World Perspectives

Recent Europe Analysis

FOB Prices and Freight Rate App (Updated 27 March)

Ocean Freight Comments - 22 March 2024 By Matt Herrington The Baltic Dry Indexes strengthened earlier this week, but those gains faded by Thursday afternoon and markets turned mixed for the week. Capesize markets continue to struggle as they wait for Chinese demand to increase while Panamax and...

Interactive Ocean Freight Rates (Updated 27 March)

Ocean Freight Comments - 22 March 2024 By Matt Herrington The Baltic Dry Indexes strengthened earlier this week, but those gains faded by Thursday afternoon and markets turned mixed for the week. Capesize markets continue to struggle as they wait for Chinese demand to increase while Panamax and...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  Russia’s grain stocks at the end of February totaled 28 MMT, down 2.7 percent compared to the prior year. Wheat stocks of 17.5 MMT were up 1.1 percent from February 2023 while corn stocks fell 10 percent over that period to 2.9 MMT. Oilseed stocks totaled 4 MMT (up 5 p...

Cahiers Redux – Politicians Recoil

The Cahiers de doléances [or kaje for short] were the pre-French revolution (1789) lists of societal complaints. The collective disappointments of the clergy, the nobility, and the rest of society too. Nothing has changed. Documents of the time cite the criticisms as: government waste, i...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  The EU Commission is proposing new support measures for farmers after widespread protests rocked the region in recent weeks. Farmers were pushing back against the suite of regulations aimed at making European farming more climate friendly. Russia attacked the Ukrainian port...

wheat

WASDE Wheat

Wheat: USDA’s March estimate is that U.S. ending stocks are increased 673 million bushels and are 18 percent higher than last year.  The season-average U.S. farm price is reduced $0.05 per bushel to $7.15. The global wheat ending stocks are lowered 0.6 million tons to 258.8 million,...

Katy Bar the Door; Pursuing Food Sovereignty; USMCA Expansion

Katy Bar the Door Malaysia had filed a WTO dispute settlement case against the EU’s Renewable Energy Directive, arguing it is prejudicil in limiting the amount of imported palm oil that could qualify under the scheme. Brussels has pursued other ways to limit imports of palm oil from South...

Europe’s Mantel; Trade-less Trade Advisor

Europe’s Mantel Sans Viande: In three months, France will ban the use of “meat” when referring to meat alternative products. Since profits are in the adjective, meaning consumers will pay a premium for claims-based products such as geographic indicators, farmers in France have...

feed-grains soy-oilseeds wheat

Market Commentary: Wheat Leads CBOT Rally on Short-Covering, Value Buying

The CBOT turned sharply higher after the three-day weekend with wheat leading the way on a surge in buying interest. Paris wheat started the rally with contracts there rebounded from new contract lows, and that strength spilled over into CBOT and KCBT futures as well. While little clear motivat...

Farm Bill Lacks Gravitas; Paying for Change

Farm Bill Lacks Gravitas Farmer protests appear to be exploding everywhere. Of course, in Europe where it is part of the profession. But in India as well where farmers are demanding higher minimum support process. Farmers in the U.S. also want higher guarantees for farm income. Commodity prices...

Farmer/Green Divide

The recent policy reversal in Europe on environmental obligations for farmers is not being welcomed by everyone. Greenpeace warns that excluding farms from emission reductions will ultimately hurt farmers as their crops fail under the burden of climate change. They are also warning that farmers...

feed-grains soy-oilseeds wheat

European Market Analysis

Milling Wheat  Wheat markets remain under pressure as Western Europe and Black Sea exports battle each other and the American markets for export demand. Paris Matif futures were sharply lower last week and scored new contract lows and a post-WASDE rally on Friday brought additional selling...

The Ashes of EU’s Greens; Redefining Consensus

The Ashes of EU’s Greens There is a lot of finger-pointing in Brussels over responsibility for originally drafting the Green Deal/Farm to Fork debacle, and now its withdrawal. The political nature of the whole exercise was illustrated by EU President Ursula von der Leyen’s rationale...

wheat

WASDE Wheat

USDA’s February estimate is for a slight increase in U.S. wheat ending stocks by 10 million bushels to 658 million for 2023/24. That is because food use is reduced 10 million bushels to 960 million, on lower wheat flour grinding - as indicated in the NASS Flour Milling Products report rel...

EU Sobers Up

The EU’s political leaders have made dramatic policy reversals in recent days that reflect a more reasoned approach than in the past. As noted previously, they have scrapped some of the Green Deal/Farm to Fork requirements like quitting pesticides, and today the EU Parliament (EP) approve...

feed-grains wheat soy-oilseeds

European Market Analysis

Regional News  European farmers are flexing their political muscles and proving just how much weight they carry with lawmakers. Farmers have been protesting all week across France, Spain, and Italy in response to various national and EU-level policies (e.g., Germany’s fuel subsidies)...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  Turkey decided to reduce its import tax on sunflower seeds from 27 to 12 percent and on sunflower oil from 36 to 22 percent.  Milling Wheat  European wheat markets were mostly steady through Thursday last week, but Paris futures broke sharply lower on Friday. Europ...

