Trade
Shipping giant Maersk on Wednesday warned of gloomy times ahead for global trade, even as it reported record profits stemming from high rates charged by its ocean business.
“In the last 2,500 years, every Chinese government that has fallen, has fallen over food,” says Kuehl, Armada chief economist. “They need those import markets—be it from the U.S, Canada, Brazil or Australia.”
SINGAPORE, Oct 31 (Reuters) - Russia’s weekend backtrack from a U.N.-brokered deal to export Black Sea grains is likely to hit shipments to import-dependent countries.
Rep. Khanna’s Gasoline Export Ban Act of 2022 would grant the president authority to stop exports of gas when prices are high. Other government officials are instead looking at biofuels to mitigate rising gas prices.
Mexico says it is on track to halve its U.S. imports of yellow corn and will look to make direct deals with farmers in the U.S., Argentina and Brazil who produce non-GMO corn to secure the remaining supplies.
U.S. officials are bracing for another potential oil price surge in December, if a European embargo on Russian oil goes into effect and the Saudis refuse to increase production to make up for the drop in oil supply.
Global diesel and distillate fuel stocks have fallen to dangerous levels and the U.S. has been exporting a lot of diesel to Europe and Latin America, but now things are changing.
Data from Ukraine’s Ministry of Agrarian Policy and Food shows the country shipped 6.9 million metric tons of grain, vegetables and edible oils last month, nearly matching the 7.1 million tons exported in Sept. 2021.
The U.S. is projected to have record ag exports for the marketing year but is still posting a trade deficit. Plus, headwinds such as slow water levels on the Mississippi River are adding to trade concerns.
OPEC+’s decision to slash oil production has the White House considering measures aimed at breaking the cartel’s hold on markets or limiting U.S. oil exports should shortages emerge.