Kyiv | Reuters — Russia is 99.9 per cent certain to quit a U.N.-brokered deal on the safe wartime passage of Black Sea grain next month because it no longer needs Ukrainian ports to export ammonia, a senior Ukrainian diplomat said. The United Nations and Turkey brokered the Black Sea Grain Initiative with Moscow and […] Read more
Ukraine ‘99.9 per cent’ certain Russia will quit Black Sea deal next month
Russia wants demands met on ammonia shipments
What happens when the grain deal fails?
Economic and political unrest abroad will affect Canadians
Reading Time: 3 minutes Russia is using food as a weapon of war, one designed to compel Ukraine and its allies to cave to Russian demands for the open export of its own grain and fertilizer, and subsequently, the import of great quantities of cash for the Russian war chest. While there is a UN-brokered deal for the continued […] Read more
U.S. grains: Soy, corn futures steady; wheat mixed
Large Russian exports tempered fears of Black Sea corridor agreement breakdown
Chicago | Reuters — U.S. corn and soybean futures steadied on Tuesday after the market rallied sharply at the end of last week on concerns that hot and dry weather will lead to harvest shortfalls. The market remained underpinned by the most recent forecasts, which remained unfavourable for key growing areas of the U.S. Midwest, […] Read more
Black Sea grain shipments shrink amid Ukraine deal doubts, Cargill exec says
'Grey/black' fleet seen handling more Russian traffic
London | Reuters — South American grain exports are set to overshadow Black Sea shipments this year as doubts grow over a U.N.-backed Ukraine deal and international traders cut commercial activities in Russia, a top executive with major commodities group Cargill said. The Black Sea grain deal, which allows the safe passage of grains through […] Read more
Ukraine’s farm output could take 20 years to recover, study suggests
Some crop sectors may recover more quickly
Kyiv | Reuters — Ukraine’s agricultural sector could take 20 years or more in parts to recover from the ravages of Russia’s full-scale invasion, according to a Kyiv-based research centre. Ukraine is a major global grower and exporter of wheat, corn, sunflower and sunflower oil, but its production has fallen sharply since the war start […] Read more
Kremlin says ammonia pipeline blast negative for Black Sea grain deal
Russia had sought transit for ammonia via Ukraine
Moscow | Reuters — The Kremlin said on Thursday that there would be a “negative impact” on the fate of a Black Sea grain deal from a blast which damaged a pipeline used to export Russian ammonia via Ukraine that Moscow wants restarted. The Togliatti-Odesa pipeline, which once pumped up to 2.5 million tonnes of […] Read more
U.S. grains: Wheat futures snap winning streak
Corn weak, soybeans mixed
Chicago | Reuters — U.S. wheat futures fell on Wednesday, with the most-active Chicago Board of Trade soft red winter wheat contract snapping a five-session rally that had pushed prices to their highest in nearly three weeks, traders said. But concerns about export demand for U.S. supplies pulled wheat prices lower, with high-protein offerings notching […] Read more
Extent of Saudi oil production cut unclear
Reported tensions within OPEC limit price gains
MarketsFarm — At the OPEC+ meeting Sunday in Vienna, Saudi Arabia announced it will cut its oil production by one million barrels per day (BPD) come July. And while that move was bullish for the markets, by how much remains to be seen, said Phil Flynn of the Price Futures Group in Chicago. “It’s probably […] Read more
Ukraine says Russia again blocking Black Sea grain export deal
Russia seeks ammonia transit via Pivdennyi
Kyiv | Reuters — Ukraine’s ministry of renovation and infrastructure said on Thursday the U.N.-brokered Black Sea grain export deal had been halted again because Russia had blocked registration of ships to all Ukrainian ports. A U.N. spokesman said Russia had informed officials overseeing the initiative that Moscow would limit registrations to the port of […] Read more
U.S. grains: Wheat, corn, soy fall on uncertain demand, weather
Sagging equities, crude oil also bearish on grains
Chicago | Reuters — U.S. wheat, corn and soybean futures tumbled on Tuesday, pressured by macroeconomic worries, strong competition for global grain export business and some forecasts for beneficial Midwest rains next month that could bolster production prospects, analysts said. “The wetter outlook removed the one factor providing stability for the grain and oilseed markets, […] Read more
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