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<ul class="summary-list"><li>Russia's wheat harvest could hit a record 100 million tons this year, according to SovEcon.</li><li>But much of it could end up piling up in Russia instead of getting exported.</li></ul>Russia could see a bumper wheat harvest this year — but that may not translate into abundant exports to combat the <a href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">world's food crisis.</a>The country's wheat harvest could hit a record 100 million metric tons this year, according to <a href="https://twitter.com/sizov_andre/status/1571890259876810758">SovEcon,</a> a research firm focused on Black Sea grains and oilseeds. Russia is the world's top wheat exporter, accounting for about one-fifth of the world's wheat exports, according to <a href="https://www.usda.gov/oce/commodity/wasde/wasde0922.txt">US Department of Agriculture data.</a>The bumper harvest is due to good weather for both winter and spring wheat, Andrey Sizov, SovEcon's managing director told Insider.SovEcon's forecast is a 33% increase over the country's 75.2 million-ton wheat harvest last year, according to the USDA.But "this huge crop is not fully converting into huge exports," Sizov <a href="https://www.bloomberg.com/news/articles/2022-09-22/russia-s-historic-100-million-ton-wheat-crop-piles-up-at-home?srnd=premium-asia">Bloomberg</a> on Friday. Issues like <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/agriculture/071522-russia-increases-wheat-export-tax-rb426-to-rb5985mt-for-july-20-26-ministry">higher government taxes export taxes,</a> the <a href="https://markets.businessinsider.com/news/currencies/currencies-ruble-vs-dollar-russia-vladimir-putin-western-sanctions-oil-2022-9">strong ruble</a>, logistical bottlenecks due to the Ukraine war are keeping Russian wheat stuck at home, he added to Insider and Bloomberg.Companies could also be boycotting or being extra cautious about trading with the country."Although food supplies are <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022R1273&amp;from=EN">exempt</a> from Western sanctions in the interests of combating food insecurity, bankers and insurers are wary of doing business with Russia, while shipping lines are reluctant to risk sending their vessels into a conflict zone," wrote <a href="https://carnegieendowment.org/politika/87930">Alexandra Prokopenko,</a> an independent analyst on September 16.The inter-government International Grain Council forecasts global wheat production at 792 million tons this year — which is more than its global consumption forecast of 785 million tons, according to the council's <a href="https://www.igc.int/en/gmr_summary.aspx#">report</a> released on Thursday.Benchmark wheat futures on the Chicago Board of Trade are up about 20% this year so far after surging nearly 70% year-to-date to $12.94 a bushel in March.

Russia's wheat harvest could hit a record 100 million tons this year, but a perfect storm of economic conditions is keeping it from being exported

Jammu, Apr 28 () The Department of Agriculture (DoA) on Tuesday ruled out any major impact of the nationwide lockdown on harvesting of rabi crops across the Jammu division and said the region is expecting a bumper crop this season. A senior government official on Tuesday said over two dozen wheat procurement centres are being set up to facilitate the farmers to sell their produce. Director Agriculture, Jammu division, Inder Jeet also said they have already started distribution of seeds and made available sufficient fertilizers for the upcoming kharif season to ensure that the farming community does not face any problem. "The harvesting is going on smoothly and we are expecting a bumper wheat crop this season owing to good rainfall," the officer told . He said a total of 24 wheat procurement centres are being set up in Kathua, Samba and Jammu districts to facilitate the farmers to sell their produce at the Minimum Support Prices (MSP) of Rs 1,925 fixed by the central government. The Jammu division comprises 10 districts including these three, which account for major agricultural products. With the advent of harvesting season, the Advisor to Lieutenant Governor, K K Sharma on Monday inaugurated two such centres at village Keso Mansa in Ramgrah block of Samba district and Sohanjana in Mandal Phallan block in Jammu district. The centres are opened by the Food Corporation of India (FCI) with the support of the Agriculture department to ensure minimum price to the farmers and prevention of distress sale or exploitation in the hands of private players. "We have taken all steps in time to ensure that the lockdown does not have any adverse impact on the farming activities. To overcome the non-availability of migrant labourers (due to the lockdown), we have deployed more machinery and utilized the available resources in a judicious manner to ensure that the harvesting of the crop is smooth," Inder Jeet said. The Director Agriculture said his department facilitated smooth movement of dozens of combine harvesters from neighbouring Punjab and also made available four of its combine harvesters to the farmers on subsidy under various government schemes. "We are directly monitoring the deployment of the machinery and fulfilling all the requirements of the farmers," he said. Besides putting locally available 15 combine harvesters and 40 reapers or reaper-cum-binders, the department has facilitated entry of over 20 harvesters from Punjab through 24/7 facilitation centre established at Lakhanpur. Keeping upcoming kharif season in mind, he said, the department has already started distributing various kinds of seeds such as vegetable, oil, fodder, hybrid maize and paddy among the farmers despite the prevailing situation in the wake of COVID-19. "We have already distributed 50 per cent seeds among the farmers. Some seeds were available with us, some were procured, tested and certified and then dispatched to the districts for distribution. Our field staff ensured the delivery of the seeds and even went door-to-door at some hilly places to distribute Maize seed," Inder Jeet said. He requested the farmers to follow the advisories issued from time-to-time while working in the fields or going to the procurement centres, insisting that the social distancing is the key to combating coronavirus. The director asserted that sufficient fertilizers are available with the government. TAS AB CK

