Ukraine
U.S. President Joe Biden and Chinese President Xi Jinping spoke on a video call on Friday about Russia’s invasion of Ukraine and Chinese media said Xi underlined that such conflicts are in no-one’s interests.
Even with Russia removed from the global fertilizer market, it still doesn’t create worst-case scenario. StoneX Group says China could make the situation worse, as China and Russia account for 40% of global phosphate.
Ukraine has only recently become a corn and soy export competitor, but was the breadbasket of Europe for centuries. Ukraine has about two-thirds of the richest soils in continental Europe.
March 11 (Reuters) - Global farm commodities trader Cargill Inc (CARG.UL) said on Friday it was scaling back its business activities in Russia and has stopped investments in the country.
(Reuters) - The Russian invasion of Ukraine threatens millions of tiny spring-time sprouts that should emerge from stalks of dormant winter wheat in the coming weeks.
Volatility is here to stay in the grain markets — but so could higher prices.
UPDATE: WASHINGTON (AP) - Biden: US ban on Russian oil a ‘powerful blow’ to ‘Putin’s war,’ warns Americans ‘defending freedom is going to cost.’
We could be headed for a volatile year – or more – in both ag commodities and energy. Here are just a few reasons for strong prices.
Oil prices soared to their highest since 2008 due to delays of Iranian nuclear talks and the potential return of Iranian crude to global markets, which are already suffering from Russian supply disruptions.
Crude oil hit a 13-year high and wheat topped $13. With front-month soybeans soaring past $17, and corn nearing the $8 mark, the crisis in Ukraine means food and fuel inflation fears are also heating up.
Russia’s trade and industry ministry has recommended the country’s fertilizer producers temporarily halt exports, the ministry said Friday, in a sign that sanctions imposed could have a global impact.
Just as wheat prices hit a new all-time high, the March contract was spooked, as profit taking caused the front-month contract to drop more than 80 cents in minutes. Despite that, the fundamental story hasn’t changed.
Soft Red Winter (SRW) futures hit an all-time high Friday, as consecutive limit up trading days meant wheat prices topped a previous high set in 2008.
The European Union is facing a shortfall in sunflower oil as war blocks exports from key supplier Ukraine, vegetable oil industry group FEDIOL said on Friday.
UPDATE: 03/02 4:23 pm-EST-There are reports a missile struck a vessel flying under the flag of Bangladesh in Ukraine.
February’s volatile commodity prices added to the final spring crop insurance price scenario. While farmers await RMA’s final numbers, an early look at levels shows soybeans could smash the previous record set in 2011.
Congress returns Monday, but to a very different situation due to Russia’s invasion of Ukraine, which is expected to be one of the key issues President Biden talks about during his State of the Union address.
Chicago wheat futures rose sharply on Monday after hitting 13-1/2 year highs on Friday, lifted by concern that Russia’s invasion of Ukraine and Western sanctions will continue to disrupt Black Sea region grain exports.
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.
European stocks rose Friday after Wall Street’s late rally. Investors welcomed Western sanctions on Russia that targeted its banks without blocking global payments system, leaving its energy sector largely untouched.
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.
Clinton Griffiths talks with market experts to dive into how these global events will impact the agricultural markets and more.
There are issues on multiple fronts, including worries about higher energy prices and the potential for “cyber attacks” in the U.S.
Mounting conflict in the breadbasket of Europe is driving volatility in wheat markets as Russia and Ukraine account for 29% of global wheat exports.
Wheat fell to the lowest in almost three weeks in Chicago and corn declined amid speculation that tension between Ukraine and Russia will ease, improving the prospects for the Black Sea region’s grain exports.