NGT Controversy

Environmentalists in Europe are reportedly furious over the European Parliament’s Environment Committee approving the use of some new genomic techniques (NGTs) in an unregulated manner. One framing is that the conservative members of the Committee pushed it through, but conservatives comp...

EU Policy Developments; India PSH and MC-13; EPA Regulating Livestock

EU Policy Developments Farmer protests in Europe have increased and some credit the movement with softening Brussels’ views toward Ukrainian grain threatening producers in eastern Europe. However, farmers have also been protesting the Green Deal/Farm to Fork and efforts to change the way...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  Wheat shipments through the Suez Canal have fallen 40 percent in the first half of January, due to the ongoing Houthi rebel attacks in the Red Sea and Gulf of Aden.  Crop consultants report limited damage to waterlogged winter crops in France and Germany from the recent...

Not Magnanimous; Transatlantic Tech Divide; Advice for Europe

Not Magnanimous An AgriPulse poll of geographically dispersed farmers from across the U.S. with at least $100,000 in gross annual income reflects some greed but low compassion. As commodity values decline, farmers want higher reference prices to ensure income support from the government. They w...

Transatlantic Commonality; Argentina’s NTB’s

Transatlantic Commonality Politico’s senior foreign correspondent Nahal Toosi noted that ambassadors in Washington are warning that U.S. power and influence in the world is declining due to the nation’s intense partisan political divide. But it is not exactly glory days in Europe. F...

Value of Scale Recognized

Agriculture ministers from five EU countries (Bulgaria, Poland, Romania, Hungary, and Slovakia) are asking the European Commission to come up with a solution to the harm they say is being caused by imports of grain from Ukraine. One option is to impose tariffs on Ukraine. However, it is their a...

wheat

WASDE Wheat

USDA reduced the 2023/24 season-average U.S. farm price of wheat by $0.10 lower to $7.20 per bushel. The global wheat outlook for 2023/24 is for larger ending stocks compared with last month. Global supplies are raised 3.6 million tons to 1,056.5 million. Increased stocks for Russia, Ukraine, a...

FOB Prices and Freight Rate App (Updated 27 March)

Ocean Freight Comments - 22 March 2024 By Matt Herrington The Baltic Dry Indexes strengthened earlier this week, but those gains faded by Thursday afternoon and markets turned mixed for the week. Capesize markets continue to struggle as they wait for Chinese demand to increase while Panamax and...

Interactive Ocean Freight Rates (Updated 27 March)

Ocean Freight Comments - 22 March 2024 By Matt Herrington The Baltic Dry Indexes strengthened earlier this week, but those gains faded by Thursday afternoon and markets turned mixed for the week. Capesize markets continue to struggle as they wait for Chinese demand to increase while Panamax and...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  Russia’s grain stocks at the end of February totaled 28 MMT, down 2.7 percent compared to the prior year. Wheat stocks of 17.5 MMT were up 1.1 percent from February 2023 while corn stocks fell 10 percent over that period to 2.9 MMT. Oilseed stocks totaled 4 MMT (up 5 p...

Cahiers Redux – Politicians Recoil

The Cahiers de doléances [or kaje for short] were the pre-French revolution (1789) lists of societal complaints. The collective disappointments of the clergy, the nobility, and the rest of society too. Nothing has changed. Documents of the time cite the criticisms as: government waste, i...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  The EU Commission is proposing new support measures for farmers after widespread protests rocked the region in recent weeks. Farmers were pushing back against the suite of regulations aimed at making European farming more climate friendly. Russia attacked the Ukrainian port...

wheat

WASDE Wheat

Wheat: USDA’s March estimate is that U.S. ending stocks are increased 673 million bushels and are 18 percent higher than last year.  The season-average U.S. farm price is reduced $0.05 per bushel to $7.15. The global wheat ending stocks are lowered 0.6 million tons to 258.8 million,...

Katy Bar the Door; Pursuing Food Sovereignty; USMCA Expansion

Katy Bar the Door Malaysia had filed a WTO dispute settlement case against the EU’s Renewable Energy Directive, arguing it is prejudicil in limiting the amount of imported palm oil that could qualify under the scheme. Brussels has pursued other ways to limit imports of palm oil from South...

