Trade

Financial Times writers Joe Leahy and James Politi reported last week that, “China’s commerce minister and his US counterpart have raised concerns about their countries’ trade and investment policies at a meeting in Washington but pledged to keep channels of communication open in the first visit by a senior Chinese official to the US capital since 2020.”

Matthew Mpoke Bigg and Gulsin Harman reported in today’s New York Times that, “Ukraine and Russia agreed Wednesday to a two-month extension of a wartime deal that allows Ukraine to ship its grain across the Black Sea, a rare example of cooperation between the two countries.”

In its monthly Grain: World Markets and Trade report late last week, the USDA’s Foreign Agricultural Service (FAS) indicated that, “Global corn production is forecast to sharply increase, driven primarily by a forecast of continued high production in Brazil and rebounds in the United States and Argentina. Supplies in Ukraine are forecast to fall as the ongoing war limits production.”

Bloomberg writer Hallie Gu reported today that, “Top corn importer China could cancel more purchases of the grain from the US because the country can buy more cheaply from Brazil and as some local producers of hog feed replace corn with wheat in their rations.”

Reuters writer Daren Butler reported yesterday that, “Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday he thought the Ukraine Black Sea grain deal could be extended for at least two more months, as officials from the parties involved held the first day of talks on an extension in Istanbul.”

Reuters writer Michelle Nichols reported yesterday that, “The United Nations said inspections resumed on Tuesday of outbound vessels 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 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.”