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G7 Leaders Discuss Potential Price Cap on Russian Oil Exports

G7 leaders gathered at the Bavarian Alps on Sunday for a three-day summit to discuss pressing issues including the ongoing Russia-Ukraine war. The seven G7 countries are Canada, France, Germany, Italy, Japan, the UK, and the US. 

Traders are closely eyeing any developments from the meeting with talks scheduled to resume today. G7 leaders are considering a cap on the price of Russian oil and pipeline gas exports in an effort to restrict Russia’s revenue...

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Jun 27 9:45 AM, UB Newswires



Record Gas Prices Heighten Supply Chain Concerns 

The national average for regular gasoline hit a fresh record high at $4.96 a gallon on Wednesday, according to AAA. This is up 28 cents in the latest week and nearly $1.90 a gallon higher than the year-ago average. 

The national average has been steadily climbing in the latest month with 14 states now recording their average gas price at $5 a gallon or more. 

Diesel prices are also forging new records and surged to $5.72 a gallon today based on the latest AAA data. This is 17 cents higher than this week last year and is heightening concerns for participants throughout the supply chain.

Diesel is an essential input for the production and transportation of a variety of goods. For instance, higher diesel costs are raising the trucking costs of livestock to the processing plants, intensifying inflationary pressures on consumer prices...

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Jun 8 8:28 AM, UB Newswires


Retailers Say New Biofuel Levels Will Drive Up Food Prices

The National Retail Federation today said biodiesel levels set by the Environmental Protection Agency for this year are too high and will drive up inflation for already high food prices, especially processed foods that rely on food oils from crops like soybeans.

“For more than a year, we’ve alerted the EPA and the administration about the shortage of food oils, which is causing significant disruptions throughout the supply chain and raising food costs for consumers,” said David French, NRF’s senior vice president for government relations and executive director of...

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Jun 8 8:22 AM, General News


NRF Says Economy ‘Being Rebalanced’ but ‘Extreme Cooling Off’ Seems Unlikely

The Federal Reserve faces “a tricky job” in addressing inflation but continuing growth in employment, wages and consumer spending make it unlikely the effort will backfire into a major setback for the economy, National Retail Federation Chief Economist Jack Kleinhenz said today.

“With changes underway that focus on taming inflation without splintering the economy, the nation’s economic system is in the process of being rebalanced in ways that are testing its resilience,” Kleinhenz said. “This is an extraordinary period with unprecedented factors that include inflation at a..."

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Jun 2 8:00 AM, General News


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...

 

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May 27 8:00 AM, UB Newswires


Latest AgriBriefing Webinar: Many Markets Nervous as No End in Sight for Rising Raw Materials Prices

Russia’s war against Ukraine and subsequent blockade of Ukraine’s grain exports by sea have sparked an unprecedented global food crisis. The disruption has been further exacerbated by hot weather and droughts that have hurt crops in other parts of the world, sending prices of some grains to record highs and threatening food security in parts of the developing world too.  

And if we factor in challenging growing seasons for crops, lockdowns in major Chinese cities, bird flu in the US, and other pressure points for import, export, and production, the concerns over agricultural markets and global demand are unlikely to relent.   

Experts from AgriBriefing's brands –  Stratégie Grains, Feedinfo, and Urner Barry – came together in a live webinar entitled ‘Rising Raw Materials Prices: Why? How? What’s Next?’ on 24 May to provide their latest overviews of...

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May 25 9:00 AM, UB Newswires


McDonald’s Agrees to Sell Russian Assets to Existing Licensee

Days after McDonald’s announced it would exit the Russian market and sell its entire portfolio, the company reached a sale and purchase agreement with its existing licensee Alexander Govor.

Govor will acquire the entire Russian McDonald’s restaurant portfolio and operate the restaurants under a new brand. Govor has served as a licensee since 2015 and has operated 25 restaurants in Siberia.

McDonald’s said the agreement remains subject to certain conditions, including regulatory approval, with closing expected to occur in the coming weeks...

