Reuters writer Roberto Samora reported late last week that, “Brazil’s agriculture ministry said on Friday that 90 local firms have been cleared to export corn to China in the first two months of the year, taking the total to 446.”
Farm Policy News
Fertilizer Prices Continue to Fall
DTN writer Russ Quinn reported last week that, “Retail fertilizer prices continue their march lower, according to prices tracked by DTN for the third full week of February 2023.”
The FAO Food Price Index Drops in February, For the Eleventh Consecutive Month
Bloomberg writer Agnieszka de Sousa reported today that, “Global food costs edged down again, extending their retreat to the lowest in 17 months, although consumers continue to feel the pinch at grocery stores.”
Reuters: “Ukraine Doesn’t Plan to curb 2023/24 Wheat Exports”
Reuters writers Rod Nickel and Pavel Polityuk reported yesterday that, “Ukraine sees no need to limit wheat exports for the upcoming 2023/24 July-June season, as the winter harvest looks to be larger than expected, albeit smaller than in peacetime, a top agriculture ministry official said on Thursday.”
“All Options” Considered by U.S. Over Mexico’s Corn Import Restrictions
Reuters writer Andrea Shalal reported yesterday that, “The United States will consider ‘all options,’ including a formal trade dispute panel, unless Mexico addresses Washington’s concerns over Mexico’s plan to limit imports of genetically modified corn, a senior U.S. trade official said on Wednesday.”
AMIS: War in Ukraine, Black Sea Grain Deal- “Uncertainty Continues to Hang Over Agricultural Markets”
In its March Market Monitor report, the Agricultural Market Information System (AMIS) indicated that, “With no end in sight to the war in Ukraine and threats of further escalation, uncertainty continues to hang over agricultural markets.”
Crop Insurance Guarantee: $5.91 for Corn and $13.76 for Soybeans
Reuters writer Julie Ingwersen reported yesterday that, “Crop insurance policies that guarantee prices for the 2023 growing season are the highest since 2011 for corn and the second-highest on record for soybeans after last year’s peak, reflecting tight global grain supplies, analysts said.”
Biden Administration Preparing Policy Shift on Rule to Boost Ethanol
Reuters writers Jarrett Renshaw and Stephanie Kelly reported yesterday that, “The Biden administration is expected on Wednesday to recommend for approval a rule that would allow expanded sales of gasoline with a higher ethanol blend in certain U.S. Midwest states, based on a request from governors in those states, four sources familiar with the matter said on Tuesday.”
Wheat Futures Lowest Since September 2021, “Optimism” on Renewal of Black Sea Grain Deal
Bloomberg writer Tatiana Freitas reported yesterday that, “Wheat futures declined to the lowest in 17 months amid ample near-term supplies.”
Wholesale Fertilizer Prices “Tumble,” Bloomberg
Bloomberg writers Kim Chipman and Elizabeth Elkin reported on Friday that, “Corn farmers stung by soaring fertilizer costs in the aftermath of Ukraine’s invasion are poised for further relief as wholesale prices tumble to the lowest in almost two years.”
The 2023 Outlook for U.S. Agriculture From USDA’s Chief Economist
Speaking on Thursday at USDA’s Agricultural Outlook Forum, USDA Chief Economist Seth Meyer provided a broad outlook for U.S. agriculture. Today’s update provides an overview of key aspects of Dr. Meyer’s presentation.
Black Sea Grain Initiative Up for Renewal in March, Negotiations Expected This Week
Reuters writer Pavel Polityuk reported late last week that, “Negotiations will start in a week on extending a U.N.-backed initiative that has enabled Ukraine to export grain from ports blockaded by Russia after its invasion, a senior Ukrainian official said on Friday.”
Kansas City Fed- Nonirrigated Farmland Values Up About 9%; Minneapolis Fed- Nonirrigated Cropland 18% Higher
Last week, the Federal Reserve Banks of Kansas City and Minneapolis released updates regarding farm income, farmland values and agricultural credit conditions. Today’s update contains highlights from the Fed reports.
DTN: Nitrogen Fertilizer Prices Lower; Bloomberg: Relying on International Fertilizer Supplies, a Growing Concern
Logan Garcia, Market Reporter — at Fertecon, S and P Global Commodity Insights, reported last week at DTN that, “January began a reset across the nitrogen complex with anhydrous ammonia, urea and UAN fertilizer prices falling sharply to open 2023, a fall attributed mostly to a lack of demand across all products as well as further reductions in European natural gas prices last month.”
Farm Bill Budget, SNAP in Focus at Senate Ag Committee Nutrition Hearing
On Thursday, the Senate Ag Committee held a hearing on USDA nutrition programs in the next Farm Bill.
Farms and Land in Farms, Highlights From a Recent NASS Report
On Friday, the USDA’s National Agricultural Statistics Service (NASS) released its annual Farms and Land in Farms report.
U.S. Pork and Beef Exports at a Glance, Recent USDA Reports
In its monthly Livestock, Dairy, and Poultry Outlook report this week, USDA’s Economic Research Service (ERS) indicated that, “Although fourth-quarter pork exports had a solid finish—shipments of almost 1.7 billion pounds were about 1.6 percent higher than a year earlier, mostly on the strength of year-over-year larger shipments to Mexico and China—total U.S. exports ended 2022 at 6.3 billion pounds, about 10 percent below volumes in 2021.”
USDA Agricultural Projections to 2032- Focus on Corn, Soybeans
On Wednesday, the U.S. Department of Agriculture released its 10-year projections for the food and agricultural sector.
Food Prices Increased 0.5% in January, Up 10.1% From Year Ago- Egg Prices Climb 8.5% in January
Wall Street Journal writer Gwynn Guilford reported on the front page of today’s Wall Street Journal that, “Still-elevated inflation cooled slightly at the start of 2023 to 6.4% in January from a year earlier, with energy, housing, food and other items keeping some pressure on prices.”
Mexico Softens Stance on GMO Corn Import Ban
Reuters writers Cassandra Garrison and Adriana Barrera reported this week that, “Mexico on Monday scrapped a deadline to ban genetically modified corn for animal feed and industrial use amid trade tensions with the United States, but retained plans to prohibit use of the grain for human consumption as well as the herbicide glyphosate.”