Trade

Bloomberg writer Hallie Gu reported yesterday that, “China has approved dozens of genetically modified corn and soybean seed varieties for planting, in a breakthrough move that could eventually boost production and reduce dependence on foreign supplies.”

Last week, in its quarterly Livestock and Poultry: World Markets and Trade report, USDA’s Foreign Agricultural Service (FAS) indicated that, “In 2024, EU pork, beef, and chicken meat exports are forecast to account for 15 percent of global exports, marking a significant decline from 20 percent in 2019.”

Bloomberg writer Hallie Gu reported on Sunday that, “Heavy rains will hit parts of China’s biggest grain producing areas in the next ten days, affecting crops from wheat to rice, the country’s weather bureau said.”

Dow Jones writer Kirk Maltais reported yesterday that, “Wheat for December delivery rose 3.3% to $5.78 1/4 a bushel on the Chicago Board of Trade on Thursday, with futures climbing in reaction to news throughout the day of Russian attacks on Ukrainian cities, and fears that vessels earmarked for carrying Ukrainian grain could be targeted.”

Reuters writers Olena Harmash and Pavel Polityuk reported today that, “Ukraine’s navy said on Wednesday that 12 more cargo vessels were ready to enter a fledgling Black Sea shipping corridor on their way to Ukrainian ports, as Kyiv steps up a push to defy a de facto Russian blockade on its vital sea exports.”

Reuters writer Pavel Polityuk reported on Sunday that, “Five more ships are on their way to Ukrainian sea ports using a new corridor opened to resume predominantly agricultural exports, an alternative arrangement to the Black Sea grain deal blocked by Russia, a top Ukrainian official said on Sunday.”

Bloomberg writers Isis Almeida, Gerson Freitas Jr, and Michael Hirtzer reported yesterday that, “Today the source of America’s agripower is rapidly dwindling.”

New York Times writers Victoria Kim and Matthew Mpoke Bigg reported today that, “Russian drones targeted southern Ukraine early Tuesday, hitting port infrastructure, warehouses and dozens of trucks near the Black Sea, after Ukraine increased attacks on Crimea in an effort to loosen Moscow’s grip on the south.”

Financial Times writer Roman Olearchyk reported today that, “Russian forces pummeled the Black Sea port city of Odesa in the early hours of Monday as they continued their months-long campaign of air strikes aimed at hobbling Ukraine’s grain exports.”

Bloomberg writers Hallie Gu and Tarso Veloso Ribeiro reported earlier this week that, “China’s voracious appetite for South American soybeans has continued into a period typically dominated by the US, an ominous sign for that nation’s growers as their harvest begins.”

Financial Times writer Susannah Savage reported yesterday that, “The price of wheat has been pushed to a near three-year low by an exceptionally strong crop in Russia, but analysts warn that an escalation of tensions between Ukraine and Russia in the Black Sea and high levels of hedge fund bets risk causing a renewed spike.”

Bloomberg writer Olesia Safronova reported today that, “As Ukraine’s farmers labor through their second wartime harvest, they’re expecting a big one. They just don’t know how much of it will ever make it to market.”

New York Times writer Matthew Mpoke Bigg reported today that, “A commercial ship loaded with wheat left a Ukrainian port on Tuesday, becoming the first vessel with cargo to use a new Black Sea route out of the country aimed at avoiding Russian naval threats.”

Reuters writer Tom Balmforth and Pavel Polityuk reported today that, “Ukraine plans to sue Poland, Hungary and Slovakia over bans on Ukrainian agricultural products, Agriculture Minister Mykola Solsky said on Monday.”

Reuters writers Pavel Polityuk, Olena Harmash and Michelle Nichols reported on Saturday that, “Two cargo vessels arrived in Ukraine on Saturday, Ukrainian port authorities said, the first ships to use a temporary corridor to sail into Black Sea ports and load grain for African and Asian markets.”

Wall Street Journal writers Thomas Grove and Laurence Norman reported in Saturday’s paper that, “Russia’s blockage of Ukrainian food exports has become a painful political issue next door in the European Union, where Brussels decided Friday to end EU restrictions on Ukrainian grain purchases but the bloc’s eastern flank immediately rejected the decision.”

U.S. Hard Red Winter (HRW) exports are forecast down 10 million bushels this month to 155 million bushels, the lowest since records started in 1973/74.”

Reuters writers Jonathan Saul and Carolyn Cohn reported today that, “Lloyd’s of London is in talks with the United Nations over providing insurance cover for Ukrainian grain shipments if a new Black Sea corridor deal can be reached, its CEO John Neal told Reuters on Thursday.”

Last week, 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).  Today’s update includes highlights from the report, which was prepared by Bart Kenner, Hui Jiang, Dylan Russell, and James Kaufman.

Financial Times writers John Paul Rathbone and Roman Olearchyk reported on Sunday that, “Russian forces launched a massive drone attack on Ukraine’s southern Odesa port region in the early hours of Sunday, a day before the Turkish and Russian presidents were due to hold talks about restarting the export of grain via the Black Sea.”