U.S. President Joe Biden has not ruled out using export restrictions to ease soaring domestic fuel prices, U.S. Energy Secretary Jennifer Granholm said on Tuesday.
Russian wheat export prices rose last week following higher wheat prices in Paris, analysts said on Monday, adding that the country’s exports continued to slow down due to seasonal factors.
U.S. wheat futures fell sharply on Wednesday following a report about efforts by the United Nations to restore Ukraine grain shipments along with news of potential Russian wheat exports.
Rail backlogs in the United States are delaying shipment of grains as well as processed flour and corn syrup, contributing to the national problem of inflation, food and grain companies said at a hearing this week.
Indonesia’s ban on palm oil exports is unlikely to last more than a month as Jakarta has limited infrastructure to store the surplus oil and the country faces mounting pressure from buyers, industry officials said.
Chicago Board of Trade (CBOT) corn futures topped $8 a bushel and reached their highest price in nearly a decade on Monday on concerns over unfavorable U.S. crop weather and the Ukraine war disrupting grain exports.
Livestock farmers, including those who previously paid to have animal waste removed, have found a fertile side business selling to grain farmers. Equipment firms that make manure spreading equipment are also benefiting.
