Rabobank: US could still see top corn crop
While the US will not set yield records in corn this season, far better results than initially anticipated could still make it a top-two or top-three crop, according to Rabobank’s North American Agribusiness Review. In October, the US Department of Agriculture (USDA) lowered yield estimates against the backdrop of media reports indicating that crops coming off the field were better than expected. Rabobank said much about the 2022-23 crop year has been atypical.
Ocean freight rates for US grain dropped in the third quarter.
Ocean freight rates for shipping grain from the US Gulf and Pacific Northwest dropped in the third quarter compared to the previous quarter and from a year ago, according to the Oct. 26 Grain Transportation Report from the US Department of Agriculture (USDA). Compared to the prior four-year average, rate for routes from the Gulf and Pacific Northwest to Japan decreased while rate for routes from the US Gulf to Europe increased.
Russia signs grain export deal with China.
A Russian export company has signed a deal to export 70 million tonnes of grain, legumes and oilseeds to China, Reuters reported on Oct. 18. The company, EPT, said the contract was for 12 years with a possible extension, according to Reuters.
UN, Russian officials discuss grain exports
Talks aimed at providing Ukraine and Russia “unimpeded access” to global grain and fertilizer markets were held between the United Nations and Russian officials Oct. 9 in Moscow, Reuters reported. UN spokesperson Stephane Dujarric said top UN trade official Rebeca Grynspan was in Moscow and UN aid chief Martin Griffiths joined the talks virtually.
More ships using Ukrainian seaports
Three ships left Ukrainian ports on Oct. 1, and five more ships are on their way to ports using a new corridor opened by Ukraine mainly for agricultural exports as an alternative to the Black Sea Grain Initiative quit by Russia, Reuters reported. “Five new vessels are waiting to be loaded in Ukrainian ports,” Ukraine Deputy Prime Minister Oleksandr Kubrakov said on the X social media platform. “Bulk carriers OLGA, IDA, DANNY BOY, FORZA DORIA, NEW LEGACY are going to…
Ukraine exports plunge by 51%
Ukraine grain exports from Sept. 1-24 fell by 51% compared with the same period in 2022, Reuters reported, citing data from Ukraine’s agriculture ministry. The war-torn country has seen its grain infrastructure under attack by Russia since it withdrew from the Black Sea Grain Initiative on July 17. It exported 1.57 million tonnes of grain during the first...
US HRW wheat exports projected at record low
US Hard Red Winter (HRW) wheat exports are forecast to fall to their lowest level since the US Department of Agriculture (USDA) began tracking such data in 1973, according to a recent report from the Economic Research Service (ERS). In its monthly Wheat Outlook Report, released on Sept. 14, the ERS projected HRW exports to decline to 155 million tonnes, revised downward by 10 million tonnes from its August projection.
Poland to extend embargo of Ukraine grain
Poland announced on Sept. 12 that it will not lift its embargo of imports of Ukrainian grain this week as originally planned. Poland Prime Minister Mateusz Morawiecki said resuming imports would hurt Polish farmers.
Argentina anticipates rebound in soybean crop
Argentina’s soybean crop is expected to rebound in the 2023-24 crop year to an estimated 50 million tonnes, up from 21 million tonnes last season, according to a Sept. 7 report from the Buenos Aires grain exchange. The country is a top exporter of processed soybeans and also a major corn and wheat supplier. A historic drought sharply reduced production last season.
Brazil overtakes US as top corn exporter
Brazil will overtake the United States as the world’s top corn exporter in the 2022-23 marketing year and is projected to be the leading exporter in 2023-24 as well, according to statistics from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. The only other year in which Brazil topped the United States in corn exports was in 2012-13, a year in which a severe drought impacted US corn production.