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Russia and China Planning to Construct Bordering Grain Terminal
Over the four-day Eastern Economic Forum held in Vladivostok, Russia from September 10-13, Chinese and Russian officials signed multiple deals to enhance trade flows between the two countries.
This includes the construction of a new grain terminal, called the Grain Terminal Nizhneleninskoye-Tongjiang, as reported by the South China Morning Post. The terminal will help export food produced in the Ural Mountains, Siberia, and Russia’s Far East to China.
The new logistics hub will be located between Vladivostok, a major port city in Russia, and China’s northeastern province of...
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...
Ukraine's Navy Announces Temporary Corridors for Black Sea Vessels
Ukraine's Navy recently announced "temporary corridors" for merchant vessels destined for and departing from Ukrainian ports in the Black Sea.
“The specified routes will primarily be used for the possibility of leaving civilian ships that have been in the Ukrainian ports of Chornomorsk, Odesa, and Pivdennyi since the beginning of the full-scale invasion of Russia on February 24, 2022,” said Thursday's post.
The routes were previously proposed by Ukraine to the International Maritime Organization (IMO).
Yesterday's announcement acknowledged military threats and mine danger from Russia along these routes. Moscow pulled out of the UN-backed...
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...
NATO to Increase Reconnaissance in Black Sea Following Russian Attacks on Ukrainian Grain Storage
During the second meeting of the NATO-Ukraine Council on Wednesday, NATO and Ukraine condemned Russia’s withdrawal from the Black Sea grain deal last week, which raised fears of global food insecurity and higher food prices for countries that depend on Ukrainian exports.
Moscow is creating “deliberate attempts to stop Ukraine’s agricultural exports on which hundreds of millions of people worldwide depend,” read a statement issued by NATO yesterday.
The U.N.-brokered grain deal, signed last summer, allowed the export of 32.9 metric tons of commodities...
Latest Treasury Sanctions Take Aim at Russia's Revenue Sources, Including Mining Sector
Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced further sanctions to inhibit Russia's supplies and revenue-generating sources that aid in its war efforts against Ukraine.
The designations made today by OFAC and the Department of State are part of the commitments that G7 Leaders made in February and May of this year.
The latest sanctions seek to restrict Russia’s access to products that support its military and war efforts, reduce Russia’s revenue from the metals and mining sector, undermine its future energy capabilities...
Russia's Warning to Black Sea Bound Vessels Ignites Rally in Wheat Futures
Wheat futures on the Chicago Mercantile Exchange climbed to multi-week highs Wednesday after Russia's Defense Ministry announced that any vessel bound for Ukranine's Black Sea ports will be viewed as potential carriers of military cargo, starting tomorrow.
"From 00:00 am Moscow time on 20 July 2023 (2100 GMT), all vessels on the Black Sea sailing to Ukrainian ports will be regarded as potential carriers of military cargo," according to a Telegram post released by the defense ministry. "The flag states of these vessels will...
EU Denounces Russia's Attacks on Odesa and Ukraine's Grain Storage
Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, denounced Russia's attacks on Odesa, which have resulted in the large-scale destruction of Ukraine's grain storage.
In press remarks made today, Borrell explained: "for the third night, Russia bombs and destroys all of the port infrastructure in Odesa [and other coastal cities] and the storages of grain – more than 60,000 tons of grain has been burned."
"So not only do they withdraw from the grain agreement, in order to [halt the] export the grain from...
Russian Attacks on Odesa Target Grain Deal, Says Zelenskyy
Following a second night of Russian attacks on Odesa, a city on the Black Sea in Ukraine, Ukrainian President Volodymyr Zelenskyy wrote that Moscow is deliberately taking aim at the Black Sea Grain Initiative after the deal's collapse on Monday.
“Russian terrorists absolutely deliberately targeted the infrastructure of the grain agreement, and every Russian missile is a blow not only to Ukraine, but also to everyone in the world who seeks a normal and safe life,” wrote Zelenskyy on Wednesday.
“Deputy Prime Minister Kubrakov and Minister Klymenko informed about the consequences of the strikes. There were also reports by Chief of Staff Zaluzhnyi and Air Force Commander Oleschuk. He instructed Voyskov to strengthen the protection of people and port infrastructure...
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...
U.N. Secretary-General Addresses Black Sea Grain Deal Termination
United Nations Secretary-General António Guterres has addressed the Black Sea Grain Initiative, which was terminated on Monday after Russia withdrew from the deal.
Ships traveling in the northwestern part of the Black Sea are no longer guaranteed safety from Russian forces, raising concerns over the export capabilities of grain and other commodities from Ukraine’s three key ports.
