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Corn and Soybean Harvests Remain Ahead of 5-Year Avg
The corn harvest in the 18 major producing states made further progress last week and remains ahead of a year ago and the five-year average.
The same can be said about the soybean harvest. It is early in the harvest season and farmers may face weather-related delays that could slow their progress versus historic levels in the weeks ahead.
USDA data released Monday showed corn harvest in the top 18 producing states as of Sunday at 15%, up from 9% the previous week and above 11%...
Corn Harvest Slightly Outpacing Year-Ago and 5-Year Avg
Corn harvest in the 18 major producing states made further progress last week and is slightly outpacing a year ago and the five-year average.
The soybean harvest is one point ahead of the five-year average. However, it is early on in the harvest season and weather-related delays could slow farmers’ progress versus historic levels in the weeks ahead.
USDA data released Monday showed corn harvest in the top 18 producing states as of Sunday, September 17 at 9%, up from 5% the previous week and 7%...
The 2023 Corn Harvest Is Officially Underway
The week ending September 10th marked the first week of measurable corn harvest in the United States for 2023.
The USDA reports that 5 percent of this year’s corn crop has been harvested so far, which is on par with a year ago at this time and one point ahead of the 5-year average. Texas reports 62 percent of its corn crop has been harvested, while North Carolina has harvested 49 percent. Seven of the 18 primary corn-producing states have yet to begin their harvest activities...
Hot and Dry Weather Boosting Crop Development in Corn Belt
In the latest Crop Progress report, corn conditions were downgraded with 53 percent now in good to excellent condition, down three points from the previous week. Corn rated in poor to fair gained those points, now totaling 41 percent.
Corn in the dough stage of growth is nearly complete at 93 percent, one point ahead of the 5-year average rate. Corn dented is up to 67 percent, beating the average pace by 2 percentage points.
Corn reaching the mature stage is reported at 18 percent, double that of week-ago progress and outpacing the 5-year average rate by two points...
Corn Growth Slightly Ahead Average Rate; Conditions Downgraded
In the latest Crop Progress report, corn in the dough stage was reported to have reached 88%, which is slightly ahead of past progress benchmarks. Corn dented was up to 51% stage completion, ahead of the 5-year average of 49%.
Corn mature was reported at 9%. This beats out the 5-year average of 8% and 2022 progress of 7%. 13 of the 18 primary corn-producing states reported some level of matured corn in the latest report.
Corn conditions were downgraded two points from the previous week, with 56% in...
Corn Conditions Slightly Downgraded; Soybeans Hold Steady
In the latest Crop Progress report, corn in the dough stage was reported to have reached 78%, which is ahead of past progress benchmarks. Corn dented was up to 35% stage completion, also ahead of the 5-year average of 33%.
For the first time this season, we have figures for corn mature, at 4%. This is on par with the 5-year average and 2022 progress. 10 of the 18 primary corn-producing states reported some level of matured corn in the latest report.
Corn conditions were downgraded one point from the...
Wheat Futures Rise Following Alleged Drone Attack on Moscow
Wheat futures on the Chicago Mercantile Exchange advanced by nearly 2% early Friday, boosted by mounting concerns over global supplies following an alleged drone attack on a building in central Moscow earlier in the day, according to media reports.
December wheat reversed Thursday’s losses and narrowly surpassed $6.28 per bushel. This, however, was down sharply from its week-ago settlement price of $6.53 ¾ per bushel. Wheat prices have generally been on a steep downtrend since surging to $7.96 per bushel in late July, a five-month high...
Corn and Soybean Condition Ratings Improved in Latest Crop Progress Report
Corn conditions saw a modest improvement in the latest Crop Progress report. The USDA reported corn in good to excellent condition totaled 59%, up from 57% the previous week.
Corn in the silking stage was reported at 96%, on par with the 5-year average. Corn dough was up to 65%, two percentage points ahead of the 5-year average. Corn dented more than doubled progress from the previous week, at 18%. This matches the 5-year average and outpaces the year-ago progress of 15%.
Soybean conditions also saw improvements with 59% rated...
Improved Rainfall Sends Soybean Futures to Multi-Week Lows
Widespread showers have largely benefitted corn and soybeans in the nation's key crop-producing regions, sending soybean futures on the Chicago Mercantile Exchange to multi-week lows on Monday.
November soybeans shed over 31 cents and fell to the lowest level since June 30, closing at $13.02 per bushel.
In the latest USDA Crop Progress report, good to excellent ratings for soybeans were reported at 54%, up 2% from the week prior. Soybeans blooming moved up to 90%, above past progress benchmarks...