Lockdown no bar, Jammu region expects bumper crop this season: Agri dept

New Delhi, Mar 2 () The government will allow export of onions from March 15 in the interest of farmers, Commerce and Industry Minister Piyush Goyal said on Monday. The decision will help boost the income of farmers, the minister said in a tweet. The government last week decided to lift nearly six-month-old ban on export of onions as prices are likely to fall sharply due to bumper rabi crop. The ban was imposed after the prices of the commodity skyrocketed. Now, onion prices have stabilised and there is bumper crop also. Expected monthly harvest in March is over 40 lakh MT compared to 28.4 lakh MT last year, Food Minister Ram Vilas Paswan had tweeted on Wednesday. In September 2019, the government banned onion exports and also imposed a MEP of USD 850 per tonne. The move came after prices started skyrocketing due to supply-demand mismatch. There was shortage of onion as kharif crop was adversely affected due to excess rains and floods in key producing states, including Maharashtra. Currently, the arrival of rabi (winter) crop of onion has begun in small quantities and would increase from mid-March onwards. Exports of onion are expected to arrest sharp the fall in domestic prices. RRMR

Govt to allow onion export from Mar 15

India signs the biggest <keyword id="47374" type="COMPANY" weightage="100" keywordseo="Wheat">wheat</keyword> import deal in over a decade, despite surplus stocks at home, with a deal with Indian flour millers and the local units of global trading giants to import 5,00,000 tonnes of premium Australian wheat since March, trade sources said. 
 

	Flour millers in the country's southern ports were the first to place the orders amidst concerns that untimely rains in February and March would cut wheat output, especially of high-protein varieties grown in central India.
 Attractive prices then prompted traders such as <keyword id="76102" type="COMPANY" weightage="20" keywordseo="Cargill">Cargill</keyword> , Louis Dreyfus and Glencore to follow, said three sources directly involved in the deals. The traders and millers could import another 500,000 tonnes from France and <keyword id="6358826" type="COUNTRY" weightage="20" keywordseo="Russia">Russia</keyword>, where harvests are around the corner. The deals could further push up benchmark prices that have jumped recently on concerns about crop quality in the <keyword id="6356955" type="COUNTRY" weightage="80" keywordseo="united-states">United States</keyword>. 

	"There are strong chances French and Russian wheat will find their way to India because of attractive prices and surplus stocks there, and if the euro goes down, I expect more French wheat coming to India," said one source. 
 

	Almost half of the already-contracted quantity, bought at $255 to $275 per tonne, has reached India and the rest is scheduled for July delivery, according to sources.
 Although rains and hailstorms wilted the wheat crop, India, the world's second-biggest <keyword id="6356809" type="POSITION" weightage="20" keywordseo="producer">producer</keyword> of the grain, has large stockpiles accumulated after eight straight years of bumper harvests. 

	Industry and government officials estimate this year's wheat output at about 90 million tonnes, nearly 5 percent lower than the 2014 harvest, but still exceeding domestic demand of about 72 million tonnes. 
 

