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Urner Barry Releases July Emerging Plant Protein Report
The USDA projects rice exports to total 79.0 million cwt, a 5% decrease year-over-year, and the lowest level since 1996/97. However, the U.S. rough-rice export forecast is up almost 10% from a year earlier. Currently, the United States is facing increasing competition from South American rough rice exporters in key Latin American markets that is preventing any long-term increase in these shipments. U.S. milled rice exports are forecast at 45.0 million cwt, 14% below a year prior. These are the lowest milled-rice exports since...
Urner Barry Releases July Soy & Wheat Report
Projected 2022/23 global wheat trade is expected to total 205.4 million metric tons, an increase of 0.2 million from a month ago. While India's exports are reduced due to their trade restrictions, they are more than offset with increases for Argentina, Russia, and Uzbekistan. Argentina has continued to export large volumes in 2021/22 as they have remained competitive and are anticipated to continue to be able to compete in the global market into the 2022/23 trade year.According to the agriculture ministry, Ukraine's grain exports plunged 68.5% year-over-year to 165,000 tons in early July. Also, grain exports for the 2021/22 season ended June 30 rose...
Urner Barry Releases July Pulse Protein Report
Dry pea supplies in 2021/22 are tight with production down 60% year-over-year. The USDA reported that dry pea stocks were down by about 50% in December from the previous year, the lowest levels since 2012. Lentil supplies are also lower than the year prior, with production down 55%.
According to the National Weather Service, a massive heat wave is engulfing much of the Midwest and into the Southern tier of the United States. Excessive heat warnings were in effect last week, with...
Urner Barry Releases June Emerging Plant Protein Report
According to the latest USDA WASDE, the outlook for 2022/23 U.S. rice this June is for higher beginning and ending stocks. No other changes to the 2022/23 balance sheet were noted for this month. The season average farm price for all rice remains unchanged at $17.80/cwt, up $1.90 year-over-year.
The USDA also noted that despite a slow start to plantings this year in the South because of rain, progress of the 2022/23 crop was reported...
Urner Barry Releases June Soy & Wheat Report
According to the Ukraine Grain Association, grain silos in Ukraine are about half full leading up to this year's harvest, which means crops could be left in the ground if Russia continues blocking ports. Without access to its Black Sea ports, Ukraine would be able to export 20 million tons of grains next year at best. These exports would likely be more sunflower seeds than corn and wheat. Currently, Ukraine is attempting to ship its crop via...
Urner Barry Releases June Pulse Protein Report
Dry bean exports during the current marketing year were at a record low for the first 6 months of the September-February timeframe. Exports are currently averaging 44% below the previous year at 278 million pounds. Historically, the 2021/22 volume is 36% below the 32-year average. Also, the six-month export volume in 2004/05 was the only marketing year that was lower than the current one over the past 32 years.
Although slightly improved from the pandemic-related conditions of 2020, international trade markets remain hindered by port congestion, internal shipping delays, container availability, and trade route challenges stemming from the Russia-Ukraine war. Meanwhile, pea producers in some Russian regions face losing...
NRF Responds to Rising CPI by Urging Administration to Repeal China Tariffs
The National Retail Federation today called on the Biden administration to repeal tariffs on goods from China, citing Consumer Price Index numbers released this morning by the Bureau of Labor Statistics.“This report showing that rampant inflation continues is one more reason for the administration to move quickly to repeal tariffs,” NRF President and CEO Matthew Shay said. “Independent researchers and government agencies agree that ending tariffs is the fastest way to relieve the pressure of higher prices that American businesses, workers and consumers are facing every day...
USMEF Spring Conference Spotlights U.S.-China Trade Relations, Innovative Promotions for US Red Meat
The U.S. Meat Export Federation (USMEF) concluded its spring conference Friday in San Antonio. The three-day meeting examined a number of key issues for U.S. exporters while also updating members on promotional activities for U.S. pork, beef and lamb in a wide range of international markets.
Thursday’s general session focused on agricultural trade relations between the U.S. and China, including a deep dive into the market access gains achieved for U.S. beef and pork through the 2020 Phase One Trade and Economic Agreement...
