Reuters writers Tuvan Gumrukcu and Michelle Nichols reported yesterday that, “Russia on Wednesday said it has offered ‘safe passage’ for Ukraine grain shipments from Black Sea ports but is not responsible for establishing the corridors and Turkey suggested that ships could be guided around sea mines.”
Farm Policy News
President Biden Highlights “Temporary Silos” to Help Export Ukraine Grain
Reuters writer Michelle Nichols reported yesterday that, “U.S. President Joe Biden said on Tuesday that temporary silos would be built along the border with Ukraine in a bid to help export more grain and address a growing global food crisis.”
Under Russian Fire, Ukraine Farmers Face Harvest Scramble
Reuters writer Conor Humphries reported today that, “As 10-metre high mounds of sunflower meal smoulder among the blackened ruins of one of Ukraine’s top agricultural terminals, farmers in this front-line region are scrambling to survive a harvest under Russian fire.”
In Southern Odesa, Ukrainian Grain Harvest Begins, While USDA Increases Ukraine’s Corn Production Estimate From Last Month
Reuters writer Pavel Polityuk reported today that, “Farmers of Ukrainian southern Odesa region have started the 2022 grain harvest taking advantage of favourable weather, regional officials said late on Sunday.”
Food, Gas Prices Soar, While Fertilizer Prices Show Signs of Moderating
Washington Post writer Rachel Siegel reported on the front page of Saturday’s paper that, “Inflation in May reached a new pandemic-era peak of 8.6 percent compared with a year earlier, with soaring energy, housing and food prices driving up costs at the fastest pace in 40 years.”
Amid Production Concerns, Food Import Costs Heading For Record, While Export Ban Worries Persist
Yusuf Khan reported in today’s Wall Street Journal that, “The European Union faces a disappointing wheat harvest this year, dimming hopes that one of the world’s biggest producers might help fill a widening global grain gap left by the war in Ukraine.”
No Breakthrough in Russia, Turkey Talks on Sea Lane for Ukraine Grain Exports
Wall Street Journal writer Jared Malsin reported yesterday that, “Russian and Turkish officials ended talks Wednesday without a significant breakthrough toward creating a sea lane to export grain from Ukraine across the Black Sea as a part of a United Nations-backed effort to address a global food crisis.”
Turkey, Russia Begin Talks on Sea Lane for Ukrainian Grain Exports
Wall Street Journal writer Jared Malsin reported today that, “Russian Foreign Minister Sergei Lavrov began talks with Turkish officials on Wednesday toward a possible deal to create a sea lane to export grain from Ukraine as a part of a United Nations-backed effort to address a global food crisis.”
75 Million Tonnes of Grain Could be Stuck in Ukraine by Fall, Kyiv Notes Anti-ship Weapons Could Help Secure Exports
Reuters writers Simon Lewis and Daphne Psaledakis reported yesterday that, “U.S. Secretary of State Antony Blinken said on Monday there are ‘credible reports’ that Russia is ‘pilfering’ Ukraine’s grain exports to sell for profit.”
Kremlin Trying to Sell “Stolen Ukrainian Grain,” as Kyiv Search For Alternative Grain Export Routes Continues
Declan Walsh and Valerie Hopkins reported on the front page of today’s New York Times that, “Russia has bombed, blockaded and plundered the grain production capacity of Ukraine, which accounts for one-tenth of global wheat exports, resulting in dire forecasts of increased hunger and of spiking food prices around the world.”
Lifting Black Sea Port Blockade Only Way to Prevent Food Shortage, Ukraine Says
Financial Times writer Max Seddon reported today that, “Ukraine has warned that the world faces a critical food shortage unless Russia lifts its Black Sea port blockade, as improvements to other transport options would only enable it to deliver a fraction of its total grain stockpile. “Oleksandr Kubrakov, Ukraine’s infrastructure minister, told the Financial Times […]
FT: Russian Invasion Impacting Farm Production Costs, Squeezing Farmers’ Returns
Financial Times writers Myles McCormick and Derek Brower reported yesterday that, “Russia’s invasion of Ukraine is threatening food shortages in import-dependent nations, but it is also increasing costs for growers based in big agricultural exporters.”
The “Race to Free Ukraine’s Stranded Grain” Persists, as Wheat Harvest Looms
Andrew Higgins and Erika Solomon reported in yesterday’s New York Times that, “The Baltic Sea port has silos to store plenty of grain, railway lines to transport it there from Ukraine, where it has been trapped by the war, and a deep harbor ready for ships that can take it to Egypt, Yemen and other countries in desperate need of food.”
World Food Prices Fall For Second Consecutive Month, But Still Near Record
Bloomberg writer Aine Quinn reported today that, “Global food prices stayed near a record as Russia’s invasion of Ukraine disrupted trade, fueling hunger and worsening a cost-of-living crisis.”
Black Sea Port Export Talks “Show Progress”
William Mauldin, Jared Malsin and Evan Gershkovich reported in today’s Wall Street Journal that, “An effort to ship grain stranded by the Russia-Ukraine war showed progress Wednesday, as a top Russian official blessed Turkey’s role in removing mines from the Black Sea and a top U.S. official said Washington was working to keep sanctions from blocking Russia’s exports.”
Federal Reserve: Observations on the Ag Economy- May 2022; Commodity Prices, Input Costs, Cropland Values all Climb
On Wednesday, the Federal Reserve Board released its May 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.
Black Sea Exports in Focus, While Global Potash Market Evolves
Reuters writer Michelle Nichols reported yesterday that, “A senior U.N. official had “constructive discussions” in Moscow with Russian First Deputy Prime Minister Andrei Belousov on facilitating Russian grain and fertilizer exports to global markets, U.N. spokesman Stephane Dujarric said on Tuesday.”
Scholz, Macron Urge Russia to Unblock Ukraine Grain- Turkey and Russia to Talk on June 8th, While Land Export Efforts Increase
Financial Times writers Polina Ivanova, Leila Abboud and Max Seddon reported late last week that, “European leaders have stepped up diplomatic efforts to loosen Russia’s hold on Ukraine’s grain supplies as Kyiv’s prospects in the eastern Donbas region worsen and the risk of a global food crisis mounts.”
USDA Forecasts Record Farm Exports in FY 2022
On Thursday, the USDA released its Outlook for U.S. Agricultural Trade, a quarterly report from the Department’s Foreign Agricultural Service (FAS) and Economic Research Service (ERS).
Russia’s Blockade of Ukrainian Grain, “May Require U.S. Intervention, General Suggests”
Karoun Demirjian, Alex Horton and Stefano Pitrelli reported in today’s Washington Post that, “The American general slated to become NATO’s next supreme allied commander warned Thursday that Russia’s blockade of Ukrainian grain exports could enable terrorist networks in other parts of the world and may require U.S. military intervention to ensure global markets don’t become destabilized.”