Urner Barry Releases March Soy & Wheat Report

The 2022/23 U.S. wheat supply and demand outlook unchanged from February. The projected season-average farm price remains at $9.00 per bushel. The January 2023 farm price reported in the USDA, National Agricultural Statistics Service (NASS) Agricultural Prices publication was $8.82 per bushel, down from $8.98 in...

Pork Exports Robust in January; Slow Start for Beef Exports

U.S. pork exports, which posted a strong finish in 2022, maintained momentum in January, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). U.S. beef exports were record-breaking in 2022 but slowed late in the year. This trend continued in January, as shipments were well below the large totals from a year ago.

January pork exports totaled 236,767 metric tons (mt), up 13% year-over-year, while export value climbed 16% to $643.4 million. Exports to Mexico, which finished...

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...

Urner Barry Releases March Pulse Protein Report

As of March 8, Ethiopia remains in the top spot of the dried pea export value chart, with a 47% decrease in value year-over-year (YoY) noted. Cameroon holds the fifth spot, with a 31% increase in value. Canada is holding the number one spot for dried lentils with a 6% decrease and...

NCBA Calls Again for Immediate Halt to Brazilian Beef Imports

Last week, Brazil reported another atypical case of bovine spongiform encephalopathy (BSE) to the World Animal Organization for Animal Health (WOAH). That report indicated 35 days elapsed between when the case was first identified on Jan. 18, 2023, and the date it was confirmed on Feb. 22, 2023. This represents an unacceptable delay that is in clear violation of WOAH reporting requirements. It is clear that Brazil is incapable of prompt testing and the reporting requirements that all nations must follow when engaging in...

Urner Barry Releases February Soy & Wheat Report

The potential for a smaller than anticipated Argentine soybean crop supports the U.S. soybean meal export program during the second part of the marketing year (MY), June 1-May 31. In the U.S., average soybean meal prices in Decatur, IL have risen by over $45.00 per ton in the past few months. As a result, the 2022/23 U.S. soybean meal price forecast is lifted to $450.00 per ton.

U.S. Poultry and Egg Exports Set Record Last Year

U.S. poultry and egg exports in 2022 set a record at $6.234 billion, up 12.4 percent over 2021, with broiler exports reaching an all-time high in both volume and value, according to new trade data released by the USDA Foreign Agricultural Service.

U.S. broiler exports to the Philippines, Congo (Brazzaville), Gambia, Mauritania, Benin, and Guinea in 2022 reached all-time highs in volume and value, while exports to China and Taiwan set records in value. Also, Angola, Georgia, Vietnam, Gabon, Singapore, Canada, Turkmenistan, Iraq, and Chile showed tremendous...

USDA Accepting Applications for Trade Mission to Japan

The U.S. Department of Agriculture’s Foreign Agricultural Service (FAS) is accepting applications from exporters of U.S. farm and food products for a two-city trade mission to Japan, June 5-8. The trade mission offers U.S. agribusinesses the potential to increase or expand their sales to Japan, one of the United States’ top five agricultural export markets. U.S. exports of agricultural products to Japan exceeded $14.6 billion in 2022.

“As one of the largest economies in the world, Japan provides many exciting opportunities for the high-value agricultural and food products...

2022 Was Another Record Year for U.S. Farm Exports

The American agricultural sector posted its best export year ever in 2022 with international sales of U.S. farm and food products reaching $196 billion, Agriculture Secretary Tom Vilsack announced today. Final 2022 trade data released earlier this week by the Commerce Department shows that U.S. agricultural exports increased 11 percent, or $19.5 billion, from the previous record set in 2021.

“This second consecutive year of record-setting agricultural exports, coupled with a record $160.5 billion in net farm income in 2022, demonstrates the success of the Biden-Harris...

2022 Beef Exports Set Annual Records; Strong Finish for Pork Exports

U.S. beef exports set annual records for both volume and value in 2022, according to year-end data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Pork exports finished lower year-over-year but export value was the third largest on record, trailing only the highs reached in 2020 and 2021. Pork exports continued to gain momentum in December, led by another outstanding performance in Mexico. While lamb exports slowed in December, 2022 shipments were sharply higher than the previous two years, approaching the...