The grain deal, which was discontinued hours before its renewal deadline, has ensured the safe passage of over 32 million metric tons of food commodities from Ukrainian ports to countries at high...
U.N. Secretary-General Sends Letter to Russia Ahead of Grain Deal Expiration
Ahead of the Black Sea grain deal’s looming expiration date on July 17, the United Nations continues in its efforts to secure Russia's agreement.
Earlier this week, U.N. Secretary-General António Guterres sent a letter to Russian President Vladimir Putin detailing a proposal to revive the crucial grain deal, which was launched in Istanbul by the Russian Federation, Türkiye, Ukraine, and the United Nations last July.
The deal is aimed at preventing global hunger and securing the safety of merchant ships that deliver grain and other...
UN Chief Urges Continuation of Grain Deal as New Harvest Begins
On Tuesday, United Nations (UN) chief António Guterres expressed disappointment by the slowed pace of inspections under the Black Sea Grain Initiative, the UN-brokered deal which allows for the exports of crucial commodities including grain from Ukraine amid the ongoing Russia-Ukraine war.
The agreement, which is managed from Istanbul by a Joint Coordination Centre (JCC), is set to expire in mid-July unless all parties involved agree to a renewal.
In a statement, Guterres said that food exports from the Black Sea have dropped off significantly from a peak of 4.2 million metric...
Black Sea Grain Deal Hangs in Balance Once More Ahead of Approaching Deadline
Moscow has once again signaled that it is unlikely to extend the Black Sea Grain Initiative, which is set to expire on July 18.
The Initiative was launched by Ukraine, Türkiye, Russian Federation, and the United Nations last summer to enable Ukrainian exports of grain, foodstuffs, and fertilizer through three key Ukrainian ports in the Black Sea—Odesa, Chornomorsk, Yuzhny/Pivdennyi.
Last month, all parties agreed to extend the U.N.-brokered deal for another 60 days with Russia demanding that logistical and financial obstacles to its own ...
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...
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...
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...
White House Aims New Sanctions at Russia and Iran
President Joe Biden recently announced new sanctions on groups in Russia and Iran in response to the wrongful detainment of Americans around the world.
In a press release issued by the White House Thursday, Biden stated “the Department of State and the Department of the Treasury have announced the U.S. Government’s first-ever sanctions against actors for engaging in the wrongful detention of Americans.”
“These sanctions against four individuals and two security services in Russia and Iran mean that all of the designees’ property and...
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...
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...
Grain Deal Negotiations Underway Between U.N. Officials and Russian Deputy Foreign Minister
On Monday, U.N. officials and Russian Deputy Foreign Minister Sergi Vershinin started negotiations on a possible extension of the Black Sea Grain Initiative.
The Initiative, brokered by the United Nations and Turkey in July 2022, allows for the exports of Ukrainian grain and fertilizer from three of Ukraine's Black Sea ports. Moreover, the deal also ensures that Russian food and fertilizer reach the global marketplace.
The deal's renewal deadline is rapidly approaching on March 18.
Ukraine's corn and wheat exports have returned to nearly seasonal-average levels since last summer...
Russian Shelling Forces Blackout at Europe's Largest Nuclear Power Plant
Ukraine’s Zaporizhzhia nuclear power plant has again been targeted by Russian shelling overnight, forcing a blackout mode and cutting out electricity for a portion of Kyiv's civilians. This is the first time the site has lost all power since November 2022.
The Zaporizhzhia plant is Europe’s largest and is under Russian control since 2022. Media outlets report that several civilians have been killed by the overnight missile attacks.
“Currently, the power plant is de-energizised and stays in blackout mode for the sixth time during the occupation," according to a post by state energy company Energoatom...
UN Secretary-General Meets with Zelenskyy in Kyiv to Discuss Grain Deal
UN Secretary-General António Guterres has arrived in Kyiv to discuss the future of the Black Sea Grain Initiative with Ukrainian President Volodymyr Zelenskyy. This is the Secretary-General’s third visit to Ukraine in less than a year.
The grain deal was launched in Istanbul by the Russian Federation, Turkey, Ukraine, and United Nations in July 2022. The agreement allows for the exports of grain and fertilizer from designated Ukrainian ports to the global marketplace.
The Black Sea Grain Initiative will expire on March 18 unless all parties involved agree on an extension...
Future of Black Sea Grain Initiative Remains Unclear as Deal Approaches Expiration
The future of the Black Sea Grain Initiative, brokered by the United Nations and Turkey in July 2022, remains unclear as the deal approaches its expiration date.
The initiative allows for Ukrainian grain shipments and Russian exports of key agricultural commodities amid the ongoing war, which hit its one-year mark one week ago.