Crop Development Progressing Ahead of Past Benchmarks
Corn conditions were unchanged in the latest Crop Progress report, with 57% in good to excellent ratings. 30% remained in fair condition.
Corn in the silking stage advanced to 68%, a 21 percent jump from the previous week and three points ahead of the 5-year average. Corn in the dough stage was at 16%, more than doubling week-ago progress and two points ahead of the 5-year average.
Grain futures including corn were sharply higher Monday, boosted by concerns over global grain supplies following Russian attacks on Ukraine's ports on the...
Crop Condition Ratings Increase; Futures Choppy Following Grain Deal Expiration
In the latest Crop Progress report, the USDA shows corn conditions were modestly altered to reflect a combined 13% in poor to very poor condition, compared to 14% the previous week. 30% of corn is rated fair, while 57% ranges good to excellent, up 2 points from a week ago.
Corn in the silking stage was up to 47% complete, compared to the 5-year average of 43%.
This week's report also showed preliminary figures for corn dough—which is the stage of growth when about half the kernels are...
Grain Futures Fall Following Latest WASDE Report
In the latest World Agricultural Supply and Demand Estimates (WASDE) report, the USDA outlook for 2023/24 U.S. corn calls for fractionally larger supplies and ending stocks.
Production for 2023/24 is forecast 55 million bushels higher as greater planted and harvested area from last month's annual Acreage report is partially offset by a 4.0 bushel reduction in yield to 177.5 bushels per acre.
Foreign corn production is projected fractionally higher with increases for Canada and Ukraine, which are partly offset by a reduction for the EU...
Corn Silking Stage at 22%; Conditions Raised in Latest Crop Progress Report
Corn silking is up to 22% complete in the latest Crop Progress report, nearly tripling its progress from the previous week. This figure is one percentage point above the 5-year average benchmark.
The condition of this year's corn crop showed improvements over the previous week following additional widespread rainfall and cooler temperatures. A combined 55% is now rated in good to excellent condition, up from 51% the week prior. 31% is rated fair, while a combined 14% is in the poor to very poor category...
Corn Conditions Only Modestly Improved; Soybeans Downgraded Slightly
In the latest Crop Progress report, the USDA showed that corn in the silking stage doubled from the previous week, currently at 8%. The 5-year average rate is 9% and year ago progress stood at 7% in the current week. 13 of the 18 primary corn-producing states reported some degree of silking progress, as Colorado, Michigan, Ohio, Pennsylvania, and Wisconsin have yet to report silking figures.
Following rainfall over the weekend, corn conditions were only modestly adjusted in the latest week, with 34% rated fair and 43% good, up from 42% the week prior. 8% was rated excellent...
Corn Crop Progressing to Growth Stages; Conditions Fall Again
In the latest Crop Progress report, corn throughout the 18 primary production states has completed the emergence phase and is now into the silking stage of growth. Corn silking is at 4% for the week ending June 25, on par with the 5-year average.
The condition of the 2023 corn crop declined for a third straight week with a combined 50% in good to excellent condition, down 5 points from the week prior. 35% is in fair condition. A combined 15% is considered poor to very poor, versus 12% the...
Grain Markets Rebound from Weather-Related Sell-Off Late Last Week
The grain markets have whipsawed in recent days as traders monitor weather conditions in the Midwest and await the upcoming USDA acreage report. The annual report from the government indicates acreage by planted and/or harvested areas by state for various crops including corn, soybeans, and wheat.
Forecasts for much-needed rain in the Midwest contributed to a sell-off in corn and soybean futures late last week, with December corn plummeting by over 32 cents on Friday after climbing to a multi-month top...
Corn Emergence Nearly Complete; Conditions Further Deteriorate
Corn emergence was up to 96% complete in the latest Crop Progress report, slightly above the 5-year average rate.
The condition ratings on the 2023 corn crop were downgraded again in the latest week, with a combined 55% now considered to be in good to excellent condition, down from 61% the week prior. 33% is rated fair, 9% poor, and 3% very poor.
Next week, the USDA should provide initial progress figures for corn silking, the next key stage of growth evaluated to determine overall progression.
Corn futures surged following the latest...
Crop Conditions Decline as Dry Weather in Corn Belt Lingers, Futures Jump
Corn plantings are now completed and emergence in the latest Crop Progress report continues to progress, currently at 93%. This is up from both the five-year average and year-ago progress of 87%.
Corn condition ratings are as follows: 10% excellent, 51% good, 31% fair, 6% poor, and 2% very poor. The 61% in good to excellent condition compared to 72% the year prior at this time and 64% last week.
