Trade

Dow Jones writer Yusuf Khan reported yesterday that, “Ukraine remains key this week for grain and oilseed markets, after Russia launched more missile attacks on the country’s infrastructure.”

Writing on the front page of the Business Section in Friday’s New York Times, Daisuke Wakabayashi and Claire Fu reported that, “The first sows arrived in late September at the hulking, 26-story high-rise towering above a rural village in central China.”

A news release Friday from the U.S. Department of Agriculture stated that, “The American agricultural sector posted its best export year ever in 2022 with international sales of U.S. farm and food products reaching $196 billion, Agriculture Secretary Tom Vilsack announced today.”

In its monthly Grain: World Markets and Trade report yesterday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “Brazil 2022/23 corn exports (Oct-Sep) are forecast to equal those of the United States at 51 million tons on expanding production and strong exports in the second half of its 2021/22 marketing year (Mar 2022-Feb 2023).”

Bloomberg writers Kateryna Choursina and Aine Quinn reported on Monday that, “From his post at the mouth of the Black Sea, Ukrainian ship inspector Ruslan Sakhautdinov has seen his Russian counterparts repeatedly slow the flow of his country’s grain abroad — from scrutinizing fuel gauges to crews’ personal belongings.”

In prepared remarks at  a Senate Farm Bill hearing last week, Alexis Taylor, USDA’s Under Secretary of Trade and Foreign Agricultural Affairs, explained that, “With a population of 1.4 billion and a middle class the size of the entire United States, the PRC [People’s Republic of China] is the largest market for U.S. agricultural exports.”

The USDA’s Foreign Agricultural Service (FAS) indicated in a report this week, “Brazil: Grain and Feed Update,” that, “Brazilian agricultural production is expected to continue growing in 2023, maintaining the trend of producing another record-breaking grain harvest.”

Bloomberg writers Tarso Veloso Ribeiro and Michael Hirtzer reported late last week that, “Global demand for corn will come back to the US in the coming months, according to Archer-Daniels-Midland Co., one of the world’s biggest crop traders.”

The USDA’s Foreign Agricultural Service (FAS) indicated in a report this week, “China: Grain and Feed Update,” that, “Post forecasts MY2022/23 corn imports at 18 MMT, the same as USDA’s official estimate.”

Bloomberg writer Eric Martin reported yesterday that, “Mexico’s proposed changes to a planned ban on imports of US corn are insufficient, the Biden administration warned, saying that it continues to consider all of its rights to respond under the free-trade agreement between the nations.” 

In its monthly Grain: World Markets and Trade report for January, the USDA’s Foreign Agricultural Service (FAS) indicated that, “U.S. sorghum exports for 2022/23 are forecast down 1.5 million tons to 2.5 million (Oct-Sep), the lowest since 2018/19 and the second-lowest volume of the last decade.”

Bloomberg writer Jinglu Gu reported today that, “China is ramping up Covid preparations in rural areas ahead of Lunar New Year holidays that may unleash a surge in infections across some of the country’s poorest regions.” 

Eleanor Olcott and Sun Yu reported yesterday at The Financial Times Online that, “China’s population fell in 2022 for the first time in decades in a historic shift that is expected to have long-term consequences for the domestic and global economies.”

In a report this month from USDA’s Foreign Agricultural Service (FAS), “Record U.S. FY 2022 Agricultural Exports to China,” Graham Soley indicated that, “U.S. agricultural exports to China in fiscal year (FY) 2022 were $36.4 billion and surpassed the previous year’s record with China as the largest export market for the second consecutive year.”

Earlier this week, Bloomberg News reported that, “China’s population likely started shrinking last year for the first time in decades, experts say, a significant milestone that will have long-term repercussions for the economy.”

Bloomberg News reported yesterday that, “Omicron has swept through China’s major cities including Beijing, Shanghai and Guangzhou, overwhelming hospitals and causing widely-reported, if officially unrecorded, fatalities.”

Late last week, Bloomberg writer Jinglu Gu reported  that, “China has asked farmers to avoid large gatherings and send their Lunar New Year greetings virtually to try and curb the impact of a severe wave of Covid-19 in the countryside.”

Keith Bradsher reported on the front page of Tuesday’s New York Times that, “China’s reversal of its Covid restrictions in early December was meant to help places like Guangzhou [the commercial hub of southern China]. But the chaotic approach has contributed to a tsunami of infections that has swept across the nation, overwhelming hospitals and funeral parlors.”

Edward Wong and Ana Swanson reported on the front page of today’s New York Times that, “Hulking ships carrying Ukrainian wheat and other grains are backed up along the Bosporus here in Istanbul as they await inspections before moving on to ports around the world.”

Chelsey Dulaney reported in Friday’s Wall Street Journal that, “The U.S. dollar’s rally in 2022 gave the world a reminder of the currency’s ability to inflict pain on the global economy. Investors are optimistic that the dollar’s strength has now run its course.”