Urner Barry Releases February Pulse Protein Report

As of February 8, Ethiopia remains in the top spot of the dried pea export value chart, with a 94% increase in value year-over-year (YoY) noted. China still holds the fourth spot, with a 11% drop in value YoY. Canada is holding the number one spot for dried lentils with a 3% decrease and Sudan now holds the number two position with a sharp rise in value. Canada is holding the top spot for dried chickpea exports, with a 40% increase in value YoY. ...

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...

Ag Exports in Focus Following Tariff Rate Quote Agreement Between U.S. and EU

Earlier this week, United States Trade Representative Katherine Tai along with EU representatives signed the U.S.-EU Tariff Rate Quota (TRQ) Agreement.

This enabled the U.S. to preserve its existing access to the EU market for various agricultural goods following the United Kingdom’s exit from the EU on January 1, 2021.

Through the first 11 months of 2022, the U.S. exported $11.1 billion worth of goods to the EU, according to the office of the U.S. trade representative. 

Under tariff-rate quota 005 (Meat of bovine animals/Edible offal of bovine animals), the Union volume of the United States/Canada country specific part was adjusted to 10,500 tonnes...

Urner Barry Releases January Soy & Wheat Report

In the latest WASDE report, the USDA reported the 2022/23 U.S. wheat outlook in January is for increased supplies, larger domestic use, unchanged exports, and lower ending stocks. Supplies are raised on higher beginning stocks as reported in the National Agriculture Statistics Service (NASS) Grain Stocks report. Feed and residual use is increased 30 million bushels to 80 million bushels based on higher second-quarter implied disappearance based on the Grain Stocks report. The season-average farm price is ...

U.S., EU Agree to Tariff Rate Quotas for Agricultural Products

The United States Trade Representative (USTR) Katherine Tai and a number of EU representatives signed the U.S.-EU Tariff Rate Quota (TRQ) Agreement on January 17.

According to the USTR, the agreement will allow the U.S. to preserve its existing access to the EU market for various agricultural commodities following the United Kingdom’s exit from the EU on January 1, 2021.

“The new TRQ allocations are based on the historical pattern of agricultural exports to the 27 EU Member States,” the USTR’s office wrote in a press release...

U.S. Broiler Exports Posted Solid Gains in November

U.S. broiler exports for January through November 2022 reached an all-time high in both volume and value, according to new trade data released by the USDA Foreign Agricultural Service.

China, Taiwan, Angola, Philippines, Georgia, Congo (Brazzaville), Vietnam, Gabon, Gambia, Singapore, Canada, and Turkmenistan showed tremendous gains in broiler exports from the same period a year earlier.

Broiler exports for the first 11 months of 2022 were 3,490,748 metric tons, up 5.5 percent from the same period a year earlier, while export value...

USDA Accepting Applications for Netherlands Agribusiness Trade Mission

The U.S. Department of Agriculture’s Foreign Agricultural Service is accepting applications from U.S. exporters for its first-ever regional agricultural trade mission to Amsterdam, Netherlands, April 17 – 20, 2023.

“Agribusiness producers, exporters, and growers in the United States may find the Netherlands to be a perfect gateway to Europe,” said FAS Administrator Daniel B. Whitley. “Participants will explore exporting opportunities in this mature market, which continues to grow, and meet potential buyers in surrounding regional markets.”

U.S. agricultural and related exports, including fishery...

Urner Barry Releases January Pulse Protein Report

As of January 11, Ethiopia remains in the top spot of the dried pea export value chart. China still holds the fourth spot, with a 76% decrease in value year-over-year (YoY) noted. Canada is holding the number one spot for lentils with a 9% increase and Mexico is in the number two position with a 9% rise. Pakistan continues to hold the top spot for dried chickpea exports, with a 77% decline in value YoY.

The 2022/2023 (runs from September 2022–August 2023) dry bean marketing year is underway; with...

Pork Exports Continue to Gain Momentum; Beef Export Value Sets Annual Record

November exports of U.S. pork were the largest of 2022 in both volume and value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). November beef exports were below the large year-ago totals, but 2022 export value already set a full-year record of nearly $11 billion.

Pork exports reached 245,663 metric tons (mt) in November, up 3% from a year ago, while export value climbed 10% to $725.1 million...

Urner Barry Releases December Soy & Wheat Report

In the latest WASDE report, the USDA stated the wheat outlook for 2022/23 is unchanged from November. There are offsetting changes for exports by-class with Hard Red Spring and White higher and Soft Red Winter lower.