	Since wheat is largely grown in India's central and northern plains, flour millers from southern states, hemmed in by the Indian Ocean, sometimes find it attractive to import high-protein grades from Australia. 
 

	But this year's unusually large volumes have surprised some. 
 

	"Other than large amounts of wheat that we're importing, we see two other significant changes," said one of the sources. "Perhaps for the first time some imports are taking place in vessels and perhaps for the first time millers will end up buying French and Russian wheat as well." 
 

	At about $185 to $190 a tonne free on board, French and Russian wheat is attractive for India, said another source. 
 

	High-protein wheat in India costs more than $300 a tonne and imports could ebb if prices fall to about $283, the sources said. 
 

	But Russian wheat may not meet India's quality requirements, despite its higher protein content than French wheat, said Tajinder Narang, a New Delhi-based trade analyst.

	 
	(image credits: wallpaperscraft.com)

India signs deal to import 5,00,00 tonnes of wheat: Biggest wheat imports deal in over a decade

The government on Wednesday decided to lift the nearly six-month-old ban on export of onions in a bid to protect the interests of farmers as prices are likely to fall sharply due to bumper rabi crop. Sources said the decision was taken at a meeting of a Group of Ministers (GoM) headed by Home Minister <keyword id="6355521" type="PERSON" weightage="20" keywordseo="amit-shah">Amit Shah</keyword>. "Since the price of onion has stabilised and there is bumper onion crop, government has decided to lift ban on export of onions. Expected monthly harvest in March is over 40 lakh MT compared to 28.4 lakh MT last year," Food Minister <keyword id="973" type="PERSON" weightage="20" keywordseo="Ram-Vilas-Paswan">Ram Vilas Paswan</keyword> said in a tweet on Wednesday. The lifting of ban would be effective once the Directorate General of <keyword id="35087" type="COMPANY" weightage="20" keywordseo="foreign-trade">Foreign Trade</keyword> (DGFT) issues a notification in this regard. The GoM on Wednesday also deliberated on whether to reduce or scrap the Minimum Export Price (MEP) on onion to facilitate outbound shipments, the sources said. The MEP is the rate below which no exports are allowed. Paswan, Agriculture Minister <keyword id="6382481" type="PERSON" weightage="20" keywordseo="narendra-singh-tomar">Narendra Singh Tomar</keyword>, Commerce Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> and Cabinet Secretary Rajiv Gauba were present at the meeting. In September 2019, the government banned onion exports and also imposed a MEP of USD 850 per tonne. The move came after prices had started skyrocketing due to supply-demand mismatch. There was shortage of onion as <keyword id="6617893" type="UNKNOWN" weightage="20" keywordseo="Kharif-crop">kharif crop</keyword> was adversely affected due to excess rains and floods in key producing states, including Maharasthra. Currently, the arrival of rabi (winter) crop of onion has begun in small quantities and would increase from mid-March onwards. In March alone, onion arrivals are expected to be as as high as 40.68 lakh tonne (Metric Tonne) when compared with 28.44 lakh tonne in the year-ago period, as per the sources. The arrival is anticipated to be higher at 86 lakh tonne in April compared to 61 lakh tonne in the year-ago, they added. Exports of onion are expected to arrest sharp the fall in domestic prices and thereby protect the interest of growers, the sources said. During the meeting, the sources said import of pulses, especially urad, was also discussed.

India lifts ban on onion exports as prices cool off

The <keyword id="34478" type="UNKNOWN" weightage="20" keywordseo="auto-industry">auto industry</keyword> is expecting a cracker festival season in the backdrop of good monsoons and the seventh pay commission. 
 
Automakers are hoping for bumper sales as consumers are lining up at different companies ahead of Dussehra and Diwali. 
 For instance, <keyword id="44883" type="CITY" weightage="20" keywordseo="Maruti-Suzuki">Maruti Suzuki</keyword> registered over 29% increase in September dispatches. Among others, Maruti’s Baleno and Vitara Brezza are selling like hot cakes. 
 
"The industry should see good demand during the festivals this year. The turnaround has taken place in rural markets and the momentum is expected to improve over the coming months once harvest takes place,” RS Kalsi, executive director for sales and marketing at Maruti Suzuki, told ET. 
 