Specifically, the Initiative allows for commercial food and fertilizer exports from three Ukrainian ports in the Black Sea—Odesa, Chornomorsk, and Yuzhny/Pivdennyi, according to the United Nations.
The deal is set to expire...
U.S. Issues Additional Russian Sanctions One Year into Russia-Ukraine War
In the early hours of February 24, 2022, explosions were reported in the Ukrainian cities of Kyiv, Kharkiv, and Odesa, sending shockwaves throughout the global marketplace.
One year into Russia's war on Ukraine has left nearly 18 million people in need of humanitarian assistance as civilians grapple with water and electricity shortages and widespread property damage.
According to the latest United Nations Human Rights Office (OHCHR) data, at least 8,000 non-combatants have been killed along with nearly 13,300 injured since the start of the war. The actual number...
Oil Futures Gain Following Russia's Voluntary Reduction in Oil Production Next Month
In early action Friday, the April Brent crude oil futures contract is up by nearly 3% from Thursday’s close at $85.74 per barrel. The March West Texas Intermediate (WTI) futures contract was last trading at $79.11 per barrel, up 1.2% from yesterday's settlement price.
Traders are digesting Russia’s recent announcement that it will voluntarily reduce its oil production by 500,000 barrels per day starting next month. The move comes in response to the recent Western price limits and bans on Moscow’s gasoline and oil products due to the war in Ukraine.
“Russia believes that the price ceiling mechanism for the sale of Russian oil and oil products is an interference in market relations and a continuation of the destructive energy policy of the countries of the collective West,” according to a statement published on the government website.
Ukraine's Coal and Gas Reserves Enough to Last Through Winter, Says Prime Minister
As Russia’s war on Ukraine approaches its one-year mark, the estimated fallout to human life and property continues its devastating rise.
According to the United Nations High Commissioner for Refugees, the number of refugees from Ukraine recorded across Europe has swelled to nearly eight million individuals as of January 24, 2023. Reuters estimates the number of deaths at 42,295 people, as of the latest update, with 15,000 people or more thought to be missing.
Along with mass casualties and the displacement of millions, the war has resulted in the massive destruction of buildings and property, including Ukraine's energy infrastructure...
U.S. Natural Gas Wholesale Prices Expected to Decline This Year
The U.S. Energy Information Administration (EIA) is forecasting lower wholesale U.S. natural prices this year and into 2024, according to its January Short-Term Energy Outlook (STEO) released Wednesday.
The EIA is anticipating natural gas production in the United States to increase by 2% this year and expects the Henry Hub price, which is the U.S. benchmark, to average $4.90 per mission British thermal units (MMBtu) in 2023. If accurate, this would be more than $1.50/MMBtu lower than the 2022 average.
In the first quarter of 2023, the Henry Hub price could average close to $5.00/MMBtu. This is due to increased demand during the winter along with liquefied natural gas (LNG) exports at near-capacity volumes, explained the EIA...
How 10 of the Most-Read Stories of 2022 Capture the Year in Food
Urner Barry, the leading provider of food industry market intelligence for over 160 years, reviews the top stories of 2022—a year which featured countless disruptions and global shocks to supply and demand.
Featuring coverage of the Russia-Ukraine war; high path avian influenza, inflation, trade, and more. Read the most popular stories published exclusively by Urner Barry in the past year...
This Week in Retail: Meat and Poultry Highlights of 2022
2022 has been another challenging year for retailers and participants throughout the supply chain, who have had to contend with the effects of drought, disease pressure, persistent inflation, and logistical issues—just to name a few.
In the face of rising wholesale prices, retail prices for several popular protein options including fresh ground beef, boneless skinless chicken breast, and bacon have hit fresh record highs this year, raising concerns among grocers over slowed consumer purchasing.
As we prepare to ring in the new year, a tight supply situation and...
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...
Kyiv Braces for Potential Winter Without Energy as Russian Shelling Continues
Kyiv, the capital of Ukraine and home to nearly 3 million people, is bracing for a brutal winter ahead as Russia aims its attacks on Ukraine's power plants and water infrastructure.
Kyiv could be left without energy, water, or heat if Russia continues its shelling on Ukraine. In an attempt to conserve energy, Ukraine's grid operator has announced rolling blackouts in Kyiv and seven nearby regions.
“We are doing everything to avoid this,'' the Mayor of Kyiv Vitali Klitschko told state media. "But let’s be frank, our enemies are doing everything for the city to be without heat, without electricity, without water supply, in general, so we all die. And the future of the country and the future of each of us depends on how prepared we are for different situations.”...
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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