Rich Nelson from Allendale, Inc Weighs in on the Grain Situation
Nearby CBOT corn futures slid to a six-week floor on Tuesday following USDA’s latest Crop Progress report, which indicated that corn plantings were up to 72% complete. The latest figure was below the 5-year average but an impressive catch-up over the past few weeks.
Despite the progress, the 72% of corn planted as of Sunday, May 22, represented the second slowest pace for that week in over 25 years. On Wednesday, corn futures closed mostly lower but recovered some of their earlier declines. The old crop July contract managed to hold onto a ½ cent gain and ended at $7.72 ¼ a bushel.
The ongoing Russia-Ukraine war has impacted the old-crop outlook due to stalled grain supplies from Ukraine’s Black Sea ports. The trade disruptions have restricted the global supply of grain and energy, exerting additional upward pressure on prices...
Urner Barry Releases May Emerging Plant Protein Report
As of May 23, Canada still holds the top value spot on the sunflower seeds export value chart but a decrease of 44% in value year-over-year was noted. Canada also holds the top value spot for sunflower oil, with an increase of 79% in value compared to a year ago. For rice, Mexico has gained 33% in value year-over-year, remaining in the top spot on the chart this month.
The USDA projects rice exports to total 82.0 million cwt, a decrease of 3.0 million from a year prior. Meanwhile, rice from the U.S. is becoming uncompetitive as prices rise. Imports are expected to total...
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...
Urner Barry Releases May Soy & Wheat Report
In the latest WASDE report, the USDA stated that the outlook for 2022/23 wheat this May is reduced supplies, lower exports, and higher prices. U.S. 2022/23 wheat supplies are projected down 3%, as lower beginning stocks more than offset a larger harvest. All wheat production is estimated at 1,729 million bushels, up 83 million from a year ago. Also, all wheat yield is projected at 46.6 bushels per acre, a slight increase from last year. The USDA's first survey-based forecast for 2022/23 winter wheat production is down 8% from last year, with abandonment for Winter Wheat at the highest level since 2002. However, Spring Wheat production is expected to rebound significantly from last year's drought-reduced Hard Red Spring and Durum crops primarily on return-to-trend yields.
Globally, the 2022/23 wheat outlook is for lower supplies, increased trade, and reduced ending stocks. Production is forecast at 774.8 million tons, 4.5 million lower than a year prior. Reduced production in Ukraine, Australia, and Morocco was partially...
Urner Barry Releases May Pulse Protein Report
For pulses like dry edible beans, prospective area declines are anticipated to continue in 2022. Spring weather is an important factor and is posing threats again this year with dry conditions across several dry bean growing regions. April 2022 marked the seventh month of the 2021/22 dry bean marketing year which began in September 2021 and will end in August. Although planting decisions have been made, a variety of factors can influence the final crop mix well into the spring and early summer.
In addition to dry spring weather, key economic factors affecting reduced dry bean area include surging input costs for items like fuel and fertilizer, and elevated prices for...
Urner Barry Releases April Emerging Plant Protein Report
As of April 26, Canada holds the top value spot on the sunflower seeds export value chart with a decrease of 47% in value year-over-year. Canada also holds the top value spot for sunflower oil, with an increase of 120% in value compared to a year ago. For rice, Mexico has gained 39% in value year-over-year, remaining in the top spot on the chart this month.
In April, the USDA reported that rice exports remain projected at 86.0 million cwt, more than 8% below a year ago and the smallest since 2000/01. World trade was estimated 1.1 million tons higher at 52.5 million on greater exports by...
Concerns Mount Over Global Cooking Oil Supply As Russia-Ukraine War Continues
Soybean futures rallied during overnight trading as traders assessed the tight global supply of cooking oils spurred by the ripple effects of the ongoing Russia-Ukraine war.
Combined, Russia and Ukraine account for about 80% of the world’s sunflower oil exports. Russia’s invasion of Ukraine has forced buyers to find alternatives to sunflower oil shipments, which have largely been stalled in Black Sea ports.
Port closures and shipping disruptions in the Black Sea region have elevated the prices of competing vegetable oils like palm oil—a common ingredient used in food, cosmetics, and cooking.
Indonesia, the world’s largest exporter of palm oil, announced last week that it will ban shipments of the product beginning April 28 in an effort to curb rising domestic prices...
