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Joint Statement from Secretary Vilsack and Ambassador Tai after Meeting with Mexican Government

Agriculture Secretary Tom Vilsack and United States Trade Representative Katherine Tai released the following statement after Secretary Vilsack and Ambassador Tai met with a delegation of senior Mexican Government officials in Washington, D.C. today:

“Today, we welcomed a number of senior Mexican Government officials to a meeting at the United States Department of Agriculture.

“There was candid conversation about our deep concerns around the restrictions of the importation of biotech corn and other biotechnology products stemming from President López Obrador’s 2020 decree. The Mexican delegation presented...

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Dec 19 8:07 AM, General News



No Extension Announced Yet for Black Sea Grain Initiative 

On Friday, officials from Russia and the United Nations convened in Switzerland to try to work out an extension of the Black Sea Grain Initiative, which is set to expire on November 19th. 

The agreement, which was brokered by the U.N. and Turkey over the summer, allows for Ukrainian grain shipments and Russian exports of key agricultural commodities including fertilizer amid the ongoing war.

Russia briefly pulled out of the deal two weeks ago due to an alleged Ukrainian drone attack on its Black Sea fleet in Crimea. 

Russian authorities have not yet decided on whether to extend the agreement. An extension could ease concerns about a global food shortage, particularly for countries in Africa, the Middle East, and Asia that rely heavily on grains, vegetable oils, and other goods from both Russia and Ukraine...

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Nov 15 8:37 AM, UB Newswires


USMEF Conference Concludes with Election of New Officers, Overview of Current Trade Landscape

The U.S. Meat Export Federation (USMEF) Strategic Planning Conference wrapped up Friday in Oklahoma City with the election of a new officer team. Dean Meyer, a corn, soybean and livestock producer from Rock Rapids, Iowa, is the new USMEF chair.

In addition to raising corn and soybeans, Meyer’s diversified operation – which he oversees with his three sons – includes a cattle feedlot and a farrow-to-finish hog facility. This provides him with a deep appreciation of the diverse range of agricultural sectors that make up USMEF...

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Nov 14 9:22 AM, General News


Wheat Futures Plummet as Russia Rejoins Black Sea Grain Initiative

Russia has rejoined the Black Sea Grain Initiative just days after announcing its withdrawal from the deal on Saturday.

Over the weekend, Russia declared that it would pull out of the initiative following an alleged Ukrainian drone attack on its Black Sea fleet. The news fueled a rally in the grains futures markets, with wheat leading the sharp advances.  

Ukraine is one of the world’s top exporters of grain and other agricultural products. Russia is a key provider of fuel and energy. In 2020, Ukraine was the fifth largest exporter of wheat, according to the Observatory of Economic Complexity (OEC).  

Ukrainian grain shipments will resume Wednesday at noon, easing some concerns about global food insecurity—particularly for countries that are heavily reliant on agricultural imports to meet their needs...

 

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Nov 2 8:20 AM, UB Newswires


CME Grain Futures Climb Following Russia's Suspension of Black Sea Grain Deal 

On Saturday, Russia’s Ministry of Defense announced that it would leave the Black Sea Grain Initiative for an "undetermined period" of time.

Russia claimed that Ukraine launched a drone attack on Russia’s fleet off the coast of Crimea early Saturday. Ukraine has denied these allegations, with Ukrainian Foreign Minister Dmytro Kuleba tweeting “[w]e have warned of Russia’s plans to ruin the Black Sea Grain Initiative. I call on all states to demand Russia to stop its hunger games and recommit to its obligations.”

The Black Sea Grain Initiative was brokered by Turkey and the United Nations in July of this year. The deal was aimed at combating a potential global food shortage caused by significant disruptions to agricultural shipments from the Black Sea. Both Russia and Ukraine are significant producers and exporters of key commodities including grain and fertilizers...

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Oct 31 10:15 AM, UB Newswires


Three More Ships Carrying Ukrainian Grain Depart Port of Chornomorsk

On Friday, three additional ships carrying Ukrainian grain left the port of Chornomorsk, which is located on the north-western shore of the Black Sea.  

The first shipment of Ukrainian grain since Russia's invasion began in February departed Ukraine’s Black Sea port of Odesa on Monday under the agreement reached by Ukraine and Russia in late July. The ship arrived in Istanbul’s waters Tuesday evening and underwent a joint civilian inspection, said the Joint Coordination Centre...

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Aug 5 7:33 AM, UB Newswires


CME Grain Futures Decline After First Ship Carrying Ukrainian Grain Departs Odesa Port

For the first time in months, a commercial ship carrying Ukrainian grain left the Black Sea port of Odesa early Monday local time.

