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.”
Farm Policy News
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.”
Global Food Prices Climb Slightly in July
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.”
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.”