Argentina and China agreed on a phytosanitary protocol in October 2023, paving the way for Argentine wheat to be imported by the Asian giant. That was followed by a January 2024 announcement that China added several Argentine companies to its list of approved exporters.“Sales are now possible, but none have yet been announced,” the U.S. Department of Agriculture stated in its recent Grain: World Markets and Trade report. Argentina typically ships its wheat to other Latin American countries, but in bumper years it goes further afield, selling to markets in Asia and Africa.

It's Valentine’s Day week and there is no love in the air for the grain markets. You have to look back to 2020 to find a mid-February that Cupid found himself showing up with such low prices in corn, soybeans and wheat. No news is probably bad news in this case, but the market needs something to help stop the downward trajectory. There are a couple of items to be watching for that can lead to a change of direction among the grains. The Commodity Futures Trading Commission Commitment of Traders report showed the managed money traders holding a net short position of 297,744 contracts, that is only 24,271 contracts from a record short position from 2019.

Ukrainian grain exports over the past couple of months have soared to levels not seen since before Russia’s invasion in February 2022, thanks primarily to the unmitigated success of its new protected maritime export corridor, which was established following Russia’s withdrawal from the UN-brokered Black Sea Grain Initiative. Kyiv launched what it called a humanitarian shipping corridor in August last year to link Ukraine’s Black Sea ports with its global customer base, several weeks after Moscow refused to agree to a new accord to allow Ukrainian agricultural exports through the contested Black Sea. Russia threatened to treat all vessels moving to and from Ukraine’s Black Sea ports as potential military targets.

Ceres Global Ag, a US-based global agriculture, energy and industrial products company, has entered into an exclusive agreement with Grupo Trimex, Mexico’s largest flour miller, to collaboratively develop and execute regenerative agriculture initiatives, expanding programs across Canadian and US hard red spring wheat supply sheds. The overall goal of the partnership is to deliver transformative production outcomes that enhance grower performance and environmental sustainability. Mar Gutiérrez, sustainability and social impact manager at Grupo Trimex, said increased transparency across the supply chain is vital for consumers to understand how their food is produced.

Farm bill discussions have been in the hands of the four leaders of the Senate and House Agriculture committees for months without resolution. Neither committee has released a first-round draft. House Agriculture chairman Glenn Thompson declared, “I am at the table” to write the new farm bill — with multibillion-dollar cuts already rejected by Democrats on the committee. “I hope my colleagues across the aisle join me,” said Thompson, as farm bill leaders clashed over the direction of the moribund legislation.

The U.S. agriculture had record farm exports in 2021 and 2022, with 2023 expected to be another strong year. “But our administration recognizes that we need to do everything we can to make sure everyone benefits from agricultural trade,” said Doug McKalip, U.S. chief agriculture negotiator for U.S. Trade Representative Katherine Tai. Even though the U.S. had a record $200 billion of ag exports last year, only about four or five markets around the globe have been responsible for where those commodities go.

The additional role that the dean of University of Idaho’s agriculture college has assumed not only positions him to complete some big-ticket infrastructure initiatives for the land grand university. It also recognizes the important role that farming and ranching play in Idaho and in principle gives the state’s agriculture industry more direct access to the U of I president. Michael Parrella, the dean of U of I’s College of Agricultural and Life Sciences, recently assumed the dual role of serving as special assistant to the president for agricultural initiatives.