Trade

Reuters writer Michelle Nichols reported yesterday that, “The United Nations said no ships were inspected on Sunday or Monday under a deal allowing the safe Black Sea export of Ukraine grain, which Moscow has threatened to quit on May 18 over obstacles to its own grain and fertilizer exports.”

Reuters writer Olena Harmash reported today that, “Russia has effectively stopped the Black sea grain deal by refusing to register incoming vessels, Ukraine’s reconstruction ministry said on Monday.”

Last week, the USDA’s Foreign Agricultural Service (FAS) released its 2022 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 corn, soybeans and wheat.

Bloomberg writers Megan Durisin and James Poole reported today that, “Wheat and corn futures steadied after Wednesday’s jump, as markets weigh up escalating tensions in the Black Sea region against burgeoning global supply.”

Reuters News reported today that, “The Kremlin said on Wednesday that Russia would continue talks with the United Nations and other parties to the Black Sea grain deal, and that Moscow would not do anything to harm its own interests.”

Financial Times writer Andy Bounds reported late last week that, “Poland and three other EU member states are to lift a ban on imports of Ukrainian foodstuffs under a deal reached with Brussels on Friday.”

In its weekly Grain Transportation Report yesterday, the USDA’s Agricultural Marketing Service (AMS) indicated that, “On April 24, American Commercial Barge Line reported it had no boats on the Upper Mississippi River above St. Louis, MO, because of flooding conditions and lock closures. Currently, above Lock 17 (which is near New Boston, IL), all locks and dams are closed, and no freight is being accepted along the Twin Cities and Mid-Mississippi portions of the river.”

Dow Jones writer Robb M. Stewart reported yesterday that, “Canadian farmers expect to plant more wheat this year, and increase crops of canola and soybeans.”

Wall Street Journal writers Jared Malsin and Alan Cullison reported in today’s paper that, “Russia is piling pressure on Ukraine and Western governments over a deal that reopened key Ukrainian ports for vital grain exports, renewing threats to back out of the agreement that lowered global food prices last year.”

Reuters News reported today that, “The Kremlin reaffirmed its position on Tuesday that the Black Sea grain deal is not working for Moscow, a day after the head of the United Nations handed Russia a letter with proposals to improve and expand it.”

Bloomberg News reported yesterday that, “Moscow may retaliate if Group of Seven countries proceed with a total ban on most exports to Russia by withdrawing from the safe-transit deal that allows Ukraine to ship grains from Black Sea ports, said Dmitry Medvedev, deputy chair of Russia’s Security Council.”

Reuters writer Michelle Nichols reported late last week that, “A deal allowing the safe Black Sea export of Ukraine grain could start winding down next week after Russia said it will not approve any new vessels unless their operators guarantee the transits will be done by May 18 – ‘the expected date of … closure.'”

Reuters writers Alan Charlish and Marek Strzelecki reported today that, “The first trucks carrying Ukrainian food products including corn and eggs were bound to start transit via Poland to the Netherlands on Friday morning, a Polish customs official said, as rules allowing the shipments took effect overnight.”

Reuters writer Pavel Polityuk reported yesterday that, “Inspections of ships carrying Ukrainian grain from the Black Sea resumed on Wednesday under a U.N.-brokered deal but Kyiv faces a struggle to secure an extension of the agreement, as well as a widening import ban in eastern Europe.”

Reuters writer Max Hunder reported today that, “Inspections of ships are resuming under a U.N.-brokered agreement on the safe export of grain from Ukrainian Black Sea ports, Ukrainian Deputy Prime Minister Oleksandr Kubrakov said on Wednesday.”

Bloomberg writers Daryna Krasnolutska and Aine Quinn reported today that, “Ukraine said its crop shipments through the Black Sea safe-passage corridor remained suspended for a second day, adding to uncertainty about future supplies from the key agriculture exporter.”

Raphael Minder, Barbara Erling, Andy Bounds and Marton Dunai reported yesterday at The Financial Times Online that, “Poland and Hungary have temporarily halted imports of Ukrainian grain despite a warning from Brussels that such unilateral action would contravene EU trade policy.”

Reuters writer Michelle Nichols reported late last week that, “U.N. Secretary-General Antonio Guterres has written to Russia, Ukraine and Turkey to raise concerns about the implementation of a deal that allows the safe wartime export of grain from several Ukrainian Black Sea ports, a U.N. spokesman said on Friday.”

Reuters writers Qin Ningwei and Dominique Patton reported yesterday that, “China’s soybean imports in March rose 7.9% from the same month a year earlier, data showed on Thursday, as buyers in China stocked up ahead of expected strong demand.”

In its monthly Grain: World Markets and Trade report yesterday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “China wheat imports are forecast up to 12.0 million tons this year—the country’s highest level of imports since 1995/96 when imports reached 12.5 million.”