Financial Times writers Max Seddon and Laura Pitel reported yesterday that, “Russian president Vladimir Putin arrived in Tehran on Tuesday for a summit with his Iranian and Turkish counterparts that will have crucial implications for his military campaign in Ukraine.”
Farm Policy News
Meeting on Ukraine Grain Corridor Likely, “Heat Apocalypse” Batters Europe, and U.S. Panel Revokes Russian Fertilizer Duties
Reuters writers Tuvan Gumrukcu, Yesim Dikmen, Orhan Coskun and Michelle Nichols reported yesterday that, “Officials from Russia, Ukraine, Turkey and the United Nations will most likely meet this week to discuss resuming Ukraine’s Black Sea grain exports, Ankara said on Monday, while a Turkish official said lingering ‘small problems’ should be overcome.”
Crimea Food Exports Soar, Indicating That Stolen Ukrainian Grain Likely Moving on to Export Markets
Late last week, Bloomberg writer Aine Quinn reported that, “The Russian-occupied peninsula of Crimea is shipping more than 50 times the volume of food it usually does at this time of year, likely indicating that seized Ukrainian grain is being taken abroad, according to analysts and the Kyiv School of Economics.”
Food Prices Soar, Up 10.4 Percent From Last Year, Biggest Jump Since 1981
Rachel Siegel reported on the front page of today’s Washington Post that, “Inflation soared in June, continuing to climb at the fastest pace in 40 years across many sectors of the economy, driven in large part by higher energy prices.”
Some Progress in Ukraine Grain Talks, Negotiators Meet Again Next Week
Jared Malsin, Alistair MacDonald and Stephen Kalin reported in today’s Wall Street Journal that, “Officials from Russia, Ukraine, Turkey, and the United Nations agreed on key aspects of a plan to resume exports of Ukrainian grain through the Black Sea, senior Turkish and U.N. leaders said.”
Federal Reserve: Observations on the Ag Economy- July 2022
On Wednesday, the Federal Reserve Board released its July 2022 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.
Ukraine Grain Talks: Negotiators Face Obstacles From “Mundane,” to “Mission Impossible”
New York Times writer Matina Stevis-Gridneff reported today that, “Russian and Ukrainian negotiators are scheduled to meet Wednesday in Istanbul, in the increasingly desperate effort to release huge amounts of grain from Ukraine’s ports and ship it to a world facing rising hunger.”
Russia, Ukraine, Turkey and UN to Hold Talks on Grain Exports Wednesday, While Russia Expecting “Massive” Wheat Crop
Reuters writer Max Hunder reported yesterday that, “Ukrainian President Volodymyr Zelenskiy said on Monday he had held talks with Turkish leader Tayyip Erdogan on the need to unblock Ukraine’s ports and resume its grain exports.”
Russia’s War Contributes to Worst Hunger Emergency Since 1960s, While Moscow Says Ukraine Grain Export Talks on the Table
Gabriele Steinhauser reported in today’s Wall Street Journal that, “The worst hunger emergency in a half-century is afflicting Somalia and some of the world’s other poorest countries, where the effects of drawn-out conflicts and increasingly extreme weather are being exacerbated by the economic disruptions from Russia’s invasion of Ukraine and the coronavirus pandemic.”
Food Prices Fall for Third Consecutive Month, But Remain Very High
Reuters News reported today that, “World food prices fell for a third consecutive month in June, but remained close to record high levels set in March, the United Nations’ food agency said on Friday.”
Doubts Persist on Black Sea Grain Export Breakthrough, As Food Inflation Fears Ease- But 10% of World Population Faces Hunger
Bloomberg writer Volodymyr Verbyany reported yesterday that, “Ukraine’s top diplomat cast doubt on a near-term breakthrough in talks to unblock crop exports from the war-ravaged nation’s Black Sea ports, as fears of a global hunger crisis intensify.”
Ukraine in Talks with Turkey, UN on Securing Grain Exports, as Port Damage Persists, and Ukraine Harvest Continues
Reuters writer Ronald Popeski reported yesterday that, “Ukraine is holding talks with Turkey and the United Nations to secure guarantees for grain exports from Ukrainian ports, President Volodymyr Zelenskiy said on Monday.”
Wheat, Corn Prices Tempered- Easing Global Food Cost Concerns
Yusuf Khan and Will Horner reported in today’s Wall Street Journal that, “Fine farm weather and a rush of Russian grain ships through the Black Sea have taken the sting out of global wheat prices, a welcome sign for vulnerable countries struggling with surging food costs.”
Grain Markets at a “Pivot Point,” Global Food Security Could “Take Years” to Return, as War and Weather Hurt Supplies
Bloomberg writers Kim Chipman, Eleanor Song, and Tarso Veloso Ribeiro reported yesterday that, “Global grain markets are at a pivot point, with prices finally starting to ease after a dizzying surge earlier this year.”
Policymakers Ponder Russian Sanctions that Minimize Food Inflation, as Some See Improving Ag Supply Outlook, Lower Prices
Alan Rappeport reported in today’s New York Times that, “As the United States and Europe contemplate their next rounds of sanctions to starve Russia of the revenue that is funding its war, there is growing concern that the fallout is fueling an alarming hunger problem around the world that will not easily be reversed.”
Diplomats Address Deepening Food Crisis, While Romanian Agriculture in Focus; Egypt Trims Wheat Imports
Missy Ryan reported in Saturday’s Washington Post that, “Top diplomats urged swift global action on Friday in the face of a mounting food crisis, as the war in Ukraine worsens conditions that have pushed millions of people into hunger.”
Ukrainian Farmers “Feeling the Heat” of Fighting as Harvest Begins
Thomas Grove reported in today’s Wall Street Journal that, “The wheat on Pavlo Sergienko’s 7,400-acre farm is ready to harvest.”
Russian Forces Targeted Two North American-Owned Grain Terminals in Ukraine
Alistair MacDonald, Bojan Pancevski and Drew Hinshaw reported in today’s Wall Street Journal that, “Russian forces targeted at least two large North American-owned grain terminals in the Ukrainian port of Mykolaiv on Wednesday, as part of what Kyiv and Western governments say is a campaign to degrade Ukraine’s ability to export food.”
Fertilizer Inventories Climb, Wholesale Prices Declining
Bloomberg writers Tarso Veloso Ribeiro and Elizabeth Elkin reported late last week that, “The fertilizer shortage that threw the agricultural sector into disarray and pushed food costs higher globally may be fading.”
Ukraine Grain Harvest Begins, Farmers Running Out of Storage Options
Bloomberg writers Megan Durisin and Volodymyr Verbyany reported on Friday that, “From a dramatic loss of export revenue to mine-riddled fields and exploding machinery, Russia’s invasion has taken a massive toll on Ukraine’s agriculture sector.”