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May 20 9:48 AM, General News


McDonald’s "de-Arching" from Russia, Plans to Sell Entire Portfolio

McDonald’s announced it will officially exit the Russian market and has begun a process to sell its entire portfolio in the country.

Back in March, McDonald’s shuttered all of its Russian locations following Russia’s invasion of Ukraine with over 800 locations closed, and all operations were paused.

“The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald’s values,” the company...

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May 17 8:00 AM, General News


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


Diesel Prices Climb to Fresh Record High

According to data from AAA, diesel prices surged to a fresh record high this week at $5.55 per gallon. This is up about 13 cents from the week prior and a whopping 78% higher than a year ago.

Elevated diesel prices are intensifying inflationary pressures and raising the costs of production for a variety of industries including farming and manufacturing. 

The U.S. Bureau of Labor Statistics reported that inflation climbed to 8.3% in April. This was down slightly from the month prior but still a near 40-decade high. U.S. stocks were mixed following the latest CPI data...

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May 11 9:29 AM, UB Newswires


Foodservice Update Q2 2022: Foodservice in Troubled Times - Impact of the War in Ukraine

This is a special edition focusing on the impact that the war in Ukraine may have on the foodservice industry in the immediate and the longer term. Food and energy prices were already rising before the war began, and this conflict has amplified the trend, making clear that high prices will not revert any time soon. Also, foreign brands operating in Russia are exposed to reputational risks, which might have consequences in long term strategies.

Report summary
The consequences will differ, depending on the market and...

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May 10 9:04 AM, General News


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... 

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May 4 9:45 AM, UB Newswires


NRF Says Economy Should Continue ‘Bustling Forward’ as Fed Works to Bring Inflation Under Control

The economy’s fast-paced growth could slow somewhat as the Federal Reserve tries to bring inflation under control in the next few months, but consumers are likely to keep on shopping as lower inflation eases uncertainty, National Retail Federation Chief Economist Jack Kleinhenz said today.

“The Fed’s tightening has kicked off a new cycle of adjustment and the outlook for interest rates has consequences for consumers and businesses alike,” Kleinhenz said. “There is a growing list of uncertainties, and the risks are mounting. But underlying..."

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May 4 8:36 AM, General News


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


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...

 

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Apr 27 9:00 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


Finland and Sweden Consider Joining NATO as Russia-Ukraine War Continues

Finland and Sweden are considering joining the North Atlantic Treaty Organization (NATO) amid Russia’s ongoing invasion of Ukraine, a move which the Kremlin has cautioned “will not lead to more stability on the European continent,” according to Kremlin spokesperson Dmitry Peskov.

US officials expect Finland’s application as early as June while Sweden could follow. If approved, the Western alliance would expand to 32 members.

NATO is an intergovernmental military alliance formed in 1949 by the United States and Canada along with several Western European nations including France and Belgium. Its original goal was to provide post-war security against the Soviet Union. 

In response, Soviet Russia formed the Warsaw Pact—a military alliance of eastern European communist countries. The Warsaw Pact was disbanded following the dissolution of the Soviet Union in 1991. Subsequently, several former Warsaw Pact countries including Hungary and the Czech Republic joined NATO...

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Apr 11 10:03 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


U.S. and Allies to Announce Additional Sanctions on Russia

The United States is expected to announce new sanctions on Russia today in coordination with the G7 and the EU over Russia’s ongoing invasion of Ukraine.

The package will ban new investments in Russia, enhance restrictions on financial institutions and state-owned enterprises in Russia, and sanction Russian government officials along with their family members.

Ukrainian President Volodymyr Zelenskyy has accused the Russians of war crimes. Images of civilian casualties on streets and in mass graves have emerged from the Ukrainian town of Bucha, along with other cities.

The number of refugees fleeing from Ukraine has swelled to over 4 million people since February 24, according to the United Nations High Commissioner for Refugees...