Urner Barry Releases April Soy & Wheat Report
Besides drought, this past winter season featured notable extremes. In December, multiple severe weather conditions resulted in more than 200 tornadoes. December also ended with wildfires spreading near Boulder, Colorado, after a derecho swept from the east-central Plains into the upper Midwest. A month later, blizzard conditions along the northern Atlantic coast caused the coldest air movement in 4 years across Florida's peninsula.
For 2022, area for all wheat is estimated at 47.4 million acres, a slight increase from 2021. This would represent the fifth lowest all wheat planted area since records began in 1919. At 34.2 million acres, 2022 winter wheat planted area is up 2% from last year but down less than...
Urner Barry Releases April Pulse Protein Report
The USDA released its Prospective Plantings report on March 31, noting that hopes for drought relief fizzled during the first couple months of 2022. With the generally dry start to the new year, there was little overall change in the western drought depiction. Also, drought coverage across the south continued to climb, reaching 59.2% in March. By March 1, national drought coverage had been greater than 40% for 75 consecutive weeks, a 21st century record.Besides drought, this past winter season featured notable extremes. In December, multiple severe weather conditions resulted in more than 200 tornadoes. December also ended with...
Pork Producers Press Politicians on Public Policies
Preparing for and preventing foreign animal diseases, addressing an agricultural labor shortage, and increasing pork exports are the top public-policy issues pork producers will lobby their congressional lawmakers on over the next two days. During the spring Capitol Hill fly-in of the National Pork Producers Council (NPPC), nearly 100 producers from across the country are expected to participate — in person for the first time in two years — in NPPC’s Legislative Action Conference.
“Challenges facing our industry continue to evolve, and we hope our efforts this week help lawmakers understand..."
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.
Urner Barry Releases March Emerging Plant Protein Report
According to the latest USDA WASDE, the outlook for 2021/22 U.S. rice this March is for stable supplies, unchanged domestic use, reduced exports, and higher ending stocks. Projected 2021/22 all rice ending stocks were increased slightly to 34.5 million cwt, 21% lower than last year. The season-average farm price for all rice is forecasted at $15.90/cwt, a $0.20 increase on higher projected U.S. wheat, corn, and soybean prices.
The global rice outlook for 2021/22 is for larger supplies, higher consumption, increased trade, and higher stocks. Rice supplies were raised by 4.9 million tons to 701.6 million, mainly on...
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...
Urner Barry Releases March Soy & Wheat Report
In the latest WASDE report, the USDA stated that the outlook for 2021/22 U.S. wheat this March is lower supplies, unchanged domestic use, reduced exports, and higher ending stocks. Projected 2021/22 ending stocks were raised by 5 million bushels to 653 million, but 23% lower than a year ago. The season-average farm price was raised $0.20 to $7.50/bu based on NASS prices and expectations for prices in the remainder of the marketing year. Despite the sharp increases in futures and cash prices recently, a significant majority of U.S. wheat has already been marketed this year, limiting the season-average farm price increase.
Globally, the 2021/22 wheat outlook is for higher production, decreased trade, lower consumption, and larger ending stocks. The 2021/22 global use forecast was lowered by...
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...
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...
Urner Barry Releases February Emerging Plant Protein Report
In February, the USDA reported that total rice exports are projected at 87.0 million cwt, 1.0 million cwt below the previous forecast and 7% lower than a year earlier. The downward revision was based on monthly U.S. Bureau of the Census trade data through December, shipment and outstanding sales through end-January, and expectations regarding shipments and sales the remainder of the 2021/22 marketing year.
Global rice trade in calendar year 2022 is projected at 50.9 million tons, up about 1.5 million tons from the previous forecast. India and Pakistan accounted for most of the...
Urner Barry Releases February Soy & Wheat Report
In the latest WASDE report, the USDA stated that the outlook for 2021/22 U.S. wheat this February is stable supplies, lower domestic use, reduced exports, and higher ending stocks. Food use was lowered by 3 million bushels to 959 million with durum accounting for the entire reduction. Seed use was revised down 2 million bushels to 64 million based on NASS seed use data for the first two quarters of the marketing year. Projected 2021/22 ending stocks were raised by...
