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Shining Light on Farm & Food Policy for 20 Years.
Saturday, April 20, 2024
Russian attacks inflicted severe damage on key grain-exporting ports in Odesa this week, and Moscow is threatening ships in the Black Sea, a primary route for Ukrainian grain exports.
United Nations Secretary General Antonio Guterres confirmed Monday that Russia has pulled out of the Black Sea Grain Initiative, ending the ability of Ukraine to ship grain through its Odesa ports.
U.S. farmers understand that the outcome of the dispute between the U.S. and Mexico over Mexico’s attempt to block imports of genetically modified corn could set a precedent that will be key for trade with other countries around the world, U.S. Chief Agricultural Trade Negotiator Doug McKalip said Thursday.
It’s looking like Brazil will export more corn than the U.S. in the current and next marketing year, according to USDA forecasts, but sustainability, environmental and economic issues may soon pose problems for the South American ag powerhouse, according to an analysis released Wednesday by the National Corn Growers Association.
A new Agriculture Department report projects the nation’s corn producers will still be able to top 15 billion bushels of nationwide production even as stretches of the heartland face dry weather that will lower yields.
Moscow seems intent on letting the Black Sea Grain Initiative expire this coming Monday, but the United Nations is equally resolved to preserve the deal and prevent food prices from rising in some of the poorest nations.
A gauge of global food commodity prices fell again in June, led by declines in the cost of grains and vegetable oils, and is now more than 23% off the March 2022 peak that followed Russia’s invasion of Ukraine.
Russia’s threat to pull out of the Black Sea Grain Initiative continues to threaten global supplies of wheat and corn, but China would be one of the biggest losers would be China if that happens.
U.S. farmers planted 6% more corn acres this spring than last year but 5% fewer soybean acres, which is likely to drive U.S. soybean exports lower because of tighter supplies and higher prices.