In 2022/23, U.S. farmers are estimated to have produced a total of 1.65 billion bushels of winter, spring, and durum wheat from a harvested area of 35.5 million acres...

USDA Invests More Than $200 Million to Expand Agricultural Exports

The U.S. Department of Agriculture’s Foreign Agricultural Service is awarding $202.7 million to more than 60 U.S. agricultural organizations to help expand export markets for U.S. farm and food products through the Market Access Program, also known as MAP, and the Foreign Market Development, or FMD Program. 

“In this unique public-private partnership, USDA and the American agricultural industry are working together to expand markets for high-quality, American-made farm and food products worldwide,” said FAS Administrator Daniel Whitley. “With industry matching funds, federal investments in these...

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...

Urner Barry Releases December Pulse Protein Report

As of December 14, Ethiopia remains in the top spot of the dried pea export value chart. China still holds the fourth spot, with an 81% decrease in value year-over-year (YoY) noted. Spain is holding the third-place spot for lentils with a 13% increase and Peru still holds the fifth position. Pakistan continues to hold the top spot for dried chickpea exports this December, with an 79% decline in value YoY.

U.S. agricultural exports in fiscal year (FY) 2023 are projected at $190.0 billion, down...

Urner Barry Releases November Soy & Wheat Report

In the latest WASDE report, the USDA stated the outlook for 2022/23 wheat for November is stable supplies, increased domestic use, unchanged exports, and slightly lower ending stocks. Total domestic use is projected to be 5 million bushels higher at 1,093 million bushels as an increase in food use more than offsets a decrease in seed use.

Globally, the 2022/23 wheat outlook calls for increased supplies, consumption, trade and ending stocks this month. Supplies are projected up 1.3 million tons to...

Urner Barry Releases November Pulse Protein Report

As of October 12, Ethiopia remains in the top spot of the dried pea export value chart. China still holds the fourth spot, with an 86% decrease in value year-over-year (YOY) noted. Peru is maintaining the fifth-place spot for lentils, keeping India out of the top five countries in the export value chart. Pakistan continues to hold the top spot for dried chickpea exports this October, with an 84% decline in value YOY.

According to the Commerce Department, U.S. farm exports rose to a record $196.4 billion in fiscal year (FY)...

Urner Barry Releases October Soy & Wheat Report

In the latest WASDE report, the USDA stated the outlook for 2022/23 wheat for October is lower supplies, domestic use, exports, and stocks. This is due to reductions in both harvested area and yield, which lowered production by 133 million bushels to 1,650 million bushels, only minimally higher than last year. The season-average farm price is estimated at $9.20/bushel (bu), a $0.20 increase from last month.

Globally, the 2022/23 wheat outlook calls for reduced supplies, consumption, trade and ending stocks this month. Supplies were decreased by 1.9 million tons to...

Urner Barry Releases October Pulse Protein Report

As of October 12, Ethiopia remains in the top spot of the dried pea export value chart. China still holds the fourth spot, with an 88% decrease in value year-over-year (YOY) noted. Peru is maintaining the fifth-place spot for lentils, keeping India out of the top five countries in the export value chart. Pakistan continues to hold the top spot for dried chickpea exports this October, with an 83% decline in value YOY.

The USDA reported this past summer that the Saudi government lifted all COVID-19 restrictions allowing...

Urner Barry Releases September Soy & Wheat Report

In the latest WASDE report, the USDA stated the outlook for 2022/23 wheat for September is increased supplies, domestic use, exports, and reduced stocks. The outlook is relatively unchanged from August. The season-average farm price is currently estimated at $9.00/bu, a $0.25 decrease from last month. Despite the decline, the current value remains a record season-average farm price.

Globally, the 2022/23 wheat outlook calls for higher supplies, consumption, exports, and ending stocks this month. Supplies were increased by 3.6 million tons to...

Urner Barry Releases September Soy & Wheat Report

In the latest WASDE report, the USDA stated the outlook for 2022/23 wheat for September is increased supplies, domestic use, exports, and reduced stocks. The outlook is relatively unchanged from August. The season-average farm price is currently estimated at $9.00/bu, a $0.25 decrease from last month. Despite the decline, the current value remains a record season-average farm price.

Globally, the 2022/23 wheat outlook calls for higher supplies, consumption, exports, and ending stocks this month. Supplies were increased by 3.6 million tons to...