Europe’s Mantel; Trade-less Trade Advisor

Europe’s Mantel Sans Viande: In three months, France will ban the use of “meat” when referring to meat alternative products. Since profits are in the adjective, meaning consumers will pay a premium for claims-based products such as geographic indicators, farmers in France have...

feed-grains soy-oilseeds wheat

Market Commentary: Wheat Leads CBOT Rally on Short-Covering, Value Buying

The CBOT turned sharply higher after the three-day weekend with wheat leading the way on a surge in buying interest. Paris wheat started the rally with contracts there rebounded from new contract lows, and that strength spilled over into CBOT and KCBT futures as well. While little clear motivat...

Farm Bill Lacks Gravitas; Paying for Change

Farm Bill Lacks Gravitas Farmer protests appear to be exploding everywhere. Of course, in Europe where it is part of the profession. But in India as well where farmers are demanding higher minimum support process. Farmers in the U.S. also want higher guarantees for farm income. Commodity prices...

Farmer/Green Divide

The recent policy reversal in Europe on environmental obligations for farmers is not being welcomed by everyone. Greenpeace warns that excluding farms from emission reductions will ultimately hurt farmers as their crops fail under the burden of climate change. They are also warning that farmers...

feed-grains soy-oilseeds wheat

European Market Analysis

Milling Wheat  Wheat markets remain under pressure as Western Europe and Black Sea exports battle each other and the American markets for export demand. Paris Matif futures were sharply lower last week and scored new contract lows and a post-WASDE rally on Friday brought additional selling...

The Ashes of EU’s Greens; Redefining Consensus

The Ashes of EU’s Greens There is a lot of finger-pointing in Brussels over responsibility for originally drafting the Green Deal/Farm to Fork debacle, and now its withdrawal. The political nature of the whole exercise was illustrated by EU President Ursula von der Leyen’s rationale...

wheat

WASDE Wheat

USDA’s February estimate is for a slight increase in U.S. wheat ending stocks by 10 million bushels to 658 million for 2023/24. That is because food use is reduced 10 million bushels to 960 million, on lower wheat flour grinding - as indicated in the NASS Flour Milling Products report rel...

EU Sobers Up

The EU’s political leaders have made dramatic policy reversals in recent days that reflect a more reasoned approach than in the past. As noted previously, they have scrapped some of the Green Deal/Farm to Fork requirements like quitting pesticides, and today the EU Parliament (EP) approve...

feed-grains wheat soy-oilseeds

European Market Analysis

Regional News  European farmers are flexing their political muscles and proving just how much weight they carry with lawmakers. Farmers have been protesting all week across France, Spain, and Italy in response to various national and EU-level policies (e.g., Germany’s fuel subsidies)...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  Turkey decided to reduce its import tax on sunflower seeds from 27 to 12 percent and on sunflower oil from 36 to 22 percent.  Milling Wheat  European wheat markets were mostly steady through Thursday last week, but Paris futures broke sharply lower on Friday. Europ...

NGT Controversy

Environmentalists in Europe are reportedly furious over the European Parliament’s Environment Committee approving the use of some new genomic techniques (NGTs) in an unregulated manner. One framing is that the conservative members of the Committee pushed it through, but conservatives comp...

EU Policy Developments; India PSH and MC-13; EPA Regulating Livestock

EU Policy Developments Farmer protests in Europe have increased and some credit the movement with softening Brussels’ views toward Ukrainian grain threatening producers in eastern Europe. However, farmers have also been protesting the Green Deal/Farm to Fork and efforts to change the way...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  Wheat shipments through the Suez Canal have fallen 40 percent in the first half of January, due to the ongoing Houthi rebel attacks in the Red Sea and Gulf of Aden.  Crop consultants report limited damage to waterlogged winter crops in France and Germany from the recent...

Not Magnanimous; Transatlantic Tech Divide; Advice for Europe

Not Magnanimous An AgriPulse poll of geographically dispersed farmers from across the U.S. with at least $100,000 in gross annual income reflects some greed but low compassion. As commodity values decline, farmers want higher reference prices to ensure income support from the government. They w...

Transatlantic Commonality; Argentina’s NTB’s

Transatlantic Commonality Politico’s senior foreign correspondent Nahal Toosi noted that ambassadors in Washington are warning that U.S. power and influence in the world is declining due to the nation’s intense partisan political divide. But it is not exactly glory days in Europe. F...

Value of Scale Recognized

Agriculture ministers from five EU countries (Bulgaria, Poland, Romania, Hungary, and Slovakia) are asking the European Commission to come up with a solution to the harm they say is being caused by imports of grain from Ukraine. One option is to impose tariffs on Ukraine. However, it is their a...

wheat

WASDE Wheat

USDA reduced the 2023/24 season-average U.S. farm price of wheat by $0.10 lower to $7.20 per bushel. The global wheat outlook for 2023/24 is for larger ending stocks compared with last month. Global supplies are raised 3.6 million tons to 1,056.5 million. Increased stocks for Russia, Ukraine, a...

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