wheat exporters, who are currently in peak shipping season. On the bright side, the slower Russian export paces bode well for U.S. “July sales are most likely to be below what they were a year ago," Black Sea forecaster SovEcon predicted yesterday. previously stated late last month that it would consider issuing “comfort letters” to freight and insurance companies to help offset the higher prices and additional risks for grain and fertilizer shipments out of Russia. "None of the problems have been solved as of yet despite statements by the Western officials," Eduard Zernin, who heads the Russian association of grain exporters, told Reuters. And with the ongoing turmoil in the Black Sea, few farmers have booked forward sales, leaving exporters reliant on raising cash bids to lure freshly harvested bushels out of the fields. But the high wheat export tax (about $3.86/bushel) along with high freight and insurance costs, are slowing down export paces. Russia is expected to harvest its largest crop in the post-Soviet era. That, combined with a strong rouble, freight and logistics challenges, and few pre-booked sales mean that Russian exporters are scrambling to find available supplies from farmers with which to load cargo vessels destined for international locations. Russia continues to keep a high export tax in place. Wheat harvest has begun in Russia, but not without its fair share of challenges due to the ongoing Ukrainian war. Sanctions imposed by the West on Russia due to its unprovoked invasion of Ukraine – compounded with the inaccessibility to Ukrainian grain supplies – have restricted global food and edible oil supplies over the past four months, with little progress having been made in recent weeks to make more grain available on the global markets at affordable prices. "So the West can supply all these arms to Ukraine but for some reason nothing can be taken out of Ukraine?" "It is a lie - such accusations are complete lies," Russian foreign ministry spokeswoman Maria Zakharova told reporters in Moscow this morning. Overnight, Russia accused the West of spreading lies about the origins of the ongoing global food crisis. I review and upload results daily to the FFTF Google MyMap, so farmers can see others’ responses from across the country – or even across the county! Russia & Ukraine Want to see how your farm stacks up? Just click this link to take the survey and share updates about your farm’s spring progress. Regardless, we are still receiving valuable insights from farm country as this heat wave continues to roast the Heartland. Same here, as I mix up a small batch of mesotrione to kill the latest round of broadleaf weeds in my lawn. Chicago wheat up 11-13 cents Kansas City wheat up 9-10 cents Minneapolis wheat up 6-8 centsįeedback from the Field updates! Our FFTF responses have trended lower over the past couple weeks thanks to ongoing crop protection activities.Soybeans down 14-23 cents Soymeal down $0.70/ton Soyoil down $2.85/lb.
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