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No Extension Announced Yet for Black Sea Grain Initiative 

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

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

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

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

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Nov 15 8:37 AM, UB Newswires

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.”...

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Nov 7 10:13 AM, UB Newswires

Wheat Futures Plummet as Russia Rejoins Black Sea Grain Initiative

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

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

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

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


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Nov 2 8:20 AM, UB Newswires

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

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

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

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

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Oct 31 10:15 AM, UB Newswires

Maersk’s Terminals Business Exits Russia with Sale of Russian Operator Global Ports

A.P. Moller-Maersk (Maersk)-owned APM Terminals (APMT) will divest its shares of Russian container terminal operator Global Ports Investments (GPI) to a long-term partner Delo Group.

The move follows Maersk’s decision to discontinue activities in Russia following the country’s invasion of Ukraine earlier in the year.

Specifically, APMT has now entered into a binding agreement, subject to regulatory approvals, to divest its entire 30.75% shareholding in GPI to APMT’s long-standing joint venture partner Delo Group who also owns 30.75% of the shares in GPI...

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Aug 30 10:55 AM, SeafoodNews

Three More Ships Carrying Ukrainian Grain Depart Port of Chornomorsk

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

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

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Aug 5 7:33 AM, UB Newswires

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

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

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

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

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Aug 1 9:15 AM, UB Newswires

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

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

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

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

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

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Jul 25 9:45 AM, UB Newswires

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

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

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

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

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Jul 20 9:44 AM, UB Newswires

G7 Commits $5 bln to Tackling Global Food Insecurity - U.S. Official

The Group of Seven rich democracies will commit up to $5 billion to improve global food security, a senior U.S. official said, as the group responds to worries in developing nations about the threat of hunger triggered by war in Ukraine.

On the final day of the G7 summit in Germany, the official said that the United States would provide over half of that sum, which would go to efforts to fight hunger in 47 countries and to fund regional organisations.

The G7 is attempting to rally...

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Jun 29 10:57 AM, General News

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.


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

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

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