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Apr 7 8:00 AM, UB Newswires


The Russia-Ukraine War’s Impact on Global Fertilizer Markets

Higher fertilizer prices and/or a shortage of fertilizer supply resulting from the war in Ukraine will not have an immediate impact on food prices and/or food production. Currently, the fertilizer market in the northern hemisphere is relatively quiet. All transoceanic flows for the upcoming northern hemisphere spring season have already taken place, and movements are now primarily at the local level: from the import ports and/or domestic production locations to farm fields.

The first crop-growing regions to be ‘at risk’ are India and Latin America...

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Apr 6 9:09 AM, General News


Poultry Quarterly Q2 2022: Strong Market Conditions Continue, Despite Impact of War in Ukraine

Global poultry demand and trade will remain strong this year. The industry, however, will face challenges related to historic high cost inflation and logistic disruptions, which will especially impact low income countries.

Report summary
In most regions, supply is relatively tight and prices are strong. The war in Ukraine has led to an increase of 20% to 40% in global grain prices, and the poultry industry will be challenged to pass on all of these higher costs to consumers. This will likely be possible in developed...

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Apr 6 8:27 AM, General News


Impact of the Ukraine-Russia War on the Meat and Livestock Value Chain

Last week, National Pork Board hosted a Checkoff-funded webinar – The Ukraine-Russia War and the Meat Livestock Value Chain – to provide pork producers with an analysis of the current situation. Panelists included:

- Rupert Claxton, Gira
- Joe Kerns, Partners for Production Agriculture
- Dr. Steve Meyer, Partners for Production Agriculture

Impact of War Has Market Consequences Worldwide
Rupert Claxton shared the global economic impact of the Ukraine-Russia War on energy, fertilizer, feed and the livestock markets.

Fertilizer

Russia accounts for 13% of globally traded fertilizer value, producing...

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Apr 5 8:23 AM, General News


NRF Chief Economist Says Economy Has ‘Strong Momentum’ Despite Challenges From Inflation and Ukraine

Top challenges have shifted from COVID-19 to inflation and the war in Ukraine, but the U.S. economy will continue to face uncertainties in the year ahead, National Retail Federation Chief Economist Jack Kleinhenz said today.

“While the public health situation has greatly improved, the impact of the pandemic continues to spread,” Kleinhenz said. “That ripple has extended into 2022 and includes a disproportionate impact from inflation reaching a 40-year high brought about by strong consumer demand interacting with restricted supply...”

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Apr 4 9:00 AM, General News


Poland Announces Steps to Stop Russian Oil Imports by End of Year

On Wednesday, Poland announced steps to halt all Russian oil imports by the end of 2022. This follows Poland’s broadcast on Tuesday that it was banning imports of Russian coal in response to Russia’s invasion of Ukraine.

According to Piotr Lewandowski, the president of the Institute for Structural Research in Warsaw, Russian coal accounts for 13% of the fuel used each year. Prime Minister Mateusz Morawiecki indicated that Poland has already reduced its dependence on Russian oil. 

Amid Russia’s continued attacks on Ukraine, powers including the United States and the EU have imposed various economic sanctions on Russia in an effort to restrict Moscow's economic resources. Among them include a U.S. ban on imports of Russian oil, natural gas, and coal...

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Mar 31 8:00 AM, UB Newswires


Peace Talks Between Russia and Ukraine Resume in Turkey

Russian and Ukrainian delegations resumed in-person peace talks Tuesday in Istanbul, Turkey as the conflict entered its 35th day today.

The ongoing talks in Turkey between Ukraine and Russia are aimed at achieving a ceasefire. Ukraine has proposed to adopt a neutral status—meaning it would not join military alliances or host troops of other countries on its territory—in exchange for security guarantees.

Turkey is a member of the North Atlantic Treaty Organization (NATO) and has maritime borders with Ukraine and Russia. As a result, Turkey has a large hand in the Black Sea region, which is a major hub for crucial exports including grains and crude oil.

