Ana Swanson reported on the front page of today’s New York Times that, “Ukraine has limited exports of sunflower oil, wheat, oats and cattle in an attempt to protect its war-torn economy. Russia has banned sales of fertilizer, sugar and grains to other nations.”
Farm Policy News
Russian War Amplifies Agricultural Market Dynamics in India, Ukraine, U.S., and Indonesia
Reuters writers Rajendra Jadhav and Mayank Bhardwaj reported today that, “But a rare confluence of high international prices, consecutive record crops, a weaker rupee against the dollar and improved internal logistics have made [wheat] shipments from India attractive.”
Indonesia Widens Palm Oil Export Ban, Protectionist Measure Adds to Existing Pressure on Edible Oils
Bloomberg writers Eko Listiyorini, Anuradha Raghu, and Rieka Rahadiana reported yesterday that, “Indonesia, the world’s biggest edible oils shipper, will widen an export ban to include crude palm oil, adding to uncertainty in a market that’s suffered dizzying price swings and threatening to worsen global food inflation.”
Wearing Body Armour, Dodging Mines- Ukrainian Farmers Press Ahead, Cope With Logistics
Reuters writer Joseph Campbell reported yesterday that, “Ukrainian farmers in the southern region of Zaporizhzhia which borders the frontline of the military conflict with Russia are now wearing body armour to plough their fields.”
Planned Indonesia Palm Oil Export Ban Stokes Food Price Worries, as U.S. Crop Progress Slows
Reuters writer Bernadette Christina reported yesterday that, “Indonesia’s agriculture ministry said on Monday that crude palm oil shipments would be excluded from a planned palm oil export ban, according to a copy of an official letter sent to local government leaders.”
Edible Oil Prices Volatile; as Fertilizer Prices Fall Slightly
Reuters writers Naveen Thukral and Mei Mei Chu reported today that, “Global vegetable oil prices climbed on Monday to trade near multi-year highs, as Indonesia’s decision to ban palm oil exports heightened concerns about global food supplies.”
Ukraine Production “More Critical” Amid Food Security Concerns
Bloomberg writers Aine Quinn and Volodymyr Verbyany reported today that, “Ukraine is the world’s largest producer of sunflower oil and ranks among the top six exporters of wheat, corn, chicken and even honey.”
Indonesia Bans Palm Oil Exports- Soybean Oil Surges
Reuters writer Nigel Hunt reported yesterday that, “Soybean oil prices soared to a record high on Friday as Indonesia’s decision to effectively ban exports of palm oil heightened concerns about already depleted global supplies of alternative vegetable oils.”
Ukrainian Farmers Have Planted 20% of Spring Crops; IGC Lowers Corn Production Outlook for 2022/23
Reuters News reported yesterday that, “Ukrainian farmers have sown 2.5 million hectares of spring crops so far in 2022, 20% of the expected area, the agriculture ministry said on Thursday, adding that areas of intense conflict could see a drop of 70% of the sowing area.”
Retail Fertilizer Prices Higher, as Chinese Soybean Demand Weakens
DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices tracked by DTN for the second week of April 2022 show all eight major fertilizers had higher prices than the previous month. This has been the trend in recent weeks.”
Federal Reserve: Observations on the Ag Economy- April 2022; Input Costs in Focus
On Wednesday, the Federal Reserve Board released its April 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 Storage at Issue- Spring Planting Seen Down by a Third, as U.S. Corn Hovers Near Record
Bloomberg writers Megan Durisin and Sybilla Gross reported yesterday that, “Chicago corn futures are hovering close to a decade high reached earlier Tuesday as the war in Ukraine curtails grain sales and weather hampers crops elsewhere.”
Chicago Corn Exceeds $8- Approaches Record, While Russian Fertilizer Reaching Brazil
Bloomberg’s Tarso Veloso Ribeiro reported yesterday that, “Corn futures in Chicago exceeded $8 a bushel for the first time in almost a decade, approaching a record high as war threatens global supplies, boosting demand for U.S. grain.”
Brazil Wheat Exports Rise, While an Urgency to Get Ukrainian Farmers “Back in the Fields” Remains
Financial Times writers Michael Pooler, Bryan Harris and Lucinda Elliott reported yesterday that, “Alongside the sugarcane and soyabeans that sprout from his fields in the interior of São Paulo state, this year José Odilon De Lima Neto plans on sowing a different crop for the first time.”
2021 U.S. Ag Exports Highest on Record, Corn the Primary Contributor
Last week, the USDA’s Foreign Agricultural Service (FAS) released its 2021 U.S. Agricultural Export Yearbook, a statistical summary of U.S. agricultural commodity exports. Today’s update includes highlights from the report, with a focus on soybeans, corn and wheat.
Ukraine Increases Spring Planting Forecast
Reuters writer Pavel Polityuk reported yesterday that, “Ukraine’s agriculture ministry on Friday revised up its forecast for the area to be sown to 2022 spring crops, giving no reason for the new outlook.”
Russian Grain Exports Persist, as Rail Delays Impact U.S. Fertilizer Supply
Bloomberg News reported yesterday that, “Seven weeks after its invasion of Ukraine, Russia is still exporting grain to some of its biggest customers, even as shipping costs soar.”
Fertilizer and Food Prices Climb, While Egypt Pays High Price for Wheat; Corn Extends Gains
DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices continue to march higher and higher, according to locations tracked by DTN for the first week of April 2022. All fertilizers were higher once again compared to last month.”
Egypt Wheat Supplies in Focus, While USDA Reports Highlight U.S. Wheat Exports, South American Production
Bloomberg writers Megan Durisin, Abdel Latif Wahba, and Salma El Wardany reported yesterday that, “Egypt, the world’s biggest wheat buyer, is accelerating efforts to ensure the supplies needed to feed its citizens as the war in Ukraine upends the global grains trade.”
Mines Impede Planting in Ukraine, While EPA Eases Restrictions on Summer Ethanol Sales
Bloomberg writer Aliaksandr Kudrytski reported yesterday that, “About half of Ukraine’s land area needs to be checked for explosives left by Russian forces, highlighting the challenges farmers in the agriculture powerhouse face in planting crops at a crucial time in the season.”