1. Mississippi River grabbed global attention
Grain shipments on the Mississippi River are down 78 percent, while traffic is up on the Great Lakes and St. Lawrence Seaway.
Officials say there has been a 30-40 percent increase in ag exports moving through the Great Lakes, but they say it is hard to judge if that is because of issues along the Mississippi River.
Analysts with Rabobank say farmers need to keep a close eye on local basis levels. They say the impact of recent troubles is evident in the Gulf of Mexico with basis levels upwards of $1.50 per bushel. As the November deadline approaches for rail unions and owners to ratify a new labor contract, shipping companies remain on edge.
To read the full story, click HERE.
2. Russia played back and forth with grain deal
Last week, Russia backed out of the Black Sea Deal. Moscow says the withdrawal came after Ukrainian drone attacks in Crimea.
A few days later, Russia agreed to resume its part in the deal. According to the Associated Press, Russia agreed to the deal after receiving written guarantees from Ukraine that the shipping corridor would not be used for military action.
3. Lawmakers urged USDA to explain where Covid relief funds were spent
Senator John Boozman called on USDA to account for the $11 billion intended to help the agriculture sector respond to the pandemic.
He said most of the distributed money aligned with the intentions of Congress, but he had concerns that some money was spent for unintended purposes. In a letter to Secretary Tom Vilsack, he requested a report on all programs and activities that received money as well as an explanation of how the funds were used in accordance with the law.
To read the full story, click HERE.
4. Maersk gave a dim outlook on next year’s trade
The CEO of the Danish company warned of dark clouds on the horizon, and said international commerce is “moving backward.”
Maersk expects global container demand to fall as much as four percent this year, saying shipping companies are canceling voyages to better align with demand.
To read the full story, click HERE.
5. Global food prices did not really change
The World Food Price Index remained virtually unchanged from last month.
Global food prices dropped again for the seventh straight month, but not by much. Prices are still two percent higher than a year ago. It came in at 135.9, which is down a tenth of a percent from September.
To read the full story, click HERE.
