Articles of Interest – Wednesday, February 13, 2019
February 13, 2019
Russian Wheat Prices Fall on Weaker Demand
CNBC – 2/11/2019
Russian wheat export prices declined last week from the lofty levels they had held for around a month as demand weakened, with the country losing its second major purchasing tender in Egypt, its largest wheat buyer, analysts said on Monday. Egypt’s state grain buyer GASC bought 300,000 tonnes of U.S., French and Ukrainian wheat in a tender last week. Russian wheat was too expensive to be competitive for the second consecutive tender. Black Sea prices for Russian wheat with 12.5 percent protein content and for delivery in February were $243 a tonne free on board (FOB) at the end of last week, down $2 from a week earlier, Russian agricultural consultancy IKAR said in a note.
Russia Not Planning Wheat Export Bans
Ag Web – 2/12/2019
The Russian Agricultural Minister reiterated that the government is not planning to implement any restrictions on wheat exports this marketing year. The announcement follows a similar announcement in January where the government stated it’s commitment to maintain the current export pace despite what appeared to be a spike in domestic wheat prices.
China Trade War: Concern Grows About Permanent Damage to Ag
Agri-Pulse – 2/11/2019
U.S. and Chinese negotiators are in Beijing this week trying to strike agreements to end the countries’ trade war, but the damage has already been done for the U.S. ag sector and some of it is irreversible, according to farmers who don’t expect to recover a lot of what they have lost to months of steep tariffs. “No one wins in a trade war, but in the case of U.S. soybean farmers, we’re going to get the short end of the stick,” said Mark Albertson, director of strategic market development for the Illinois Soybean Growers. “Even if the trade war ends tomorrow, we’re going to be faced with permanent damage. That’s our concern.”
Senators Introduce Bill to Lift Cuba Embargo
American Ag Radio Network – 2/13/2019
A bipartisan group of Senators recently reintroduced legislation to lift the Cuba trade embargo. Democrats Amy Klobuchar and Patrick Leahy, along with Republican Mike Enzi reintroduced the bipartisan Freedom to Export to Cuba Act. The legislation would eliminate the legal barriers to Americans doing business in Cuba and pave the way for new economic opportunities for American businesses and farmers by boosting U.S. exports.
Kansas Wheat Acres Down But Exports Improving
Kansas Ag Network – 2/12/2019
Justin Gilpin, CEO of Kansas Wheat, talked about reduced wheat acres in the state due to wet field conditions last Fall. Total wheat acres in the U.S will be the lowest since 1909. On the positive side, exports of U.S. wheat seem to be picking up, despite the trade war, with sales to Egypt and Nigeria reported this week.
Spokane Ag Expo Honors Medical Lake FFA, Grain Industry Leader
Capital Press – 2/11/2019
A longtime grain industry champion and FFA students who are working to spread the word about agriculture to their classmates received were honored during the Spokane Ag Expo. Mary Palmer Sullivan, vice president of the Washington Grain Commission, and the Medical Lake FFA received the Excellence in Agriculture Awards. Sullivan was honored for working for the Washington barley and wheat industries, said Tim Cobb, president of the Spokane Ag Expo board and chairman of the Excellence in Agriculture award committee.
Source: U.S. Wheat Associates