Trade
Higher prices at the grocery store don’t seem to be causing consumers to veer away from the meat counter. Robust meat demand abroad is also setting sail, despite inflation and shipping struggles.
CBOT soybean oil prices hit a record high after Indonesia announced it will effectively ban palm oil exports as of April 28. With no timeline in place, some question the motive and duration of the announced ban.
John Phipps says positive or negative, any trade balance has dubious value, and only limited prediction power. Other than bragging rights, they mean little with no economic advantage for having a positive trade balance.
February import records show the U.S. did not take in any ethanol for the month, compared with 10.5 million gallons in January.
The Ukranian government announced removal of corn and sunflower oil export license requirements to allow for easier exports, while also hoping the sale of the commodities will provide money for spring planting.
The commodity markets came under pressure to start the week as traders tried to shed risk over shipping concerns in China as COVID-19 concerns caused officials to shut down transportation amid a two-pronged lockdown.
Lawmakers introduce a bill to send an energy rebate any month the national average gas price exceeds $4 per gallon for the remainder of 2022.
Russia may suspend exports of wheat, barley, corn and rye starting Tuesday and lasting until June 30, the Interfax news agency reported on Monday, citing the agriculture ministry.
“Before the war with Ukraine, the President encouraged Russia to produce more oil to help us lower the price at the pump,” says U.S. Sen. Jerry Moran (R-KS). “That’s so hypocritical.”
With the U.S. on the back end of COVID-19 and the conflict between Russia and Ukraine unraveling, USTR Katherine Tai says her office is currently focused on three themes: resilience, sustainability and competition.