Ukrainian exports from the Black Sea region have been blocked by Russian forces since the invasion began in February.

On July 22 Ukraine and Russia signed a deal, brokered by Turkey and the United Nations, to resume Ukrainian grain exports in an effort to ensure the global food supply. The agreement also frees up Russian grain and fertilizer...

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Aug 1 9:15 AM, UB Newswires


Grain Export Deal in Question Following Russian Missile Strike on Odesa Port 

On Friday, Ukraine and Russia signed a deal in Istanbul to allow the resumption of Ukrainian grain exports via the Black Sea Ports.

Access to Ukraine's maritime ports had been blocked by Russian forces since the military invasion began in February.

The agreement was brokered by Turkey and the United Nations and is scheduled to be implemented in the next few weeks. Under the deal, up to 5 million metric tonnes of grain per month will be exported by shipping companies through safe passageways in Ukrainian waters. 

Millions of tons of grain exports have been stalled in Ukraine due to the war, pushing global food prices higher...

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Jul 25 9:45 AM, UB Newswires


CME Grain Futures React to Potential Russia, Ukraine Deal on Grain Exports

Grain futures have been losing ground in the latest three weeks and counting, offering some reprieve for livestock producers who have been contending with high feed costs.

Since June 17th, the December corn futures contract shaved off over $1.50 per bushel, while the most actively traded soybean contract declined by over $2.00 per bushel during the same time period.

The grain complex was under pressure again on Tuesday as traders eyed a potential deal between Ukraine and Russia to resume grain exports through Ukraine’s Black Sea ports...

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Jul 20 9:44 AM, UB Newswires


Red Meat Exports Deliver Value Back to Corn and Soybean Producers, Says Study

Record-level red meat exports of $18.7 billion in 2021 had a major impact on the corn and soybean industries, according to an independent study by the Juday Group. The study quantified the returns that red meat exports brought to corn and soybean producers in 2021 nationally, and at state levels for leading corn-producing and soybean-producing states.

“The study validates the red meat industry’s collaborative approach to export market development,” says U.S. Meat Export Federation (USMEF) Chair-elect Dean Meyer, who produces corn...

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Jun 17 8:24 AM, General News


USMEF Spring Conference Examines Strong Global Demand Tempered by Growing Economic Challenges

The U.S. Meat Export Federation (USMEF) Spring Conference got underway Wednesday in San Antonio, attracting a diverse range of participants including pork, beef, lamb, corn and soybean producers, as well as packers, processors, exporters and traders from throughout the United States.

USMEF Chair Mark Swanson, who recently founded food safety consulting firm Tru Grit KGMS Enterprises LLC, welcomed attendees and urged them to take the opportunity to visit one-on-one with a strong contingent of USMEF’s international staff from Asia, Mexico...

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May 27 8:54 AM, Urner Barry


WASDE Data Shows Lower Projected Corn Crop and Lower U.S. Exports

In the latest World Agricultural Supply and Demand Estimates (WASDE) report, the USDA's outlook for U.S. feed-grain is for lower production, domestic use, exports and ending stocks, and higher prices. The corn crop is projected at 14.5 billion bushels, which is down 4.3% from last year.  

In a special note, USDA wrote "Russia’s recent military invasion of Ukraine significantly increased the uncertainty of agricultural supply and demand conditions in the region and globally. The May WASDE represents an ongoing assessment of the short-term impacts as a result of this action". 

Total U.S. corn use for the 2022/23 year is expected to decline 2.5% from a year ago due to lower exports and domestic use. Corn used to produce ethanol is unchanged from last year, reflecting expectations of steady U.S. motor gasoline consumption

U.S. corn exports are down 4% in 2022/23 due to lower supplies and strong domestic demand. Despite record exports projected for Argentina and Brazil, a 550-million bushel drop in exports for Ukraine is the main cause for a decline in world trade...

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May 13 8:24 AM, UB Newswires


Ukraine Formally Closes Four Seaports Under Russian Control 

In a statement released on May 2, Ukraine’s Agriculture Ministry said the country has closed the four seaports of Berdyansk, Mariupol, Skadovsk, and Kherson "until Ukraine regains control” over them.

The ministry explained that the closures have been caused by the “inability to service ships and passengers, cargo, transport, and other related economic activities so as to ensure an adequate level of shipping safety and compliance with international treaties”.

Following Russia's invasion of Ukraine in late February, Russian forces had captured or blockaded some ports, forcing all Ukrakina seaports to indefinitely halt their activities. 

Ukraine is a major exporter of agricultural commodities including grains and vegetable oils. Prior to the conflict, most of Ukraine’s exports were shipped via sea but have since been rerouted to export by train or by its Danube river ports.