Urner Barry Releases February Pulse Protein Report
As of February 8, Ethiopia has bumped China from the top spot of the dried pea export value chart. A 78% increase in value year-over-year was noted for Ethiopia, and China holds the fourth spot with a 51% decrease year-over-year. Meanwhile, Canada holds the first spot for lentils with an 18% increase in value. India is no longer one of the top five countries in the export value chart for lentils, losing the fifth-place spot this month to Peru. Pakistan remains in the first spot for dried chickpea exports for the second consecutive month, with an 18% decrease in value year-over-year.
The USDA reported that U.S. export volume in 2020/21 for chickpeas, dry peas, and lentils varied. Export volume of chickpeas decreased about 15%, for a total of...
Urner Barry Releases January Emerging Plant Protein Report
In January, the USDA reported that total rice exports are projected at 89.0 million cwt, 1.0 million cwt below the previous forecast and 6% lower than a year earlier. This represents the smallest projection since 2017/18. The downward revision was based on monthly U.S. Bureau of the Census trade data through November, shipment and outstanding sales through end-December, and expectations regarding shipments and sales the remainder of the 2021/22 marketing year.
Global rice trade in calendar year 2022 is projected at 49.5 million tons, up about 0.7 million tons from the previous forecast but down 2% from the record a year ago. Over the past month, quotes for Thailand's trading prices for most grades of milled rice were...
Urner Barry Releases January Soy & Wheat Report
In the latest WASDE report, the USDA stated that the outlook for 2021/22 U.S. wheat this January is smaller supplies, reduced domestic use, lower exports, and higher ending stocks. Seed use was unchanged at 66 million bushels, reflecting the latest estimated seed use for winter wheat plantings in the fall of 2021 reported by NASS. Projected ending stocks were raised by 30 million bushels to 628 million, down 26% from last year and the lowest level since 2013/14. The season average farm price was raised $0.10/bu to $7.15/bu based on NASS prices and expectations for prices in the remainder of the marketing year.
Globally, the 2021/22 wheat outlook is for stable supplies, decreased consumption, reduced exports, and increased stocks. Production increases in Argentina and...
Urner Barry Releases January Pulse Protein Report
As of January 11, China remains at the top of the dried pea export value chart. However, a 46% decrease in value year-over-year was noted. Meanwhile, India still holds the fifth-place spot for lentils with a 90% year-over-year decline in value. Pakistan is in the first spot for dried chickpea exports as we enter 2022, with a 13% decrease in value year-over-year.
The USDA reported that the U.S. is a net exporter of dry beans with most of the country's dry bean exports sent to Mexico and Canada. Pinto bean exports in the 2020/21 marketing year grew by...
Urner Barry Releases December Emerging Plant Protein Report
According to the latest USDA WASDE, the outlook for 2021/22 U.S. rice this December is for reduced supplies with unchanged domestic use, slightly lower exports, and fractionally lower ending stocks compared with November. The season-average farm price forecast for all rice is unchanged this month at $14.80/cwt, as an increase to the long grain rice forecast offset a decrease in the medium and short grain price.
The supply and use revisions have resulted in a 2021/22 ending stocks forecast of 34.5 million cwt, down 0.5 million cwt from last month and 21% less than...
Urner Barry Releases December Soy & Wheat Report
As supplies remain tight, weather will play a key role in recovery. Participants are closely monitoring Australia as it is facing record rainfall. This could impact crop quality, putting more pressure on the system. Approximately 45% of vital wheat gluten is imported into the United States from Australia and New Zealand, so these weather events could influence planting decisions in the United States.
In the latest WASDE report, the USDA stated that the outlook for 2021/22 U.S. wheat this December is slightly lower supplies, unchanged domestic use, reduced exports, and...
Urner Barry Releases December Pulse Protein Report
According to the USDA's Vegetable and Pulse Outlook, dry bean production in the September 2020 through August 2021 marketing year is down by 31% from a year prior as nearly every dry bean producing state reported production declines. The most significant production declines were within North Dakota, Michigan, and Minnesota. Dry pea, lentil, and chickpea yields were down for the 2020/21 marketing year due to drought. Dry pea yield is down 41%, lentil yield is down 47%, large chickpea yield is down 48%, and small chickpea yield is down 57% from 2020.
