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In the March World Agricultural Supply and Demand Estimates (WASDE) report, USDA made a deeper cut than expected to global soybean production.
Secretary Vilsack supports attorney generals search for answers. He says once the market studies are completed, “we may learn additional steps we can take.”
USDA’s 2022 supply and demand forecast came out just hours after Russia declared war on Ukraine. And as the crisis continues, USDA Chief Economist acknowledges the situation is impacting world trade and crop prices.
Despite signs Russian President Vladimir Putin may be ready to talk with representatives from Ukraine, Cargill confirmed a ship it chartered was hit in the Black Sea on Thursday. The vessel was empty at the time.
The Russia-Ukraine crisis sent wheat prices skyrocketing 50 cents higher, with corn up 30 cents at one point Thursday. Crude oil also soared above $100 per barrel, hitting the highest level since 2014.
AgriTalk’s Davis Michaelson hosted Vince Malanga, president of LaSalle Economics, on Tuesday, Jan. 25, to dive into the current events and potential market impacts.
Hopes for docile agriculture markets in 2022 have already been blown out of the water. Instead, we could be headed for a volatile year – or more.
USDA Secretary Tom Vilsack wants the Department of Justice (DOJ) to ensure seed companies and other input suppliers are not using their market power and current conditions to raise prices unfairly.
Brazil slashed its soybean forecast this week, while China’s hunger for U.S. soybeans seems to be growing. And it led to soybean prices continuing to surge higher this week.
Chicago soybean futures jumped more than 1% on Monday to their highest since June on concerns over supplies from South America and strong demand from China.