Bloomberg writers Kim Chipman and Megan Durisin reported yesterday that, “Wheat closed at the highest price since June as traders considered a worsening Russia-Ukraine war against lackluster US grain demand.”
Farm Policy News
After Bridge Attack, Russia Launches Missiles into Ukraine- Wheat Climbs, While Mississippi Logjam Eases
Financial Times writers Roman Olearchyk, Mehul Srivastava, Max Seddon, and Christopher Miller reported today that, “Vladimir Putin has described Russia’s massive airstrikes on Ukraine, its most extensive since the early weeks of his seven-month invasion, as retaliation for the bombing of the bridge linking Russia to the Ukrainian peninsula of Crimea.”
“Backups and Bottlenecks” on Mississippi, as World Food Prices Fell in September
New York Times writer Jacey Fortin reported yesterday that, “Low water levels in the Mississippi River have snarled barge traffic along one of the nation’s busiest waterways this week and have threatened the drinking water supply in Plaquemines Parish, La., just southeast of New Orleans.”
Low Waters on Mississippi River Creates “Logjam,” as Bird Flu Spreads in California
Bloomberg writers Michael Hirtzer, Elizabeth Elkin, and Joe Deaux reported yesterday that, “A logjam of more than 100 ships, tugboats and their convoys of barges in the shrinking Mississippi River is threatening to grind trade of grains, fertilizer, metals and petroleum to a halt.”
“Most Expensive Crop in Decades,” Farmers Battling Skyrocketing Costs
Sarah Bowman, writing on the front page of the Money section in today’s USA Today, reported that, “Outside Evansville, near the corner of Indiana where it meets with Kentucky and Illinois, Randy Kron farms about 2,200 acres of corn and soybeans.”
China Dynamics in Focus, While U.S. Supreme Court Considers Scope of the Clean Water Act
Bloomberg writer Jinglu Gu reported yesterday that, “China has curbed exports of corn starch in a signal that the world’s biggest corn importer is likely worried about local supplies.”
IMF- Food Insecurity Rising Since 2018, War in Ukraine Push Food and Fertilizer Prices Higher, as Mississippi Barge Rates Hit Record High
Wall Street Journal writer Yuka Hayashi reported late last week that, “Sharp rises in food and fertilizer prices caused by the war in Ukraine are creating the worst global food crisis since at least 2008, putting the lives and livelihood of 345 million people in immediate danger, the International Monetary Fund said Friday.”
One of the Strongest Storms to Ever Hit the U.S., Hurricane Ian Causes Damage and Destruction
Elizabeth Findell, Dan Frosch and Cameron McWhirter reported on the front page of today’s Wall Street Journal that, “A day after Hurricane Ian ripped through the beach towns and coastal cities of southwest Florida, the widespread damage wrought by one of the strongest storms to hit the U.S. in decades was coming into view.”
Fertilizer Prices Remain “Considerably Higher” Than Last Year, as Hurricane Ian Could Worsen Outlook
DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices tracked by DTN for the third week of September 2022 continue to show varied prices. Five of the eight major fertilizers are lower in price compared to a month ago, while the remaining three are higher.”
Adverse Weather Brings “Shrinking” Harvests, and Tight Global Grain Inventories
Reuters writer Tom Polansek reported yesterday that, “The world is heading toward the tightest grain inventories in years despite the resumption of exports from Ukraine, as the shipments are too few and harvests from other major crop producers are smaller than initially expected, according to grain supply and crop forecast data.”
218 Ships Have Left Ukraine Under Black Sea Export Deal, While U.S. Thanksgiving Turkey Prices in Focus
Reuters writer Pavel Polityuk reported late last week that, “A total of 211 ships with 4.7 million tonnes of agricultural products on board have left Ukraine so far under a deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports, the Ukrainian infrastructure ministry said on Saturday.”
Russia Wheat Harvest Could Reach Record, but Exports Stymied- as Ukraine Begins Corn Harvest
Bloomberg writer Aine Quinn reported today that, “Russia’s wheat harvest could reach a historic 100 million tons, according to consultant SovEcon, with the commodity piling up at home as the nation struggles to export large volumes.”
China Food Security Goals Prompt Effort to Cut Soy Use in Livestock Rations, as Argentina Farmers May Plant More Soybeans
Bloomberg News reported yesterday that, “China is redoubling its efforts to bolster food security by trying to cut the amount of soybeans that get turned into animal feed.”
“Lackluster” U.S. Harvest Impacting Global Food Supply Challenges, as Putin Calls up More Troops
Patrick Thomas reported in today’s Wall Street Journal that, “A lackluster U.S. harvest this year is setting back efforts to relieve a global food supply that has been constrained by Russia’s war in Ukraine, agriculture-industry executives said.”
CoBank, University of Missouri Report: “The Importance of Off-Farm Income to the Agricultural Economy”
CoBank’s Knowledge Exchange division, in partnership with the University of Missouri, released a report yesterday titled, “The Importance of Off-Farm Income to the Agricultural Economy.”
Russia Invasion Impacting Ukraine’s Crop Storage Capacity, While Black Sea Export Deal in Focus
Late last week, Bloomberg writer Courtney McBride reported that, “Russia has destroyed, damaged or seized control of 14% of Ukraine’s crop storage capacity since invading in February, jeopardizing the global food supply and threatening future harvests, a US government-backed report said Thursday.”
Tentative Rail Agreement Reached- Averting Strike, as EU Drought Toll Continues, and Ukraine 2023 Winter Wheat Sowing Begins
Wall Street Journal writer Ken Thomas reported today that, “The White House said Thursday it had reached a tentative agreement to avoid a potential railway strike that threatened to shut down a crucial vein of the U.S. economy.”
Food Prices Soar, as Some Railroads Ready to Halt Farm Product Shipments- While Putin, Erdogan to Discuss Black Sea Export Deal
Jeanna Smialek reported on the front page of today’s New York Times that, “Price increases remained uncomfortably rapid in August as a broad array of goods and services became more expensive even as gas prices fell, evidence that the sustainable inflation slowdown the Federal Reserve and White House have been hoping for remains elusive.”
Soybeans Climb on “Shockingly Tight Supplies” – Looming Railroad Strike Could Impact Shipping
Bloomberg writers Kim Chipman, Michael Hirtzer, and Tarso Veloso Ribeiro reported yesterday that, “Soybean futures climbed 5.4%, the most in more than a year, after a closely watched crop report signaled shockingly tight supplies.”
India Restricts Rice Exports- Stoking Food Inflation Fears, as France, Romania Help Increase Ukrainian Grain Exports
Financial Times writers John Reed and Jyotsna Singh reported late last week that, “India imposed controls on exports of several varieties of rice on Friday, in a move likely to affect the global market for one of the most commonly eaten staple foods as commodity prices surge following Russia’s invasion of Ukraine.”