Turkey has not indicated any intentions to join the Western sanctions against Russia. Moreover, Turkey has not shuttered its airspace to Russia...

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Mar 30 8:50 AM, UB Newswires


The Russia-Ukraine Conflict: What it Means for Agriculture 

As the premier provider of pricing, analysis and news intelligence for agricultural commodities markets, AgriBriefing has prepared this special report with contributions from its intelligence services Stratégie Grains, Feedinfo and Urner Barry, to provide insight into how this conflict is impacting the entire food supply chain.

This report features perspective on the grains, oilseeds and biofuels markets via Stratégie Grains, the feed additives and animal nutrition sector via Feedinfo, and the protein industry via Urner Barry.

Click HERE to view the full PDF report. 

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Mar 29 8:00 AM, Urner Barry


Oil Prices Soften as Shanghai Enters First Phase of Lockdown 

On Monday, Shanghai began its two-phase citywide lockdown. The city, home to about 26 million people, is battling its worst coronavirus outbreak in over two years. 

Shanghai is a key manufacturing and financial center and will remain partially open under the staggered lockdown.

The first phase will include Shanghai’s financial district and nearby areas, which will be locked down today through Friday while mass testing is implemented. In the second phase, the western side of Shanghai is scheduled to go into a five-day lockdown starting on Friday. 

Oil prices have declined on concerns over weakened Chinese demand due to the recent lockdown measures. Brent crude futures, the international benchmark for oil prices, was down by 5% to $111.40 a barrel early Monday. West Texas Intermediate futures dipped by nearly 6% to under $108.00 a barrel.

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Mar 29 8:00 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


Smithfield Foods Contributes $2 Million to Ukraine Crisis Relief Efforts

Smithfield Foods, Inc. today announced cash and in-kind donations totaling $2 million to crisis relief efforts aiding the citizens of Ukraine and those seeking refuge in surrounding areas. In response to escalating violence in Ukraine, Smithfield will expand ongoing refugee relocation and aid assistance underway through its operations in Central Europe with $250,000 donations to each of the following nonprofit disaster-relief organizations:

- Global Red Cross Network, including the International Federation of Red Cross and Red Crescent Societies (IFRC) and the...

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Mar 22 8:00 AM, General News


Ukraine's 'Last Poultry Company Standing' (Exclusive Interview with MHP's Chairman)

“If we fail and our distribution fails, then we fail Ukraine…”. This is what MHP’s Executive Chairman, John Rich shared with Feedinfo’s Editor in Chief, Simon Duke during a recent discussion regarding the poultry integrator’s push to maintain operations amid Russia’s invasion of Ukraine.

In this episode of Feedinfo’s Feed for Thought podcast, Mr. Rich also shares how the company’s day-to-day operations have been affected by the invasion and how the company is working with the Red Cross to extract citizens in conflict zones. He also discusses the recent shelling of an MHP warehouse in the Kyiv region and the various distribution struggles the company is facing in trying to ensure food security in the country.

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Mar 21 12:27 PM, Urner Barry


This Week in Retail: Showcasing Brisket Features for St. Patrick’s Day

Today is St. Patrick’s Day and grocers are lining their shelves with Irish staples including corned beef brisket, Irish soda bread, and beer.

The National Retail Federation reports that over half of Americans plan to celebrate St. Patrick's Day this year, providing a boost for retail sales as consumers stock up on green apparel, food, and beverages. The NRF's survey found that 34% of celebrants will make a special dinner while 19% plan on attending a party at a bar or restaurant.

Roast feature activity accounts for 45% of all beef ads this week. Of that, briskets claim 42% of total roast features. Features for corned beef brisket this week range from $4.28 per pound to $5.93 per pound, depending on the store and region. Brisket feature prices currently average $4.49 per pound, up 22% from a year ago...

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Mar 17 8:45 AM, UB Newswires


UB Consulting: U.S. Sanctions on Russian Protein Trade—What Does It Mean?