Also, planted area for dry edible beans declined by 20% from 2020 with planted area levels like the 2017 crop. Pinto, black, and dark red kidneys are each down 19%, and navy beans are down...
UK Lamb Could be Shipped to the U.S. in the New Year
Lamb exporters in the UK will have access to the American market – worth an estimated $48.9 million (£37 million) in the first five years of trade – as we head into 2022.
After extensive risk evaluations, US authorities have today removed the small ruminant rule, which was introduced more than 20 years ago banning imports of lamb from countries where scrapie had been identified.
Work has been ongoing to finalise this important piece of legislation in the US, effectively allowing UK processors to be eligible to ship...
Urner Barry Releases November Emerging Plant Protein Report
According to the latest USDA WASDE, the outlook for 2021/22 U.S. rice this November is for increased supplies with higher domestic use, lower exports, and larger ending stocks. Supplies were raised on increased rice production by 3.3 million cwt to 193.8 million cwt. The all-rice yield is projected at a record 7,765 pounds per acre, up 131 pounds from the previous estimate. Record yields are forecast for Arkansas, California, Mississippi, and Missouri.
Harvested area remains estimated at 2.5 million acres, more than 16% below a year ago. All reported states except Texas are estimated to have harvested area below a year earlier. Texas has seen a slight increase of 5% year-over-year. In the Delta, harvested area in Arkansas remains reported at...
Urner Barry Releases November Soy & Wheat Report
This month, the U.S. soybean outlook for 2021/22 is for lower production and exports, and higher ending stocks. Soybean production is forecast at 4.42 billion bushels, down 23 million on lower yields. Lower yields in Indiana, Iowa, Ohio, and Kansas account for most of the change in production. The U.S. season-average soybean price is forecast at $12.10/bu, a decrease of $0.25.
According to the USDA's Crop Progress report, soybean harvest is just about on par with the five-year average rate at 87% completion. Minnesota reported that...
Urner Barry Releases November Pulse Protein Report
On November 2, the USDA reported an average $42.00/cwt for U.S. #1 garbanzo beans compared to $52.00/cwt at the end of October. U.S. whole green peas averaged $25.83/cwt as of end-October, a slight increase of $0.83/cwt as of end-September. Prices for yellow peas remain steady at $30.00/cwt.
Government efforts to curb energy consumption and reduce carbon emissions, along with surging coal prices, are leading to outages across many of China's manufacturing hubs. Over the past week, local officials have forced factories in China to curtail operating hours or...
Urner Barry Releases October Emerging Plant Protein Report
According to the latest USDA WASDE, the outlook for 2021/22 U.S. rice this October is for reduced supplies with lower domestic use, unchanged exports, and smaller ending stocks. Supplies were reduced on lower projected imports that more than offset minimally higher production. NASS increased the average all rice yield by 2 pounds per acre, to 7,625 pounds. Total domestic and residual use was decreased by 1.0 million cwt to 146.0 million on lower supplies, and ending stocks were reduced to 33.2 million cwt, down 1.0 million. The season-average farm price for all rice remains unchanged at $14.80/cwt.
Persistent rainfall across the southern United States this spring delayed rice planting and field operations, which has led to slightly slower than average harvest pace to date. For the week ending October 3...
Urner Barry Releases October Soy & Wheat Report
In the latest WASDE report, the USDA stated that the outlook for 2021/22 U.S. wheat this October is reduced supplies, lower domestic use, unchanged exports, and decreased ending stocks. Projected 2021/22 ending stocks were reduced by 35 million bushels to 580 million, which are the lowest U.S. ending stocks since 2007/08. The projected 2021/22 season-average farm price was raised $0.10/bu to $6.70/bu on reported NASS prices to date and price expectations for the remainder of 2021/22.
Soybean supplies for 2021/22 were projected at 4.7 billion bushels, up 145 million on higher production and beginning stocks. With higher crush and unchanged exports, 2021/22 ending stocks were projected...
VIDEO: Morning Market Roundup October 12
Urner Barry's reporters discuss elevated UK beef prices, Mexican beef exports, and egg exports to South Korea.