During the festive season, the auto industry reports a surge in sales. During last year Dussehra and Diwali, the passenger vehicle sales increased by 21% to about 2,68,000 units. 
 "Festive season will be good this year. But wholesale growth should be read for September and October together as stocks have been built at dealerships over the last one month. Besides, there are several holidays with Dussehra and Diwali all falling in October this year, which may pose challenges in production,” N Raja, director for sales and marketing at <keyword id="118748" type="CITY" weightage="20" keywordseo="Toyota-Kirloskar-Motor">Toyota Kirloskar Motor</keyword>, told ET. 
 <keyword id="596" type="CITY" weightage="20" keywordseo="Hyundai">Hyundai</keyword> is also hoping for a 25% increase in India sales this festival month. 
 
Rakesh Srivastava, the India head for sales and marketing, said, “Monsoon rains that have been evenly spread which bettered sentiments in rural markets, and the salary hike that has put more money in the hands of government employees, as the key reasons for the optimism.” 
Manufacturers of two-wheelers also expect the growth curve to go upwards. 
 Ashok Bhasin, head of sales, marketing and customer care at <keyword id="6357252" type="COMPANY" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword>, told ET, “The company has seen a good start to the season with the Onam in Kerala. There are green shoots in rural markets. This is based on sentiment right now, but once the harvest is in, there should be strong demand over the next few months.” 
 
(Image: Thinkstock)

Auto industry is expecting the growth curve to go upwards this festive season

<div class="KonaFilter image-container float_right"><div class="image on-image">REUTERS/Adrees Latif </div></div>Surging crop prices helped drive up U.S. farmland prices between 2009 and 2012.
However the rate of price growth has collapsed.
"The rapid run-up in the price of farmland appears to be over," write Paul Ashworth and Paul Dales of Capital Economics.
"We suspect that the slowdown in the growth rate of farmland prices last year will develop into an outright decline in prices this year, at least in the corn belt that saw the most dramatic rise in prices."
In Iowa for instance we saw farmland prices surge 33% in 2011 and 24% in 2012. But prices climbed just 5% last year.
The key concern is whether or not we headed for an outright <a href="http://www.bloomberg.com/news/2013-12-17/corn-plummeting-spurs-talk-of-80s-u-s-farmland-bust-mortgages.html">boom-bust cycle</a> like we saw in 1970s and 80s.
"The US should avoid another severe bust in farmland values," write Ashworth and Dales. "For a start, with the Fed focused on the labour market, there is little prospect of any sharp rise in interest rates, which was the principal reason for the slump in prices in the 1980s. The stabilization in crop prices, is also encouraging."
While corn and wheat prices have fallen, soybean prices have held up quite well and farmers are earmarking more land for soybeans.
"The buoyancy of current soybean prices should prevent any major declines in farmland values in the near-term," they write. "Unfortunately, there are reasons to suspect that crop prices will fall further, with soybean prices dropping the most." This sharp decline in crop prices will exacerbate the decline in farmland prices.
With a bumper harvest and easing tensions in Crimea, wheat prices are expected to fall to 500 cents per bushel. Meanwhile, corn and soybean prices are expected to tumble to 350 and 1,000 cents per bushel respectively.
And this is unlikely to have wide repercussions on the financial system because farmers have been buying land with their savings, rather than borrowing. And, agricultural loans aren't as big a part of banks' balance sheets with farmland loans amounting to just 0.5% of total bank assets. 
Here's a look at the trajectory of farm prices that show the recent slowdown:
<div class="KonaFilter image-container display-table"><div><div class="image">Capital Economics</div></div></div>