The Russia-Ukraine conflict has created ripple effects throughout the global economy—impacting the price of corn, grains, fertilizer, oil, and more. As the conflict persists, countries and companies around the globe have sanctioned various divisions of the Russian economy in hopes of accelerating peace talks.

President Joe Biden has targeted Russian energy — banning all U.S. imports of Russian oil, liquefied natural gas, and coal. Most recently, an executive order was established banning all imports of Russian fish and seafood. Talks surrounding the ban of imported Russian seafood began on February 9th when...

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Mar 17 8:20 AM, Urner Barry


EU Members Agree on Fourth Package of Sanctions Against Russia

The prime ministers of Poland, Slovenia, and the Czech Republic are traveling via train to Kyiv to meet with Ukrainian President Volodymyr Zelenskyy and Prime Minister Denys Shmyhal.

The EU leaders are visiting Kyiv "to confirm the unequivocal support of the entire European Union for the sovereignty and independence of Ukraine and to present a broad package of support for the Ukrainian state and society,” Prime Minister Petr Fiala of the Czech Republic wrote in a Facebook post.

European Union members have agreed to the fourth package of economic and individual sanctions against Russia. According to a press release, the sanctions “have been coordinated with international partners, notably the United States”...

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Mar 16 8:00 AM, UB Newswires


Investors Eye Fresh Round of Russia-Ukraine Talks

The ongoing Russia-Ukraine war continues to fuel volatility in the marketplace as the conflict enters its 19th day. 

On Monday, Brent crude oil prices declined by nearly $5 to $107.72 per barrel after swelling to over $130 per barrel last week. West Texas Intermediate Crude Oil futures were down by 5.4% to $103.41 per barrel. 

Both contracts have surged since Russia invaded Ukraine on February 24. The recent pullback in prices, however, could be attributed in part to optimism surrounding the continuing peace negotiations between Ukraine and Russia. 

A new round of talks between Russia and Ukraine was held Monday via video link at 10:30 AM Kyiv time. Ukrainian negotiator, Mykhailo Podoliak, tweeted "[n]egotiations. 4th round. On peace, ceasefire, immediate withdrawal of troops & security guarantees. Hard discussion."...

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Mar 15 8:00 AM, UB Newswires


U.S., Allies, Work Towards Ending Normal Trade Relations with Russia

On Friday, President Biden announced that the United States, European Union, and G7 will implement new economic sanctions “to hold Putin accountable for his continued assault on Ukraine and further isolate Russia from the global financial system.” 

The U.S. and its allies account for more than half of the global economy. According to the White House briefing, each partner will implement actions consistent with their national processes. 

Bipartisan leadership is working towards revoking Permanent Normal Trade Relations from Russia. The move will downgrade the United States’ trade status with Russia as President Biden confers with Congress to revoke Russia’s most favored nation status whilst denying Russia the benefits of its World Trade Organization membership. 

Friday's announcement delivered another severe punishment to Russia over its invasion of Ukraine. The ruble is now worth less than one U.S. cent while a growing list of companies has shuttered operations in Russia. 

The G7 leaders from Canada, France, Germany, Italy, Japan, and the United Kingdom will ensure that Russia cannot obtain financing from the leading multilateral financial institutions, including the IMF and the World Bank...

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Mar 14 7:59 AM, UB Newswires


U.S. and Allies Seek to Impose Higher Tariffs on Russian Imports

Today, President Biden is expected to announce that the U.S., European Union, and Group of Seven countries will revoke Russia’s “most favored nation” trade status in yet another retaliatory measure against the country’s invasion of Ukraine. 

Bipartisan pressure has been mounting to annul what is known as “Permanent Normal Trade Relations”, or PNTR, with Russia. PNTR is a legal designation in the United States for free trade with a foreign nation. Days earlier, President Biden moved to ban imports of Russian oil, gas, and coal to the United States.