Urner Barry Releases September Pulse Protein Report

As of September 13, Ethiopia remains in the top spot of the dried pea export value chart. China still holds the fourth spot, and an 89% decrease in value year-over-year was noted. Peru is maintaining the fifth-place spot for lentils, keeping India out of the top five countries in the export value chart. Pakistan continues to hold the top spot for dried chickpea exports this September, with an 84% decline in value year-over-year.

For the current marketing year, dry bean exports are at a record low...

Urner Barry Releases September Pulse Protein Report

As of September 13, Ethiopia remains in the top spot of the dried pea export value chart. China still holds the fourth spot, and an 89% decrease in value year-over-year was noted. Peru is maintaining the fifth-place spot for lentils, keeping India out of the top five countries in the export value chart. Pakistan continues to hold the top spot for dried chickpea exports this September, with an 84% decline in value year-over-year.

For the current marketing year, dry bean exports are at a record low...

Urner Barry Releases August Emerging Plant Protein Report

According to the latest USDA WASDE, the outlook for 2022/23 U.S. rice this August is for increased supplies, unchanged domestic use and exports, and higher ending stocks. All rice production for the 2022/23 crop was increased by 1.5 million cwt to 176.0 million. The season-average farm price was raised $0.60 to a record...

Urner Barry Releases August Soy & Wheat Report

In the latest WASDE report, the USDA stated the outlook for 2022/23 wheat for August is increased supplies, domestic use, exports, and reduced stocks. Supplies were raised on higher production, with the all wheat forecast at 1,783 million bushels, up 2 million from July. Also, the all wheat yield is projected at 47.5 bushels per acre, a slight increase from last month. The season-average farm price is currently estimated at $9.25/bu, surpassing the 2012/13 record of $7.77/bu.

Globally, the 2022/23 wheat outlook calls for higher supplies, greater consumption, and increased trade. Supplies were increased by...

Urner Barry Releases August Pulse Protein Report

As of August 8, Ethiopia remains in the top spot of the dried pea export value chart. China still holds the fourth spot, and a 90% decrease in value year-over-year was noted. Meanwhile, Canada is in the first spot for lentils again, however with a 19% decrease in value. Peru is maintaining the fifth-place spot for lentils, keeping India out of the top five countries in the export value chart. Pakistan continues to hold the top spot for dried chickpea exports this August, with an 84% decline in value year-over-year.

The U.S. exports to over 70 countries and has been a net exporter of dry peas and lentils for at least three decades. However, the 2021/22 marketing year is anticipated to be...

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...

Urner Barry Releases July Emerging Plant Protein Report

The USDA projects rice exports to total 79.0 million cwt, a 5% decrease year-over-year, and the lowest level since 1996/97. However, the U.S. rough-rice export forecast is up almost 10% from a year earlier. Currently, the United States is facing increasing competition from South American rough rice exporters in key Latin American markets that is preventing any long-term increase in these shipments. U.S. milled rice exports are forecast at 45.0 million cwt, 14% below a year prior. These are the lowest milled-rice exports since...

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...

Urner Barry Releases July Soy & Wheat Report

Projected 2022/23 global wheat trade is expected to total 205.4 million metric tons, an increase of 0.2 million from a month ago. While India's exports are reduced due to their trade restrictions, they are more than offset with increases for Argentina, Russia, and Uzbekistan. Argentina has continued to export large volumes in 2021/22 as they have remained competitive and are anticipated to continue to be able to compete in the global market into the 2022/23 trade year.

According to the agriculture ministry, Ukraine's grain exports plunged 68.5% year-over-year to 165,000 tons in early July. Also, grain exports for the 2021/22 season ended June 30 rose...

Port of LA Hits New June Cargo Record

The Port of Los Angeles announced it moved 876,611 Twenty-Foot Equivalent Units (TEUs) in June, edging out last year as the best June in the Port’s 115-year history.

At the mid-point of 2022, the Port has handled more than 5.4 million TEUs, matching last year’s record-setting pace, the Port shared in a press release.

“Halfway through the year, we’ve been able to reduce the number of vessels waiting to berth by 75%, allowing dock workers to efficiently process more vessels...

Urner Barry Releases July Pulse Protein Report

Dry pea supplies in 2021/22 are tight with production down 60% year-over-year. The USDA reported that dry pea stocks were down by about 50% in December from the previous year, the lowest levels since 2012. Lentil supplies are also lower than the year prior, with production down 55%.

