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Shining Light on Farm & Food Policy for 20 Years.
Friday, April 19, 2024
Russia has agreed to a 60-day extension of the Black Sea Grain Initiative – just half of the 120-day term that was originally agreed to in last year's deal that allowed Ukraine to export wheat and corn through its Odesa ports.
U.S. farmers are going to be producing and exporting a lot more grain and oilseeds for their respective 2023-24 marketing years, according to new forecasts released Thursday at USDA’s annual Agricultural Outlook Forum.
USDA’s latest farm income forecast could provide some ammunition to farm groups and their allies in Congress who argue that soaring production costs are eating into farm earnings while producers have little chance of seeing payments from commodity programs.
Russia’s repeated claims that the Black Sea Grain Initiative only helps wealthy nations have kept Ukraine on the defensive for months. Now, Ukraine is trying to flip the script on Moscow, with support from the U.S., United Nations, Japan, France, Norway and other countries.
In today's WASDE report, USDA increased production and offset some of those gains with higher domestic use. However, USDA did not lower export expectations which may be coming in the months ahead.
The inspection of grain ships entering and leaving the Black Sea is set to resume Thursday now that Russia has resumed participation in the Black Sea Grain Initiative, and that is allowing the United Nations to focus on preventing the Nov. 19 expiration of the agreement.
Some farm groups are calling on Congress to allow farmers to reallocate the base acreage they have enrolled in farm programs, a move that could allow growers to increase their potential government payments.
Drought has spread into regions this fall essential to the Biden administration’s plans to boost wheat production through double cropping, but many farmers who follow the practice in their normal rotations haven’t strayed from their plans to sow winter wheat this fall.
