Financial Times writer Andy Bounds reported late last week that, “Poland and three other EU member states are to lift a ban on imports of Ukrainian foodstuffs under a deal reached with Brussels on Friday.”
Farm Policy News
Fertilizer Prices Mixed, as Anhydrous Drops Below $1,000; Diesel Prices in Focus
DTN writer Russ Quinn reported last week that, “Most retail fertilizer prices continued to shift lower the third week of April 2023, according to retailers tracked by DTN. However, for the first time in several months, multiple fertilizers were slightly higher.”
Flooding Concerns Along Upper Mississippi River Basin Persist
Scott Dance reported in Saturday’s Washington Post that, “Record winter snowfall across northern Minnesota, which quickly melted in a spell of unprecedented spring heat, is dramatically swelling waterways along the upper Mississippi River basin.”
Flooding Impacts Upper Mississippi Barge Traffic, as “Corn Hit its Lowest in Nine Months”
In its weekly Grain Transportation Report yesterday, the USDA’s Agricultural Marketing Service (AMS) indicated that, “On April 24, American Commercial Barge Line reported it had no boats on the Upper Mississippi River above St. Louis, MO, because of flooding conditions and lock closures. Currently, above Lock 17 (which is near New Boston, IL), all locks and dams are closed, and no freight is being accepted along the Twin Cities and Mid-Mississippi portions of the river.”
Canadian Farmers Expect More Wheat Acres This Year, “The Most in 22 Years”
Dow Jones writer Robb M. Stewart reported yesterday that, “Canadian farmers expect to plant more wheat this year, and increase crops of canola and soybeans.”
Black Sea Grain Discussions “Center Stage”
Wall Street Journal writers Jared Malsin and Alan Cullison reported in today’s paper that, “Russia is piling pressure on Ukraine and Western governments over a deal that reopened key Ukrainian ports for vital grain exports, renewing threats to back out of the agreement that lowered global food prices last year.”
Kremlin Sees No Progress on Black Sea Grain Deal, as Political Division Surrounding Ukrainian Farm Exports Continues; Wheat Prices at 21-Month Low
Reuters News reported today that, “The Kremlin reaffirmed its position on Tuesday that the Black Sea grain deal is not working for Moscow, a day after the head of the United Nations handed Russia a letter with proposals to improve and expand it.”
Moscow Threatens Withdrawal From Black Sea Grain Deal if G7 Proceeds with Export Ban
Bloomberg News reported yesterday that, “Moscow may retaliate if Group of Seven countries proceed with a total ban on most exports to Russia by withdrawing from the safe-transit deal that allows Ukraine to ship grains from Black Sea ports, said Dmitry Medvedev, deputy chair of Russia’s Security Council.”
Kansas City Fed: Rising Interest Rates Impacting Farm Lending
In an update last week from the Federal Reserve Bank of Kansas City (“Interest Rates Rise and Farm Lending Softens”), Nate Kauffman and Ty Kreitman indicated that, “Growth in farm lending activity at commercial banks was limited in the first quarter of 2023 as interest rates climbed higher.”
G7 Calls for Extension of Black Sea Grain Initiative
Reuters writer Michelle Nichols reported late last week that, “A deal allowing the safe Black Sea export of Ukraine grain could start winding down next week after Russia said it will not approve any new vessels unless their operators guarantee the transits will be done by May 18 – ‘the expected date of … closure.'”
Fertilizer Prices Fall Again
DTN writer Russ Quinn reported last week that, “Average retail fertilizer prices were down again the second week of April 2023, continuing a trend that has been in place since the beginning of the year, according to sellers surveyed by DTN.”
As “Rankled Farmers” in Europe Deal with Ukraine’s Trapped Grain, Transit of Ukrainian Farm Exports Through Poland Resumes
Reuters writers Alan Charlish and Marek Strzelecki reported today that, “The first trucks carrying Ukrainian food products including corn and eggs were bound to start transit via Poland to the Netherlands on Friday morning, a Polish customs official said, as rules allowing the shipments took effect overnight.”
Despite Resumption of Black Sea Grain Exports, Ukrainian Farm Export Problems Persist
Reuters writer Pavel Polityuk reported yesterday that, “Inspections of ships carrying Ukrainian grain from the Black Sea resumed on Wednesday under a U.N.-brokered deal but Kyiv faces a struggle to secure an extension of the agreement, as well as a widening import ban in eastern Europe.”
Federal Reserve: Observations on the Ag Economy- April 2023
On Wednesday, the Federal Reserve Board released its April 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.
Ukrainian Black Sea Grain Exports Are Resuming, India “World’s Most Populous Nation”
Reuters writer Max Hunder reported today that, “Inspections of ships are resuming under a U.N.-brokered agreement on the safe export of grain from Ukrainian Black Sea ports, Ukrainian Deputy Prime Minister Oleksandr Kubrakov said on Wednesday.”
Ukrainian Farm Export Disruptions Continue, as Drought Impacts on U.S. Wheat Persist
Bloomberg writers Daryna Krasnolutska and Aine Quinn reported today that, “Ukraine said its crop shipments through the Black Sea safe-passage corridor remained suspended for a second day, adding to uncertainty about future supplies from the key agriculture exporter.”
EU: Poland, Hungary Bans on Ukrainian Farm Imports, “Unacceptable,” as “India’s Population Surpasses China’s”
Raphael Minder, Barbara Erling, Andy Bounds and Marton Dunai reported yesterday at The Financial Times Online that, “Poland and Hungary have temporarily halted imports of Ukrainian grain despite a warning from Brussels that such unilateral action would contravene EU trade policy.”
Concerns Over Black Sea Grain Initiative Persist, as Poland, Hungary Block Ukrainian Ag Imports
Reuters writer Michelle Nichols reported late last week that, “U.N. Secretary-General Antonio Guterres has written to Russia, Ukraine and Turkey to raise concerns about the implementation of a deal that allows the safe wartime export of grain from several Ukrainian Black Sea ports, a U.N. spokesman said on Friday.”
Fertilizer Prices Continue “Shift Lower”
DTN writer Russ Quinn reported last week that, “Retail fertilizer continues to shift lower, according to prices tracked by DTN for the first full week of April 2023. The trend has been in place since the beginning of the year.”
USDA Testing Bird Flu Vaccines
Nidhi Subbaraman reported in Saturday’s Wall Street Journal that, “To stop the devastating global bird-flu outbreak that has killed over 100 million poultry, the U.S. and Europe are embracing a tactic many countries have long resisted: vaccines.”