Rescinding the most favored nation status from Russia would grant the U.S. and its allies the ability to impose higher tariffs on Russian imports, exerting additional pressure on the Russian economy as Russia continues to attack its neighboring country...

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Mar 11 9:00 AM, UB Newswires


This Week in Retail: Grocers Spring Forward; Latest CPI Data

The Consumer Price Index (CPI) rose 7.9% in February, according to the Bureau of Labor Statistics—the largest 12-month increase since 1982. The data was in line with analysts' expectations, heightening inflation fears in the markets.

The food index was up 1% as food at home gained 1.4% over the month. Both were the largest monthly increases since April 2020, according to the BLS. 

All six major grocery store food group indexes increased in February. The index for meats, poultry, fish, and eggs rose 1.2%. 

The index for food at home has risen 8.6% in the last 12 months, the largest annual increase since April 1981. The index for food away from home increased 6.8%, the largest 12-month increase in over four decades. 

As the conflict in Ukraine continues, market participants are closely eyeing the risks associated with worsening inflation. The ripple effects of the Russia-Ukraine war could raise consumer prices even further as grocers prepare for the transition to Spring, which is less than two weeks away...

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Mar 10 9:41 AM, UB Newswires


Oil Prices Slump As UAE Signals Support for Increased Output by OPEC

Russia’s invasion of Ukraine has incessantly continued since it began on February 24. Multiple attempts by delegates from Ukraine for a ceasefire have failed, spurring a mass exodus of over 2 million refugees from Ukraine. 

Oil prices have surged this month on exacerbated supply chain interruptions amid the Russia-Ukraine war. Brent crude oil, the international benchmark, climbed to $139 barrel on Monday, the highest level since 2008. On Wednesday, however, Brent crude oil slumped by 13% to $111.10 per barrel, posting its steepest one-day decline in about two years. 

The decline was propelled by indications of U.S. progress in its efforts to increase oil production from other sources. On Wednesday, Secretary of State Antony Blinken encouraged statements from the United Arab Emirates that they support increased oil production by OPEC+, a group of 13 oil-exporting nations...

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Mar 10 9:00 AM, UB Newswires


Urner Barry Releases March Pulse Protein Report

On March 1, the USDA reported an average $41.00/cwt for U.S. #1 garbanzo beans which is a slight increase from the previous month. U.S. whole green peas averaged $23.75/cwt as of early March, steady with February’s rates. Prices for yellow peas declined by $0.83 from a month ago, totaling $26.67/cwt.

Russia’s invasion of Ukraine is stressing an already strained global supply chain and its economic impact is likely to be felt by consumers and manufacturers. While an increase in costs trickles down from producers to consumers, short term consequences have already arrived. Grain markets recently hit...

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Mar 10 8:00 AM, Urner Barry


What the U.S. Ban on Russian Oil Could Mean for U.S. Consumers

On Tuesday, President Biden announced a U.S. ban on Russian oil and gas imports as a measure to target “the main artery of Russia's economy”. The ban also applies to Russian coal, according to the White House briefing. 

"We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be accepted in U.S. ports, and the American people will deal another powerful blow to Putin's war machine," said Biden. 

The ban coincides with record-high gas prices, not adjusted for inflation. According to AAA, the national average climbed to $4.25 a gallon today, up 8 cents from yesterday and a 16.3% increase from the week-ago figure. Consumers have not seen gas prices this high since the summer of 2008. Californians are currently facing the largest expense at $5.57 per gallon on average...

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Mar 9 9:17 AM, UB Newswires


Sneak Peek of Global Economics at the Executive Conference with Joel Naroff

Joel Naroff is the President and founder of Naroff Economics LLC, a strategic economic consulting firm. Naroff’s day to day includes advising companies about the risks and opportunities that economic developments have on their operating environment. He is a renowned author and award winner in economic forecasting. We asked Joel about the upcoming 2022 Urner Barry Executive Conference, along with the topics and issues he will be covering during his session on the Global Market Outlook.

