Ukrainian stevedores are working to load thousands of tons of donated wheat that will be going to war-torn Yemen a little over a day after the Black Sea Grain Initiative was renewed under a cloud of uncertainty.

Some of the selling pressure on wheat this week comes from Russia and Ukraine agreeing to extend the Black Sea grain corridor, said Jack Scoville, an analyst with the Price Futures Group.

From 2010-2022, USDA’s February projected production for corn, soybeans, and wheat averaged 655 million bushels higher, 518 million bushels lower, and 15 million bushels higher than final estimates, respectively. The difference between February production projections and final estimates can be partially explained by yield or acreage changes, due primarily to weather events...Wheat ending stocks have, on average, been projected 47 million bushels lower in February than the final estimate, with a range of 239 million bushels higher to 213 million bushels lower than the February projection.

South Korean flour millers last year purchased more wheat from Australia than they did from America because of higher U.S. prices that were a result of drought in 2021-2022. "Hopefully, U.S. wheat will regain the top position this year," said Dong-Chan Bae, director of the U.S. Wheat Associates South Korea office in Seoul. Bae spoke to the Washington Grain Commission board March 15 via a video call. U.S. milling wheat was $478 per metric ton, and Australian wheat was $407 per metric ton.

The United States has historically been one of the larget exporters of agricultural crops in terms of volume and value. In recent decades., increased competition from countries such as Argentina and Brazil, have threatened the current U.S. standing in the global arena. The purpose of this study is to examine export competitiveness-in terms of value-of the top five commodity groups exported: corn, soybean products, cotton, wheat products, and tree nuts.

Over 50 food and agriculture organizations – including NAWG – sent a letter to Congress encouraging them to pass legislation enabling the United States to negotiate more free-trade agreements. Specifically, the letter calls on congress to Pass Trade Promotion Authority (TPA), which provides American negotiators with the authority they need to complete market access agreements while maintaining high standards for international trade. Without this authority – and the absence of the pursuit of comprehensive free trade agreements – American agriculture is falling behind global competitors.

Wheat farmers from Idaho, Montana and Nebraska were part of the USW North Asia Board Team, which has returned to the U.S. after successful visits to meet U.S. wheat customers in the Philippines, Japan and South Korea.