Urner Barry Releases October Pulse Protein Report
On October 5, the USDA reported an average $51.00/cwt for U.S. #1 garbanzo beans compared to $40.00/cwt at the end of September. U.S. whole green peas averaged $25.00/cwt as of end-September, a slight increase of $0.84/cwt as of end-August. Prices for North American yellow peas saw an increase of $4.17/cwt last month, totaling $28.33/cwt.
After making landfall as a Category 4 hurricane in Louisiana at the end of August before weakening to a tropical storm, Hurricane Ida caused significant damage to oil and gas processing facilities, grain facilities and ports. After a two-week closure, Cargill restarted its Westwego, Louisiana, grain export terminal and unloaded its first grain barge. Also, power was restored to Cargill's heavily damaged terminal in...
Urner Barry Releases September Emerging Plant Protein Report
According to the latest USDA WASDE, the outlook for 2021/22 U.S. rice this September is for reduced supplies along with lower domestic use, unchanged exports, and smaller ending stocks. Supplies were mostly reduced on smaller production, as NASS lowered 2021/22 rice production by 6.9 million cwt to 190.5 million on decreased harvest area offsetting higher yield. The all rice yield is 7,623 pounds per acre, up 79 pounds from the previous forecast, and the third highest on record. Projected 2021/22 all rice ending stocks were reduced by 3.1 million cwt to 34.2 million, down 22% from a year ago. The all rice season average farm price for 2021/22 has increased $0.10/cwt to $14.50/cwt.
Persistent rainfall across the southern United States this spring delayed rice planting and field operations, which has led to slightly slower than average harvest pace to date. For the week ending September 5, 28% of the U.S. 2021/22 rice crop was reported harvested, 3% above...
Urner Barry Releases September Soy & Wheat Report
According to the latest USDA WASDE, the outlook for 2021/22 U.S. wheat this September is for reduced supplies and slightly higher domestic use with decreased imports. Projected 2021/22 ending stocks were reduced 12 million bushels to 615 million and are 27% below last year, the lowest in eight years. Also, the projected 2021/22 season-average farm price is lowered $0.10/bu to $6.60/bu on reported NASS prices to date and price expectations for the remainder of the crop season.
Globally, wheat supplies are projected to increase by 7.1 million tons for a total of 1,072.8 million. This increase is due to a combination of larger beginning stocks for Canada, the European Union, and India, with higher production for...
Coalition of Businesses, Trade Groups Endorse Ocean Shipping Reform Act
A coalition of more than 152 companies and trade associations representing U.S. importers, exporters, transportation providers and other supply chain stakeholders today submitted a letter of support to Congress endorsing the Ocean Shipping Reform Act of 2021.
The bipartisan legislation was introduced last month by Congressmen John Garamendi and Dusty Johnson and would update the Shipping Act to recognize the significant changes to the international maritime transportation system of the past two decades. U.S. companies, their workers and consumers rely on a global maritime transportation system to support their businesses...
ANALYSIS: July Turkey Exports: Less Is More
As our day-to-day market canvassing efforts have suggested, July’s turkey export figures were a mixed bag with some countries increasing...
Urner Barry Releases September Pulse Protein Report
On September 7, the USDA reported an average $40.00/cwt for U.S. #1 garbanzo beans compared to $36.00/cwt at the end of July. U.S. whole green peas averaged $23.00/cwt as of mid-August, an increase of $3.00/cwt as of end-July. Prices for North American yellow peas saw a slight decrease in the last month, totaling $24.16/cwt.
Hurricane Ida made landfall as a Category 4 hurricane near Port Fourchon, Louisiana on August 29, before weakening to a tropical storm. Energy companies began evaluation of facilities hit by the storm last week, as widespread power outages and...
Record Value for July Beef Exports; Pork Value also Strong
U.S. beef exports set another new value record in July, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). July export value climbed 45% from a year ago to $939.1 million, while volume was the third largest of the post-BSE era at 122,743 metric tons (mt), up 14% year-over-year.
For January through July, beef exports increased 18% from a year ago to 822,830 mt, with value up 30% to $5.58 billion. Compared to the pace established in 2018, the record year for...