The American Farmland Price Boom Is Over

<ul class="summary-list"><li>A rural <keyword id="6362397" type="UNKNOWN" weightage="60" keywordseo="prison">prison</keyword> in New South Wales, <keyword id="6355478" type="UNKNOWN" weightage="60" keywordseo="australia">Australia</keyword>, is the latest victim of a seemingly unstoppable mice horde.</li><li>Australia is currently experiencing a mouse <keyword id="56255" type="PERSON" weightage="60" keywordseo="Plague">plague</keyword></li><li>About 420 inmates and 200 staff will be relocated in the meantime, <a href="https://abcnews.go.com/International/wireStory/australian-prison-evacuated-mice-move-78415592">reported ABC News.</a></li></ul>Swarms of mice have infiltrated a rural prison in the state of New South Wales, as Australia struggles with <a href="https://www.businessinsider.com/mouse-plague-new-south-wales-australia-photos-2021-5">one of its worst mice plagues in recent history.</a>The rodents gnawed away at circuitry and ceiling panels in Wellington Correctional Center, and have prompted a ten-day evacuation of 200 staff and 420 inmates to other prisons, Peter Severin, the Corrective Services commissioner, told <a href="https://abcnews.go.com/International/wireStory/australian-prison-evacuated-mice-move-78415592"> ABC News</a>."The health, safety, and wellbeing of staff and inmates is our number one priority, so it's important for us to act now to carry out the vital remediation work," he said.The prison staff must quickly clear out dead and decaying mice from walls and ceilings or risk a mite infestation afterward, he added.A small team will remain behind to clean and repair the center, <a href="https://www.theguardian.com/australia-news/2021/jun/22/mouse-plague-forces-evacuation-of-jail-in-western-nsw">reported The Guardian.</a>The state's prison authority said the center's operations would be reduced for four months while it is being restored, <a href="https://www.bbc.com/news/world-australia-57564898">according to the BBC.</a>New South Wales, in particular, has suffered from the largest influx of mice in what has been described as a <a href="https://www.theguardian.com/australia-news/2021/mar/19/you-cant-escape-the-smell-mouse-plague-grows-to-biblical-proportions-across-eastern-australia">"biblical plague"</a> in eastern Australia.According to ABC <keyword id="6355005" type="UNKNOWN" weightage="100" keywordseo="news">News</keyword>, millions of mice have poured into farming estates, ravaged grain stocks, invaded schools and homes, and spread disease with excrement and carcasses.Their vast numbers are mostly due to a bumper grain harvest in the region and the decline of predators <a href="https://www.insider.com/when-how-australia-bushfires-started-in-2019-2020-1">after a long drought followed a series of deadly bushfires.</a>As the Wellington Correctional Center re-stabilizes itself, the prison will look into ways to safeguard its grounds from future mice plagues, said ABC News.

Australia's mouse plague continues as a horde of mice infest a rural prison, forcing inmates and staff to evacuate

Pathankot, May 12 () The litchi growers in Punjab staring at huge losses as the farmers are yet to be approached by contractors for their orchards amid a prolonged countrywide lockdown.In the past, contractors - mostly from outside states, including Uttar Pradesh - used to visit Punjab to take litchi orchards on lease, besides reserving them by paying advances to farmers.Last year too, litchi growers had suffered huge losses in Punjab, as many videos surfaced on social media, linking the fruit to acute encephalitis syndrome (AES).At that time, farmers reeled under losses as the litchi's price fell very low.Arvind Kalra, owner of 85 acres of litchi orchard here, said that till today, only one person from Uttar Pradesh's Saharanpur has approached him on phone."Such a situation was once seen at the time of operation blue star when ripened fruits were not plucked. Without traders and commission agents, how can we sell our fruits which are perishable items. Lockdown situation brought the harsh situation for farmers like us," he said.He has litchi orchards in Himachal Pradesh too but he will not be able to go there due to the lockdown.In Punjab, mainly two varieties of litchi - Dehradun and Calcutta - is grown by nearly 1,100 farmers in few districts, including Pathankot, Gurdaspur, Hoshiarpur and Ropar, covering nearly 3,000 acres of lands.Around 48 trees are grown in one acres and each tree yields approximately 50 to 100 kg of litchi according to its age, experts said.Jatinder Singh, horticulture development officer, Pathankot, said that this year, there is a very high yield production but like last year, farmers are facing serious problem."The harvesting time of litchi is from June 10 to June 25 and in- between, things will be under control to some extent," he noted.Mostly Punjab's litchi is sold in main vegetables and fruit markets in Delhi and Mumbai, from where it is sent to other states and exported to countries, including UAE, he said."We will issue passes soon to outstation traders, middlemen and commission agents and labourers so that farmers don't face any suffering," Jatinder Singh said.With nearly 12,500 labourers registered to be moved for their native states from Pathankot alone where orchards of litchi have spread over 1,600 acres of land, shortage of workers is another problem for the farmers.Sukhdev Singh Randhawa of Batala said that he has 17 acres of litchi orchard in Pathankot's Madhopur."I am residing in Batala around 90 KM away from my orchards in Madhopur and irrigating litchi tree is very essential for bumper production, otherwise the yield gets damaged. Warden of my orchards mostly from Bihar have already registered to return back to their native village. In coming days, labour shortage will more be a problem, when harvesting time will be at its peak. VSD BAL