Global supply concerns along with the decline in good to excellent corn conditions are lifting corn futures...
Nearby Wheat Futures Hit Three-Week High After Destruction of Ukrainian Dam
Nearby wheat futures on the Chicago Mercantile Exchange gained over 3% following the destruction of the Russian-controlled Nova Kakhovka dam in southern Ukraine Tuesday morning.
July wheat was trading 20 cents higher at $6.43 ¾ a bushel as of this writing, the highest level since May 16. The latest attack raised additional concerns over global supplies and export capabilities from key grain producers Ukraine and Russia.
The Nova Kakhovka dam spanned the Dnipro River and supplied water to the Crimean Peninsula along...
Grain Futures Recover at Midweek As Traders Eye U.S. Crop Conditions, Weather
After plummeting by over 40 cents on Tuesday and making a new low for the year, soybean futures on the Chicago Mercantile Exchange rebounded at midweek and closed 3 ¼ cents higher at $12.99 ¾ per bushel.
Corn and wheat futures also recovered on Wednesday, lifted in part by short-covering. July SRW wheat settled 3 ¼ cents higher at $5.94 ¼ per bushel after falling to a multi-year low earlier that day.
July corn ended flat at $5.94 per bushel yesterday and was last trading 7 cents higher at $6.01 per bushel in...
Corn Plantings Near Completion, Soybeans Advance to 83%
Corn plantings in the latest week were reported at 92% completion, up from 81% the previous week and above the 5-year average of 84%.
Iowa and Missouri are nearly wrapped up with their corn plantings, each reporting 98%. North Carolina has 99% of its corn in the ground.
Corn emergence increased to 72% in the latest report, up 20 percentage points from the week prior. Emergence remains ahead of both the year-ago progress (58%) and the 5-year average (63%).
Nearby corn futures on the Chicago Mercantile Exchange were last trading...
Corn Plantings Up to 81% Completion, Soybeans 66% Underway
Corn plantings in the latest week raced ahead to 81% completion. This is up from 65% the previous week and above the 5-year average of 75%.
Of the 18 primary production states, all but Colorado, Kansas, North Dakota, and Texas are above their respective 5-year average rates for planting.
Corn emergence was up to 52% in the latest report, up from 30% the week prior. Emergence is ahead of both the year-ago progress (35%) and the 5-year average (42%).
Nearby corn futures on the Chicago Mercantile Exchange were last trading flat to 2 cents higher...
Stock Futures Inch Higher as Talks on Nation's Debt Ceiling Continue
U.S. stocks are posting modest gains in early trading action Friday as talks on the nation's debt ceiling continue. The Dow Jone Industrial Average was last 0.2% higher while the S&P 500 was also up by 0.2%. The Nasdaq-100 was 0.05% higher as of this writing.
Through Thursday’s close, the Dow has gained 0.7% while the S&P 500 has added 1.5%. The Nasdaq-100 has advanced by 3.3% on the week so far on optimism that the U.S. could avoid defaulting on its debt ceiling.
“An actual breach of the U.S. debt ceiling would likely cause severe damage to the U.S. economy,” said the Council of Economic Advisors (CEA) in a blog released earlier this month...
Broad Losses at Midweek Sent Lean Hog Futures and Grain Complex Tumbling
Lean hog futures on the Chicago Mercantile Exchange (CME) tumbled at midweek, sending some months to new contract lows. Yesterday’s sell-off followed a recent firming trend in hog futures after the Supreme Court’s backing of Proposition 12 last week.
The June lean hog futures contract formed an outside bearish reversal Wednesday and closed $2.325 lower at $84.875 per cwt. The August contract slipped to a fresh contract low and settled $3.025 lower at $84.85 per cwt.
The cash hog market and wholesale pork...
Corn and Soybean Planting Activities Continue Rapid Pace in Latest Crop Progress Report
Corn plantings continued their rapid pace of progression in the latest week and forged on to reach 65% completion. This compares to 49% the previous week and the 5-year average of 59%.
Of the 18 primary production states, Colorado, Kansas, Michigan, North Dakota, Ohio, Texas, and Wisconsin are trailing behind their respective 5-year average rates for planting.
Corn emergence reached 30% in the latest report, more than doubling progress from the week prior. Emergence is ahead of both year-ago progress (13%) and the 5-year average (25%)...
Black Sea Grain Inspections Resume Following Recent Standstill
In a press briefing Tuesday, the United Nations announced that the “JCC has confirmed that inspections have resumed today on outbound vessels.”
The Joint Coordination Centre (JCC) conducted no inspections on Sunday or Monday. Since May 1, the JCC inspection rate dropped to 2.9 inspections daily, according to Farhan Haq, Deputy Spokesman for the Secretary-General.