According to the National Weather Service, a massive heat wave is engulfing much of the Midwest and into the Southern tier of the United States. Excessive heat warnings were in effect last week, with...

Urner Barry Releases June Emerging Plant Protein Report

According to the latest USDA WASDE, the outlook for 2022/23 U.S. rice this June is for higher beginning and ending stocks. No other changes to the 2022/23 balance sheet were noted for this month. The season average farm price for all rice remains unchanged at $17.80/cwt, up $1.90 year-over-year.

The USDA also noted that despite a slow start to plantings this year in the South because of rain, progress of the 2022/23 crop was reported...

Urner Barry Releases June Soy & Wheat Report

According to the Ukraine Grain Association, grain silos in Ukraine are about half full leading up to this year's harvest, which means crops could be left in the ground if Russia continues blocking ports. Without access to its Black Sea ports, Ukraine would be able to export 20 million tons of grains next year at best. These exports would likely be more sunflower seeds than corn and wheat. Currently, Ukraine is attempting to ship its crop via...

Urner Barry Releases June Pulse Protein Report

Dry bean exports during the current marketing year were at a record low for the first 6 months of the September-February timeframe. Exports are currently averaging 44% below the previous year at 278 million pounds. Historically, the 2021/22 volume is 36% below the 32-year average. Also, the six-month export volume in 2004/05 was the only marketing year that was lower than the current one over the past 32 years.

Although slightly improved from the pandemic-related conditions of 2020, international trade markets remain hindered by port congestion, internal shipping delays, container availability, and trade route challenges stemming from the Russia-Ukraine war. Meanwhile, pea producers in some Russian regions face losing...

NRF Responds to Rising CPI by Urging Administration to Repeal China Tariffs

The National Retail Federation today called on the Biden administration to repeal tariffs on goods from China, citing Consumer Price Index numbers released this morning by the Bureau of Labor Statistics.

“This report showing that rampant inflation continues is one more reason for the administration to move quickly to repeal tariffs,” NRF President and CEO Matthew Shay said. “Independent researchers and government agencies agree that ending tariffs is the fastest way to relieve the pressure of higher prices that American businesses, workers and consumers are facing every day...

NCBA Commends Signing of U.S.-Japan Beef Export Agreement

Today, the National Cattlemen’s Beef Association praised the signing of an agreement between the U.S. and Japan to increase the Beef Safeguard Trigger level under the U.S.-Japan Trade Agreement.

“The agreement signed today underscores the importance of the mutually beneficial relationship between U.S. cattle producers and Japanese consumers, and we are hopeful that the improved safeguard will provide greater certainty for all segments of the supply chain. NCBA thanks Ambassador Tai for her continued efforts to reduce trade barriers and expand export opportunities for American cattle producers,” said...

Rich Nelson from Allendale, Inc Weighs in on the Grain Situation

Nearby CBOT corn futures slid to a six-week floor on Tuesday following USDA’s latest Crop Progress report, which indicated that corn plantings were up to 72% complete. The latest figure was below the 5-year average but an impressive catch-up over the past few weeks. 

Despite the progress, the 72% of corn planted as of Sunday, May 22, represented the second slowest pace for that week in over 25 years. On Wednesday, corn futures closed mostly lower but recovered some of their earlier declines. The old crop July contract managed to hold onto a ½ cent gain and ended at $7.72 ¼ a bushel.

The ongoing Russia-Ukraine war has impacted the old-crop outlook due to stalled grain supplies from Ukraine’s Black Sea ports. The trade disruptions have restricted the global supply of grain and energy, exerting additional upward pressure on prices...

Urner Barry Releases May Emerging Plant Protein Report

As of May 23, Canada still holds the top value spot on the sunflower seeds export value chart but a decrease of 44% in value year-over-year was noted. Canada also holds the top value spot for sunflower oil, with an increase of 79% in value compared to a year ago. For rice, Mexico has gained 33% in value year-over-year, remaining in the top spot on the chart this month.

The USDA projects rice exports to total 82.0 million cwt, a decrease of 3.0 million from a year prior. Meanwhile, rice from the U.S. is becoming uncompetitive as prices rise. Imports are expected to total...