Punjab litchi growers facing  losses amid lockdown

(Eds: Updates with more details) New Delhi, Mar 2 () Export of all varieties of onion will be free from March 15, the government announced on Monday, lifting around six-month-old curbs on shipments of the bulb following a correction in prices and improvement in local supplies. The Directorate General of Foreign Trade (DGFT) also announced removing the minimum export price (MEP) for outward shipments of the commodity. "The export of all varieties of onions has been made free without any condition of letter of credit and MEP, with effect from March 15, 2020," the Directorate General of Foreign Trade (DGFT) said in a notification. Farmers in several parts of Nashik district in Maharashtra agitated over falling onion prices, with an official informing that average per quintal price for Monday was Rs 1,450 at Lasalgaon, the country's largest market for the kitchen staple.Commerce and Industry Minister Piyush Goyal said that the decision will help boost the income of farmers.The government last week decided to lift ban on export of onions in view of projected sharp fall in prices due to bumper rabi crop.In September 2019, the government banned onion exports and also imposed an MEP of USD 850 per tonne. The move came after prices started skyrocketing due to supply-demand mismatch.In December last year, the prices hit Rs 160 per kg in certain parts of the country. The prices are hovering at around Rs 30 per kg at present.Expected monthly harvest in March is over 40 lakh MT compared to 28.4 lakh MT last year, Food Minister Ram Vilas Paswan had tweeted on Wednesday.There was shortage of onion as kharif crop was adversely affected due to excess rains and floods in key producing states, including Maharashtra.Currently, the arrival of rabi (winter) crop of onion has begun in small quantities and would increase from mid-March onwards.Exports of onion are expected to arrest sharp the fall in domestic prices. RR MRMR

Govt allows onion exports from Mar 15, MEP removed

<ul class="summary-list"><li>The US port strike on the East and Gulf Coasts could threaten farm exports amid harvest season.</li><li>The National Grain and Feed Association warned of supply chain disruptions and lower farmgate prices.</li></ul>The US port strike at <a target="_blank" class="" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">East and Gulf Coast</a> ports isn't just impacting bananas and consumer imports into the country — it could hurt America's farm exports too.The industrial action comes just as US farmers are harvesting their crops in a bumper season weeks ahead of the presidential election.On Friday, the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.ngfa.org/2024/09/27/ngfa-leads-effort-to-address-a-trifecta-of-transportation-trouble-affecting-agriculture/">National Grain and Feed Association, or NGFA,</a> CEO Mike Seyfert warned that the strike could have devastating impact on the industry."The last thing NFGA members or the agricultural community can afford right now is a breakdown in any part of our nation's shipping network," he said.About 40% of the US' agricultural exports shipped in containers move through the East and Gulf Coast ports, according to a Friday <a target="_blank" class="" href="https://www.ngfa.org/wp-content/uploads/Rail/Ag-Letter-on-Shipping-Disruptions.pdf">letter</a> from the association to the White House sent ahead of the industrial action.The association that represented 200 farm groups had warned of an impact on the supply chain that would "quickly reverberate throughout the agricultural economy, shutting down operations and potentially lowering farmgate prices."Seyfert told <a target="_blank" class="" href="https://www.politico.com/newsletters/weekly-agriculture/2024/09/30/ag-braces-for-port-strike-00181624">Politico</a> on Friday that while some farm exports can be moved to the West Coast for shipping, there's probably not enough capacity there."You're going to see increased shipping cost," he said, adding that this would impact agribusinesses and producers.To be sure, agricultural commodities are typically shipped in bulk carriers rather than in container ships, so the strike wouldn't impact most wheat, maize and, soybeans exports, wrote Joseph Glauber, a senior research fellow at the DC-based International Food Policy Research Institute in a <a target="_blank" class="" href="https://www.ifpri.org/blog/the-likely-u-s-longshoreman-strike-and-its-implications-for-agricultural-trade/">Monday report.</a>However, US meat, dairy, and poultry exports could be disrupted, hitting developing countries hard, wrote Glauber. About half, or $7.15 billion worth, of beef, pork, poultry, dairy, and egg exports to development countries last year were exported via the East and Gulf Coast ports, according to Glauber. This excludes exports to Mexico, much of which is shipped via truck or train."A prolonged strike would force importers to seek alternative supplies, either from West Coast ports or other countries," wrote Glauber. "US meat, dairy, and poultry exports are especially vulnerable. Some of the costs of higher transport costs would be borne by importers (through higher prices). US producers would also lose through lower prices."Logistics experts told <a target="_blank" class="" href="https://www.businessinsider.com/port-strike-could-wreck-us-economy-with-price-increases-scarcity-2024-10">Business Insider's Tim Paradis</a> that the port strike could damage the US economy badly.<a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/10/01/statement-from-president-joe-biden-on-the-negotiations-between-usmx-and-the-international-longshoremens-association/">President Joe Biden</a> on Tuesday urged ports employers group United States Maritime Alliance to present a fair offer to the International Longshoremen's Association, which represents the striking workers."Executive compensation has grown in line with those profits and profits have been returned to shareholders at record rates," said Biden. "It's only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well."