Traders Assess Suspension of Brazilian Beef Exports to China Due to BSE
Over the weekend, the agriculture ministry reported that Brazil has suspended beef exports to China after confirming two cases of “atypical” bovine spongiform encephalopathy (BSE) in two domestic meat plants. BSE, also referred to as mad cow disease, is a fatal neurodegenerative disease of cattle that is transmitted through contaminated feed. The two cases recently confirmed in Brazil were “atypical” since the disease appeared “spontaneously and sporadically, unrelated to the ingestion of contaminated food”, according to the agriculture ministry.
It is not yet certain when Brazilian beef exports to China will resume. The ministry stated there was no risk to animal or human health.
BSE was first diagnosed in 1986 in the United Kingdom and has since been detected in other countries. The first known case of BSE in the United States occurred in 2003 and resulted in the loss of most of the United States’ beef exports in 2004.
Brazil was the world's largest beef exporter in 2020. The indefinite suspension of Brazilian beef exports to China could be supportive of U.S. beef exports if the ban is not resolved quickly...
U.S. Poultry and Egg Exports Surged in First Half, on Pace for Record Year
The Covid-19 pandemic, an uncertain economy, and logistics problems like port closings and shipping bottlenecks haven’t slowed the tremendous demand for U.S. poultry and eggs around the world.
Exports of U.S. broiler chicken and shell eggs set records in the first half of 2021 and are on pace to break all-time marks for the year, according to the USA Poultry & Egg Export Council (USAPEEC), citing government trade data.
Total broiler export volume reached an all-time high for the January through June period, with Mexico, China, Cuba, and Philippines leading the way. Cuba, and Philippines set records for both...
Urner Barry Releases August Emerging Plant Protein Report
According to the latest USDA WASDE, the outlook for 2021/22 U.S. rice this August is for reduced supplies along with lower domestic use, higher exports, and smaller ending stocks. All rice production was reduced by 2.0 million cwt to 197.4 million, all on lower yields. The all rice yield is 7,544 pounds per acre and is down 76 pounds from the previous forecast. Projected 2021/22 all rice ending stocks were reduced by 4.0 million cwt to 37.3 million, down 15% from a year ago. The all rice season average farm price for 2021/22 has increased $0.10 per cwt to $14.50.
According to the USDA's Rice Outlook for August, persistent rainfall across the South continues to delay crop progress, field operations, and harvest in much of the region. For the week ending August 8, 74% of the U.S. 2021/22 rice crop was reported...
Urner Barry Releases August Soy & Wheat Report
Within North America, the bulk of soybean production occurs in the plains regions of the Midwest. The top soy producing states are Illinois, Iowa, and Minnesota, respectively. Kansas overwhelmingly leads nationally in all wheat production, followed by North Dakota and Montana.
According to the latest USDA WASDE, the outlook for 2021/22 U.S. wheat this August is for reduced supplies and lower domestic use with unchanged exports and...
ANALYSIS: Chicken Exports: It’s A Matter of Perspective
With June’s export figures hot off the press, players are turning to the charts as they reflect on the conclusion of Q2...
ANALYSIS: June Turkey Exports Run the Gamut
Although four of our largest trade partners continue to display encouraging year-over-year (YoY) advancements in both volume and value, the most recent monthly data through the end of June was a little more mixed...
U.S. Beef and Pork Exports on Record Pace through June
U.S. red meat exports closed the first half of the year on a strong note, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Although volume and value eased from the enormous totals posted in April and May, export value was still the highest on record for the month of June and first-half shipments established a record pace for both beef and pork exports.
“USMEF had expected a continued strong performance in June for both beef and pork exports, despite significant headwinds,” said...
Retail Cargo Expected to Set Record in August as Merchants Move from Back-to-School to Holiday Prep
Imports at the nation’s largest retail container ports should hit yet another record in August as consumer demand continues to stretch supply chains and retailers shift from the back-to-school season to the peak shipping season for winter holiday merchandise, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
“Back-to-school supplies have been hit by the same supply chain disruptions and port congestion that have affected"...
CME Grain Futures Decline After First Ship Carrying Ukrainian Grain Departs Odesa Port
Urner Barry Releases July Emerging Plant Protein Report
Global Pork Quarterly Q3 2022: ASF, Inflation, & Policies Challenge Growth While Trade Odds Rise
Grain Export Deal in Question Following Russian Missile Strike on Odesa Port
UB Consulting: The Current State of the Economy - Optimism or Recession?