"There are currently 26 vessels in Turkish waters loaded with 1,157,974 metric tons of grain and foodstuffs. According to information shared by the Ukrainian delegation with the parties at the JCC, there are 62 vessels waiting...
Corn Plantings Surpass Past Progress Benchmarks
In the latest Crop Progress report, corn plantings were at 49% completion, up from 26% the previous week and above the 5-year average of 42%. Year ago progress at this time was 21%.
For the week ending Sunday, May 7th, days suitable for fieldwork in Illinois were 6.0 compared to 5.1 the previous week. Indiana had 4.3 versus 4.1 the week prior. Iowa’s fieldwork days were 5.7, up from 4.8 last week. Ohio fell to 1.7 from 3.1 the previous week.
Corn emergence was reported at 12%, compared to year-ago progress of 5% and the 5-year average rate of 11%...
Corn Plantings 26% Underway, on Par with 5-Year Average
In the USDA’s latest Crop Progress report, corn plantings were reported at 26% complete during the week ending April 30, up from 14% the week prior.
Corn plantings are on par with the 5-year average. North Dakota is the only state that has yet to get on the board this planting season. Most states report plantings ahead of their respective 5-year average rates.
Corn emergence was reported at 6%. This compares to the 5-year average of 5% at this time and year-ago progress of 3% this week. Emergence in Texas is at 65%, while North Carolina reports corn at 48% emerged. Both are above their average emergence rates. Missouri corn is 31% emerged, while Kentucky and Tennessee report 24% and 23%, respectively.
Corn futures are flat to slightly firmer so far Tuesday morning...
Soybean Futures Add to Losses as Brazil's Soybean Harvest Nears Completion
Soybean futures on the Chicago Mercantile Exchange (CME) remained under pressure Wednesday, extending their string of lower closes to six straight days.
Through Wednesday afternoon, the most actively traded July contract lost about 6.4% since climbing to a multi-week top on April 18. July soybeans closed at $14.14 ¾ cents per bushel Wednesday, the lowest settlement level for that contract since October 27. However, soybean futures held above their lows made in late March.
Traders are monitoring Brazil’s soybean harvest, which is nearing completion. According...
Corn Plantings Surpass 5-year Average Rate, Year-Ago Progress
In the latest Crop Progress report, corn plantings throughout the 18 primary production states jumped to 14% completion, surpassing the 5-year average of 11%. This is above the previous week's progress of 8% and double the 2022 progress by this time. All but two of the 18 states are now on the board reporting planting progress.
In addition to planting updates, the report showed emergence progress for the first time this season. Corn emergence refers to the growing period in which the plants become visible. 3% of the corn...
G7 Discusses Expanding Ban on Russia Exports as Part of Strengthening Sanctions
The Group of Seven (G7) countries are considering a possible ban on nearly all exports to Russia, according to Japan's Kyodo News agency. The discussion is part of strengthening sanctions against Moscow in response to its ongoing war on Ukraine, which eclipsed its year-long mark two months ago.
The G7 summit will be held in Hiroshima on May 19 through 21. During the gathering, participants will discuss various topics including expanding support for Ukraine and intensifying sanctions against Russia.
The G7 members are Japan, Italy, Canada, France, the United States, the United Kingdom, Germany, and the European Union (EU)...
Ship Inspections Under Black Sea Grain Deal Resume Following Temporary Halt
Ship inspections by the Joint Coordination Centre (JCC) under the Black Sea Grain Initiative were temporarily halted earlier this week since “the parties needed more time to reach an agreement on operational priorities,” according to a statement by the United Nations. The stoppage resulted in 50 vessels being backlogged before they could move to the Ukrainian ports.
The Initiative, which was signed in Istanbul in July 2022, has enabled the safe export of more than 27.5 million metric tonnes of food since the agreement was signed, according to Stéphane Dujarric, Spokesman for the Secretary-General.
This has helped lower global food prices and aided in global food security by providing foodstuffs...
WASDE Data Shows Reduced Global Corn Production
The USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Tuesday.
The data showed unchanged feed and residual use along with unchanged ending stocks for corn. Corn imports were lowered by 10 million bushels based on observed trade to date. The season-average farm price was flat at $6.60 per bushel.
Global coarse grain production for 2022/2023 is forecast 3.3 million tons lower on decreased production, trade, and stocks relative to last month in foreign markets...
Crop Progress Data Shows Corn Planting 3% Underway in U.S.