On Monday, Ukrainian President Volodymyr Zelenskyy warned that Ukraine could lose tens of millions of tons of grain due to the Russian-controlled Black Sea shipping lanes...

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May 2 10:00 AM, UB Newswires


CBOT Corn Prices Climb to a Nearly Decade High

CBOT corn futures roared to a nearly decade-high earlier this week as traders assessed ongoing supply concerns and global disruptions precipitated by the Russia-Ukraine war.

On Monday, July corn futures eclipsed $8 per bushel, the highest level since September 2012. July corn was trading at around $6 per bushel towards the beginning of 2022.  

The ongoing conflict in Ukraine has exacerbated upward price pressure for corn, along with many other agricultural commodities. Ukraine is a major exporter of items including wheat and barley. Russia’s largest exports include oil and...

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Apr 20 11:00 AM, UB Newswires


Chicago Grain Traders Await USDA's WASDE, Crop Production Reports

Chicago grain futures closed mixed on Thursday. May corn rounded out yesterday's session 1 ½ cents higher at $7.57 ¾ a bushel while May soybeans were up 26 cents to $16.45 ½ cents a bushel.

Front-month Chicago wheat slipped by 18 ¼ cents to $10.20 a bushel, pressured in part by moisture in areas of the southern wheat-producing states.

According to the USDA weather desk, recent rain from northeastern Texas eastward has eased short-term drought, although drought remains entrenched over the southern and western portions of the region.

The USDA indicates that about 46% of the nation's spring wheat production is currently located within an area experiencing drought. 

Grain prices remain largely supported by Russia's ongoing invasion of Ukraine, which has spurred concerns about global supplies amid stalled Ukrainian exports of key agricultural commodities including wheat, corn, and sunflower oil...

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Apr 8 10:15 AM, UB Newswires


Fertilizer Prices Spike to Record High Amid Ongoing Russia-Ukraine War

According to Green Markets North America Fertilizer Price Index, fertilizer prices last week surged to a record high at 1,248.09. The previous record high was set in 2008 at 932.27, which was influenced by a variety of factors including strong domestic and global demand coupled with low fertilizer inventories. 

Numerous Western sanctions against Russia over its invasion of Ukraine have raised widespread concerns for farmers globally, who must navigate sharply higher input costs in addition to ongoing supply chain issues. 

According to the Observatory of Economic Complexity, Russia was the world's largest fertilizer exporter in 2019, having exported $8.85 billion in fertilizer trade volume that year. In 2019, Brazil was the world’s top importer of fertilizer, followed by India and the United States...

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Mar 24 8:00 AM, UB Newswires


Ukrainian City Kherson Falls Under Russian Control

The Russian invasion of Ukraine entered its eighth day today. According to Ukrainian officials, Russian forces took control of the southern port of Kherson on Wednesday, a key harbor on the Black Sea. Ukraine’s entire Black Sea coast is in danger of being captured by Russia, potentially sequestering Ukraine from worldwide trade.

Both Russia and Ukraine are major exporters of grains including wheat and corn. Disruptions to shipments out of the Black Sea region can fan the flames on food inflation and aggravate concerns about the cost of living for consumers across the world. 

In an update provided by Ukraine’s Ministry of Defense earlier this morning, it was reported that Russian forces were still attempting to reach the northern outskirts of Kyiv, Ukraine’s capital city. The Ministry of Defense added that Russian attacks were continuing in other cities including Chernihiv, Kharkiv, and Okhtyrka. Talks between delegations from Ukraine and Russia were scheduled to resume at 3 p.m. Moscow time on Thursday...

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Mar 4 8:00 AM, UB Newswires


President Biden Addresses Russia-Ukraine War in State of the Union Speech

President Joe Biden delivered his first State of the Union address Tuesday evening and highlighted several pressing topics including Russia’s invasion of Ukraine, the ongoing pandemic, and the nation’s economy.

In his speech, President Biden stated “[w]e are inflicting pain on Russia and supporting the people of Ukraine. Putin is now isolated from the world more than ever,” adding “[t]ogether with our allies–we are right now enforcing powerful economic sanctions.”

Global sanctions have been imposed against Russia in an attempt to castigate Russian President Vladimir Putin for his aggression against Ukraine. The sanctions are taking aim at Russia’s stocks and currency, along with the country's transportation and energy sectors. President Biden explained “we are cutting off Russia’s largest banks from the international financial system”, and “choking off Russia’s access to technology that will sap its economic strength and weaken its military for years to come.” 

In yesterday’s address, Biden confirmed that the United States will join other countries including the EU and Canada in prohibiting Russian planes from its airspace...

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Mar 3 7:55 AM, UB Newswires







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