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Balanced Reporting. Trusted Insights.
Monday, March 27, 2023
Russia, Ukraine and Turkey have agreed to renew the Black Sea Grain Initiative and allow Ukrainian wheat, corn and other farm commodities to continue flowing out of Odesa ports as the war rages on, according to a statement by the United Nations on Saturday, the last day for the deal to be extended.
Soybean and wheat growers are taking the lead in pushing for lawmakers to increase farm program reference prices in the next farm bill, even as lawmakers wrestle with how to come up with the extra money that would be required.
Russia is once again raising doubts about the renewal of the Black Sea Grain Initiative and the long-term viability of the improbable wartime deal that is allowing Ukraine to supply much of the world with grain and keep food prices from skyrocketing in some of the poorest countries.
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.
Drought is taking a higher-than-expected toll on Argentina’s corn and soybean farmers, according to the USDA, which cut production and export forecasts Wednesday for the South American country.
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.
The official new estimates for farm bill costs do little to ease the funding squeeze facing lawmakers who want to increase reference prices for major commodities to reflect the higher input costs farmers are paying.
Meanwhile, the Congressional Budget Office forecast raises new questions about the future of conservation funding provided through the Inflation Reduction Act.
Mexico’s attempts to rid the country of genetically modified corn from the U.S. could ultimately be put in the hands of a third-party dispute panel, and both sides are counting on science and common sense to prevail.
Deere and Co. said Friday its net income jumped 117% in the latest quarter compared to the same period a year earlier, and the farm equipment giant raised its earnings estimate for fiscal 2023.