You are going to be joining us for the Global Market Outlook session at the Executive Conference. What are the main factors in the global market that you are going to tackle in your conversation?

Before we tackle the global market, I will start with...

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Mar 9 8:00 AM, Urner Barry


U.S. Bans Imports of Russian Oil, Natural Gas, and Coal

Earlier today, President Biden announced that he will sign an Executive Order to "ban the import of Russian oil, liquefied natural gas, and coal to the United States". The sanction against Russia is a result of "widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his needless war of choice". 

According to a fact sheet released by the White House, today's Executive Order bans:

  • The importation into the United States of Russian crude oil and certain petroleum products, liquefied natural gas, and coal. Last year, the U.S. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.
     
  • New U.S. investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin’s efforts to expand energy production inside Russia.
     
  • Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia...
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Mar 9 7:59 AM, UB Newswires


Canada Raises Tariffs on Russian Goods; Closes Ports to Russian Ships Following Ukraine Invasion

The Canadian government is responding to Russia’s invasion of Ukraine by dropping its Most-Favoured-Nation Tariff (MFN) treatment and closing its ports to Russian ships, a move that will hurt Russia’s pockets.

According to Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Canada has issued the Most-Favoured-Nation Tariff Withdrawal Order (2022-1), removing Russia and Belarus’ MFN treatment, as announced on March 3...

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Mar 7 8:00 AM, General News


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


This Week in Retail: Global Uncertainty and the Food Supply Chain

Headlines are currently dominated by the Russian invasion of Ukraine, which entered its eighth day today. The Russia-Ukraine war has forced a mass exodus of Ukrainians and upended the global marketplace as market participants brace for potential consequences for consumers, both domestically and abroad.

Russia and Ukraine produce and export an abundance of natural resources including crude oil, metals, and wheat. The Russian assault on Ukraine could have long-term ramifications for the global economy, which is already strained by the ongoing pandemic and enduring supply chain disruptions.

For the United States, the conflict between Russia and Ukraine could intensify inflationary pressures and further increase costs for commodities including fuel and food. 

Amidst the volatility currently engulfing the global landscape, grocers are also monitoring a shift in the retail food landscape. March 2nd signified the start of the Christian Lenten season, which typically slows meat sales as Lent observers switch to other proteins including fish.

Seafood feature volume increased to 36% this week, from 28% the week prior. Currently, most seafood features stem from fresh/frozen fillets. The complex—which includes catfish, cod, and tilapia—averages $7.43 per pound this week, up nearly 41.5% from a year ago. 

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Mar 3 8:46 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


First Round of Talks Between Russia and Ukraine Yields No Cease-Fire Agreement

The first round of talks between Russia and Ukraine delegations on Monday did not yield a cease-fire agreement. Both parties returned to their capital cities for consultations and have agreed to meet again in the coming days.

Russian forces continue to make advances into major Ukrainian cities. On Sunday, Russian artillery hit a military base in Okhtyrka, a city located between Kharvik and the capital Kyiv. The following day, Kharkiv, Ukraine’s second-largest city, was targeted by Russian rocket attacks that killed at least 11 people, said Oleg Synegubov, the Kharkiv region head. Preliminary figures report that at least 136 Ukrainian civilians had been killed by Russia’s assault, according to the U.N. human rights office. 

According to the United Nations High Commissioner for Refugees, an estimated 370,000 Ukrainians have fled Ukraine since the country was invaded by Russia last week. The U.N. estimates that the evacuation could swell to as many as 5 million individuals. Volatility continues to grip the global marketplace as Vladimir Putin’s invasion of Ukraine entered its sixth day today. 

US stocks and commodity markets are reacting severely to the war amid widespread uncertainty surrounding the future of Ukraine. Ukraine is one of the world’s top corn and wheat producers and exporters. Along with crude oil, Russia is a major producer of metals including aluminum. In recent sessions, grain futures on the CME are posting drastic price fluctuations. In early action Tuesday, ..

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Mar 2 8:05 AM, UB Newswires







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