Trade

Bloomberg writers Selcan Hacaoglu, Agnieszka de Sousa, and Daryna Krasnolutska reported yesterday that, “Turkey, the UN and others looked for ways to salvage the Ukrainian grain export initiative after Moscow said it would pull out indefinitely following an attack on its Black Sea naval fleet.”

Financial Times writers Polina Ivanova, Christopher Miller and Emiko Terazono reported yesterday that, “Moscow has suspended its participation in a UN-backed deal with Kyiv that unblocked the movement of Ukrainian grain out of its southern ports, threatening to deepen the global food crisis.”

Dow Jones writer Will Horner reported yesterday that, “The future of the Black Sea grains deal is shaping up to be agricultural markets’ key concern this week, while weather for South American farmers and macroeconomic developments such as economic data and central bank meetings will also be in focus.”

Reuters writer Pavel Polityuk reported late last week that, “A total of 211 ships with 4.7 million tonnes of agricultural products on board have left Ukraine so far under a deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports, the Ukrainian infrastructure ministry said on Saturday.”

Bloomberg News reported yesterday that, “China is redoubling its efforts to bolster food security by trying to cut the amount of soybeans that get turned into animal feed.”

Late last week, Bloomberg writer Courtney McBride reported that, “Russia has destroyed, damaged or seized control of 14% of Ukraine’s crop storage capacity since invading in February, jeopardizing the global food supply and threatening future harvests, a US government-backed report said Thursday.”

Financial Times writers John Reed and Jyotsna Singh reported late last week that, “India imposed controls on exports of several varieties of rice on Friday, in a move likely to affect the global market for one of the most commonly eaten staple foods as commodity prices surge following Russia’s invasion of Ukraine.”

Financial Times writers Polina Ivanova, Roman Olearchyk, Henry Foy, and David Sheppard yesterday that, “Vladimir Putin has criticised a grain deal signed with Ukraine that unblocked agricultural products trapped in the country by his government’s military assault, threatening an agreement that had eased a growing global food crisis.”

Reuters writer Michelle Nichols reported yesterday that, “Russia on Tuesday questioned a U.N.-brokered deal with Ukraine to boost grain and fertilizer exports by both countries, accusing Western states of failing to honor pledges to help facilitate Moscow’s shipments.”

Reuters writer Aleksandar Vasovic reported earlier this week that, “Ukraine said it had dispatched its biggest convoy of grain vessels under a U.N.-brokered deal so far after 13 ships set sail from its ports on Sunday carrying 282,500 tonnes of agricultural products to foreign markets.”

On Tuesday, 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 coordinated by Bart Kenner, Hui Jiang, and Dylan Russell.

Wall Street Journal writers Isabel Coles and Jared Malsin reported on Saturday that, “Exports of grain from Ukraine’s southern ports have surpassed one million metric tons under a United Nations-brokered deal with Russia that has held up for nearly one month even as hostilities rage elsewhere in the country.”

Reuters writers Pavel Polityuk and Jonathan Spicer reported today that, “A total of 33 cargo ships carrying around 719,549 tonnes of foodstuffs have left Ukraine under a deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports, the Ukrainian agriculture ministry said on Tuesday.”

Bloomberg writers Elizabeth Elkin and Megan Durisin reported yesterday that, “Ukrainian grain flows are pushing down global prices as the newly opened crop-export corridor shows initial success.”

William Mauldin and Jared Malsin reported in today’s Wall Street Journal that, “The U.S. Agency for International Development is spending more than $68 million to purchase and ship Ukrainian grain in the largest such export deal since Russia’s invasion this year and the start of a July agreement to allow for renewed shipments from Ukraine’s Black Sea ports.”

Jared Malsin reported in today’s Wall Street Journal that, “An international agreement to restore Ukraine’s Black Sea grain exports is showing early progress, with 18 ships moving to and from ports in Odessa nearly six months after Russia’s invasion bottled up a chunk of the world’s agricultural products.”

Nabih Bulos reported on the front page of today’s Los Angeles Times that, “Russia’s invasion of Ukraine upended the workings of what before the war was the world’s fourth-largest grain exporter.”

New York Times writer Emma Bubola reported yesterday that, “The biggest caravan of ships carrying grain and other agricultural products since the beginning of the Russian invasion has sailed from Ukrainian ports on Sunday, heading to Europe, Asia and the Middle East through the mined waters of the Black Sea.”

Bloomberg writer Aine Quinn reported today that, “Global food prices fell the most since 2008 after concerns over supplies of grains and vegetable oils eased as Ukraine moved toward restarting exports.”

Financial Times writers Laura Pitel and Felicia Schwartz reported yesterday that, “The first grain ship to set sail from Ukraine in months was cleared to embark on the final leg of its journey after passing an inspection by a team of international monitors in Turkish waters.”