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Shining Light on Farm & Food Policy for 20 Years.
Monday, December 23, 2024
Russia is once again raising doubts about the renewal of the Black Sea Grain Initiative and the long-term viability of the improbable wartime deal that is allowing Ukraine to supply much of the world with grain and keep food prices from skyrocketing in some of the poorest countries.
Russia has agreed to a 60-day extension of the Black Sea Grain Initiative – just half of the 120-day term that was originally agreed to in last year's deal that allowed Ukraine to export wheat and corn through its Odesa ports.
Exports of Ukrainian corn and wheat that supplied Africa, the Middle East, Asia and European Union all but halted when Russia invaded Ukraine a year ago, closing down Black Sea ports. Now, there is a scheme to lessen the impact if those ports are closed again, European Commissioner for Agriculture Janusz Wojciechowski tells Agri-Pulse.
USDA Chief Economist Seth Meyer says a drive to diversify revenue streams through the growth of climate-smart commodities has potential but also needs to be better understood from an economic standpoint.
U.S. farmers are going to be producing and exporting a lot more grain and oilseeds for their respective 2023-24 marketing years, according to new forecasts released Thursday at USDA’s annual Agricultural Outlook Forum.
China’s demand for corn remains strong and the U.S. continues to ship millions of tons of the grain there, but Brazil is chipping away at that trade and the South American ag giant shows no sign of slowing its advance.
Russia’s repeated claims that the Black Sea Grain Initiative only helps wealthy nations have kept Ukraine on the defensive for months. Now, Ukraine is trying to flip the script on Moscow, with support from the U.S., United Nations, Japan, France, Norway and other countries.
Russia’s invasion of Ukraine was the top story in global news throughout 2022, forcing American ag and food policy watchers to keep a close eye on the war’s implications for domestic agriculture interests and world food security.
