Reading Time: < 1 minute The International Grains Council has raised its forecast for global wheat production in the 2023-24 season with upward revisions for Ukraine, Russia and the United States outweighing a deteriorating outlook for the crop in Australia. The inter-governmental body’s monthly update put the global wheat crop at 785 million tonnes, up from a previous forecast of […] Read more
IGC raises forecast for 2023-24 world wheat crop
U.S., Russian and Ukrainian production seen up, Australia down
Why are Russian export prices roiling the wheat market?
Dissecting the factors around Russia’s grain movement and its impact on global markets
Reading Time: 3 minutes Russian wheat offers at a recent import tender by Egypt were all made at the same price, highlighting what traders classify as behind-the-scenes intervention by Russia’s government that is sowing confusion about the world’s biggest wheat-exporting country. Here is a more detailed look at what is happening: Russian policy In March, sources told Reuters that […] Read more
September world food price index little changed
Food prices seem to be finding new stability after Ukraine invasion sent them skyrocketing
Reading Time: 2 minutes The United Nations food agency’s world price index was largely stable in September, as declines in the indices for vegetable oils, dairy and meat offset a surge in sugar and maize prices. The Food and Agriculture Organization’s (FAO) price index, which tracks the most globally traded food commodities, averaged 121.5 points last month against a […] Read more
Russia destroyed 300,000 tonnes of grain since July in attacks, Kyiv says
Port damage cuts export potential 40 per cent, deputy PM says
Kyiv | Reuters — Russia has destroyed almost 300,000 metric tonnes of grain since July in attacks on Ukraine’s port facilities and on ships, the Ukrainian government said on Friday, underscoring the war’s threat to global food security. In summer, Moscow quit a U.N.-brokered deal that had allowed exports of Ukrainian grain through the Black […] Read more
U.N. held talks in Russia on Monday on grain, fertilizer exports
'Unimpeded access' sought for Ukrainian, Russian grain
United Nations | Reuters — Top United Nations trade official Rebeca Grynspan met with Russian officials in Moscow on Monday for talks aimed at enabling the “unimpeded access” to global markets for grain and fertilizer from Russia and Ukraine, a U.N. spokesperson said. U.N. aid chief Martin Griffiths also attended the meetings virtually, U.N. spokesperson […] Read more
Britain says Russia may target civilian shipping with mines in Black Sea
Intel suggests goal is to deter Ukraine grain exports, Britain says
London | Reuters — Russia may use sea mines to target civilian shipping in the Black Sea, including by laying them on the approach to Ukrainian ports, the British government said on Wednesday citing intelligence. Russia in July pulled out of a deal that had allowed Ukraine to safely ship food products out through what […] Read more
Russia says conditions key to grain deal
Foreign Minister Sergei Lavrov says action needed before his country will move
Reading Time: 2 minutes Russia will return to the Black Sea grain deal ‘the same day’ as Moscow’s conditions for export of its own grain and fertilizers to the global markets are met, Foreign Minister Sergei Lavrov told reporters September 11. Russia quit the deal in July, a year after it was brokered by the United Nations and Turkey, […] Read more
Russia’s leverage on grain to decline, senior U.S. official says
Attacks on ships may hurt pricing
New York | Reuters — Russia’s leverage over Ukraine’s export of grain via the Black Sea will likely erode in weeks to come as more ships are able to leave Ukrainian ports and rising costs could prompt Moscow to reconsider its abandonment of the grain deal, a senior U.S. State Department official said. James O’Brien, […] Read more
Cargill agrees to sell stake in Russian grain terminal
Buyer says deal under government review
Reuters — U.S.-based commodities trader Cargill said on Thursday it had agreed to sell its stake in a Russian grain terminal to Russia’s Delo Group. “In line with Cargill’s earlier announcement to stop the export of Russian grain in July 2023, we can confirm we have reached an agreement with Delo to sell our 25 […] Read more
Russian Agricultural Bank could have SWIFT access within 30 days, U.N. tells Moscow
Russia seeking 'actual exemptions' from sanctions
Reuters — A Russian Agricultural Bank subsidiary in Luxembourg could immediately apply to SWIFT to “effectively enable access” for the bank to the international payments system within 30 days, the United Nations told Russia in a letter, seen by Reuters on Friday. “SWIFT has confirmed that RSHB Capital S.A. would be eligible to apply for […] Read more
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