squeezes Ukraine’s Ability to Export” Grain
Alistair MacDonald and Oksana Pyrozhok reported on Saturday at The Wall Street Journal Online that, “As Russia squeezes Ukraine’s ability to export its huge grain harvests, it is farmers like Valery Kolosha who are counting the cost.”
Logistical Breakthroughs Boost Brazil Corn Export Competitiveness, While China GMO Trials Show “Outstanding” Results
Reuters writer Ana Mano reported yesterday that, “Brazil is set to overtake the U.S. this year as the world’s top corn exporter, reflecting both a bumper harvest and logistical breakthroughs such as the consolidation of northern export routes, which are boosting the competitiveness of the South American grains powerhouse.”
Russian Drones Again Target Port Infrastructure in Danube River Area, as China Soybean Demand in Focus
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.”
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.