Urner Barry Releases May Soy & Wheat Report

In the latest WASDE report, the USDA stated that the outlook for 2022/23 wheat this May is reduced supplies, lower exports, and higher prices. U.S. 2022/23 wheat supplies are projected down 3%, as lower beginning stocks more than offset a larger harvest. All wheat production is estimated at 1,729 million bushels, up 83 million from a year ago. Also, all wheat yield is projected at 46.6 bushels per acre, a slight increase from last year. The USDA's first survey-based forecast for 2022/23 winter wheat production is down 8% from last year, with abandonment for Winter Wheat at the highest level since 2002. However, Spring Wheat production is expected to rebound significantly from last year's drought-reduced Hard Red Spring and Durum crops primarily on return-to-trend yields.

Globally, the 2022/23 wheat outlook is for lower supplies, increased trade, and reduced ending stocks. Production is forecast at 774.8 million tons, 4.5 million lower than a year prior. Reduced production in Ukraine, Australia, and Morocco was partially...

Urner Barry Releases May Pulse Protein Report

For pulses like dry edible beans, prospective area declines are anticipated to continue in 2022. Spring weather is an important factor and is posing threats again this year with dry conditions across several dry bean growing regions. April 2022 marked the seventh month of the 2021/22 dry bean marketing year which began in September 2021 and will end in August. Although planting decisions have been made, a variety of factors can influence the final crop mix well into the spring and early summer.

In addition to dry spring weather, key economic factors affecting reduced dry bean area include surging input costs for items like fuel and fertilizer, and elevated prices for...

Russia Given Authority to Halt Exports Under Executive Order Signed by Putin

On Tuesday, Russian President Vladimir Putin signed an Executive Order allowing Russia to halt exports and eliminate existing contracts for individuals on a forthcoming sanctions list.

Putin has ordered the Russian government to compile a list of sanctions against foreign individuals and companies over the next 10 days. 

The Executive Order was signed "to protect the national interests of the Russian Federation in response to unfriendly actions, which contradict international law, undertaken by the U.S., and joined by other foreign states and international organizations," according to a statement on Russia's presidential... 

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...

Urner Barry Releases April Emerging Plant Protein Report

As of April 26, Canada holds the top value spot on the sunflower seeds export value chart with a decrease of 47% in value year-over-year. Canada also holds the top value spot for sunflower oil, with an increase of 120% in value compared to a year ago. For rice, Mexico has gained 39% in value year-over-year, remaining in the top spot on the chart this month.

In April, the USDA reported that rice exports remain projected at 86.0 million cwt, more than 8% below a year ago and the smallest since 2000/01. World trade was estimated 1.1 million tons higher at 52.5 million on greater exports by...

Concerns Mount Over Global Cooking Oil Supply As Russia-Ukraine War Continues 

Soybean futures rallied during overnight trading as traders assessed the tight global supply of cooking oils spurred by the ripple effects of the ongoing Russia-Ukraine war.

Combined, Russia and Ukraine account for about 80% of the world’s sunflower oil exports. Russia’s invasion of Ukraine has forced buyers to find alternatives to sunflower oil shipments, which have largely been stalled in Black Sea ports.

Port closures and shipping disruptions in the Black Sea region have elevated the prices of competing vegetable oils like palm oil—a common ingredient used in food, cosmetics, and cooking.

Indonesia, the world’s largest exporter of palm oil, announced last week that it will ban shipments of the product beginning April 28 in an effort to curb rising domestic prices...

Urner Barry Releases April Soy & Wheat Report

Besides drought, this past winter season featured notable extremes. In December, multiple severe weather conditions resulted in more than 200 tornadoes. December also ended with wildfires spreading near Boulder, Colorado, after a derecho swept from the east-central Plains into the upper Midwest. A month later, blizzard conditions along the northern Atlantic coast caused the coldest air movement in 4 years across Florida's peninsula.

For 2022, area for all wheat is estimated at 47.4 million acres, a slight increase from 2021. This would represent the fifth lowest all wheat planted area since records began in 1919. At 34.2 million acres, 2022 winter wheat planted area is up 2% from last year but down less than...

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...

Urner Barry Releases April Pulse Protein Report

The USDA released its Prospective Plantings report on March 31, noting that hopes for drought relief fizzled during the first couple months of 2022. With the generally dry start to the new year, there was little overall change in the western drought depiction. Also, drought coverage across the south continued to climb, reaching 59.2% in March. By March 1, national drought coverage had been greater than 40% for 75 consecutive weeks, a 21st century record.

Besides drought, this past winter season featured notable extremes. In December, multiple severe weather conditions resulted in more than 200 tornadoes. December also ended with...