The USDA has begun weekly progress reports on the growing season for major U.S. crops and this week marked the second report of corn planting progress among the 18 primary production states.
Corn plantings are 3% underway, one percentage point ahead of the 5-year average for this time.
Texas has completed 61% of planting activities, up 3 percentage points from the 5-year average but 1 point behind progress this time last year. North Carolina comes in second with 12% of corn in the ground, followed by Nebraska with 7%...
Initial Crop Progress Reports Show Corn Plantings 2% Underway
Corn plantings for the week ending April 2 were 2% underway when averaging the 18 primary corn production states. This is on par with the 5-year average by this time last year and is also even with this week last year.
Texas is slightly ahead of schedule, with 57% of its corn crop in the ground, compared to the 5-year average of 54%.
Plantings in Kentucky (2%), Kansas (1%), and North Carolina (1%) are mostly on par with their respective 5-year average planting rates. Meanwhile, thirteen of the...
USMEF Says Beef, Pork Exports Provided Strong Returns for Corn, Soybean Sector
The U.S. Meat Export Federation (USMEF) said record-high values for beef and pork exports led to “significant returns” for domestic corn and soybean industries in 2022, per a study conducted by World Perspectives, Inc.
U.S. pork and beef exports contributed an estimated total economic impact of 15% per bushel to the value of corn and 13% per bushel to soybeans in 2022, according to the study.
“For every bushel of corn we marketed in 2022, a little over $1 was attributed to red meat exports and...
USDA Plantings Report Shows Corn Acres Expected Up 4% in 2023, Soybeans Up Slightly
The USDA released its annual Prospective Plantings report Friday, which indicates how the nation's acreage will be used.
Corn planted for all purposes in 2023 is estimated at 92.0 million acres, up 4% from last year. According to the report, planted acreage is expected to be up or unchanged in 40 of the 48 estimated states.
Soybean planted area is estimated at 87.5 million acres. This is up slightly from 2022. Soybean planting intentions are unchanged or increased in 15 of the 29 major producing states...
Cargill to Halt Russian Grain Exports, Boosting CME Wheat Futures
Nearby wheat futures on the Chicago Mercantile Exchange surged to a one-month top Wednesday, boosted by Russia’s announcement that Cargill will stop exporting grains from Russia on July 1, according to reporting from Reuters.
The May wheat contract was last trading 17 ¾ cents higher at $7.17 ½ cents per bushel. Corn futures were up 4 to 5 cents while soybeans were about 1 to 2 cents lower as of this writing.
Cargill, an international producer of food, agricultural...
CME Grain Futures Under Pressure After Renewal of Black Sea Grain Initiative
The Black Sea Grain Initiative, a deal brokered by the UN and Turkey last summer, was extended for at least 60 days on Saturday, the day it was due to expire.
Following Russia's attack on Ukraine over one year ago, the agreement was first set into motion in July 2022 in order to supply the global marketplace with food and fertilizer.
Both Russia and Ukraine are among the world's top suppliers of arable crops including wheat, corn, and oilseeds. Moreover, Russia is a major supplier of energy and fertilizer to the world markets. The war in Ukraine has limited...
Corn Stocks Raised in Latest WASDE, While Soybean Stocks Projected Lower
The USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Wednesday, showing increased ending stocks for corn and lower stocks for soybeans.
The 2022/23 U.S. corn outlook showed reduced exports, down 75 million bushels. This was lowered based on sluggish sales and shipments to date, despite relatively competitive U.S. prices.
Other uses were unchanged, resulting in corn ending stocks being raised by 75 million bushels compared to the month prior.
The season-average corn price was lowered by 10 cents to $6.60 per bushel.
Global corn production was projected 3.2 million tons lower for reductions in Argentina due to heat and dryness last month and into early March. Global ending stocks were up 1.2 million from last month to 296.5 million tons...
Corn and Soybean Stocks Raised in Latest WASDE Report
The USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Wednesday, showing higher stocks for both corn and for soybeans.
The 2022/23 U.S. corn outlook showed that corn used for ethanol was reduced by 25 million bushels. Other uses were unchanged, resulting in corn ending stocks up 25 million bushels compared to the month prior.
The season-average corn price was unchanged at $6.70 per bushel.
Global coarse grain production was lowered by 3.6 million tons. Corn production for Argentina was cut based on reductions to both area and yield, according to USDA. Global ending stocks were down 1.1 million from last month, to 295.3 million tons.
For soybeans, the U.S. outlook for 2022/23 called for lower soybean crush and increased ending stocks. Soybean exports were unchanged. This resulted in ending stocks increasing by 15 million bushels to 225 million...
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...
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...
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...
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...
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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