Wheat
Wheat producers rely primarily on public sector research for crop breeding improvements. A new GMO wheat incorporating drought tolerance has been approved for planting in Argentina, but not yet produced for market.
“There are still more questions than answers, but we did get a vessel out the door,” says Dan Basse, president of AgResource Company.
U.S. estimates show global wheat levels are stockpiled at 33% of annual consumption. Gro Intelligence says the world’s numerous economic crises prove government estimates are “not adding up.”
With little to no diesel readily available to fuel harvest, wheat and other grains languish in the country’s fields. One analyst says he expects the global wheat market will be shorted 10 million metric tons.
The start of summer also ushers in the steady rhythm of wheat harvest across the plains. What typically is picture-perfect setting of beauty from amber waves of grain is one that shows the scars of drought.
With threats to global food supplies, ag companies are stepping up to ensure wheat has a seat at everyone’s table. Embrapa is taking a shot at filling the wheat void through GMO wheat trials.
Russia is ready to provide a humanitarian corridor for vessels carrying food to leave Ukraine, in return for the lifting of some sanctions, Interfax news agency reported, citing Russian Deputy Foreign Minister.
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.
Kansas City wheat scored record highs on Tuesday, exceeding the highs set in 2008.