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Shining Light on Farm & Food Policy for 20 Years.
Sunday, January 05, 2025
United Nations Secretary General Antonio Guterres confirmed Monday that Russia has pulled out of the Black Sea Grain Initiative, ending the ability of Ukraine to ship grain through its Odesa ports.
A new Agriculture Department report projects the nation’s corn producers will still be able to top 15 billion bushels of nationwide production even as stretches of the heartland face dry weather that will lower yields.
Moscow seems intent on letting the Black Sea Grain Initiative expire this coming Monday, but the United Nations is equally resolved to preserve the deal and prevent food prices from rising in some of the poorest nations.
A gauge of global food commodity prices fell again in June, led by declines in the cost of grains and vegetable oils, and is now more than 23% off the March 2022 peak that followed Russia’s invasion of Ukraine.
Weakening corn and soybean demand revealed in Friday’s USDA’s World Agricultural Supply and Demand Estimates could keep a lid on grain and oilseed prices.
USDA has cut its forecast for the value of U.S. ag exports in fiscal year 2023 to $181 billion, a $3.5 billion reduction from the agency’s February prediction of $184.5 billion.
The House Agriculture Committee is considering raising reference prices based on a commodity’s relative input costs, an approach that could benefit some southern crops over commodities such as soybeans and corn.
The research, education and outreach arm of the wheat industry has joined forces with USDA’s chief nutrition guidance initiative to promote resources for a healthy diet.
The World Bank projects that agriculturalcommodity priceswill drop 7% this year and likely fall again in 2024, providing some relief from global food inflation.
Groups representing producers of U.S. row crops are far from united on what Congress should do to improve commodity programs, even as the House and Senate Agriculture committees look to start writing a new farm bill in coming weeks.