The US port strike isn't just hitting imports. America's farmers could be hurt, too.

<ul class="summary-list"><li>Burger King in India has taken tomatoes off the menu due to food inflation, per <a href="https://www.reuters.com/business/retail-consumer/burger-king-says-tomatoes-vacation-india-battles-food-inflation-2023-08-16/" target="_blank" rel="noopener">Reuters</a>.</li><li>Signs outside two outlets in the country explained that it's because tomatoes "need a vacation" too.</li></ul>Burger King in India has stopped serving tomatoes as a result of food inflation in the country, which is at its highest this week since January 2020, per <a href="https://www.reuters.com/business/retail-consumer/burger-king-says-tomatoes-vacation-india-battles-food-inflation-2023-08-16/" target="_blank" rel="noopener">Reuters</a>.But two of the fast-food chain's outlets in India have decided to put a lighthearted spin on explaining the ingredient's absence."Even tomatoes need a vacation... we are unable to add tomatoes to our food," signs posted outside these two outlets said, per Reuters. Burger King, which has over 400 outlets in India, is the latest fast-food giant in the country to remove the ingredient from their menus, per Reuters.McDonald's in India stopped serving tomatoes in July due to quality concerns as a result of shortages in supply, per <a href="https://www.cnbctv18.com/business/companies/mcdonalds-drops-tomatoes-from-menu-items-temporary-issue-prices-shortage-17150031.htm">CNBC TV18</a>.Following McDonald's, Subway in India also dropped tomatoes from its menu that same month, the <a href="https://timesofindia.indiatimes.com/business/india-business/after-mcdonalds-some-subway-outlets-drop-tomatoes-from-sandwiches-and-other-dishes/articleshow/102037408.cms?from=mdr">Times of India</a> reported.Like McDonald's, notices outside a few Subway outlets in New Delhi attributed the unavailability of tomatoes due to quality issues."Despite our best efforts, we are not able to get adequate quantities of tomatoes which pass our world class stringent quality checks. Hence for the time being we are forced to serve you products without tomatoes," a notice at a Subway outlet at the New Delhi airport read, per the Times of India. The prices of tomatoes have increased drastically in recent months.The daily average retail price per kilogram of tomatoes was 119.16 rupees, or $1.43, on July 16, up from 34.66 rupees, or $0.42, almost one year ago on August 16, 2022, per <a href="https://fcainfoweb.nic.in/Reports/DB/Dailyprices.aspx" target="_blank" rel="noopener">data</a> from India's Department of Consumer Affairs.In an effort to manage the tomato crisis, the Indian government has organized a fleet of vans to sell the crop at cheaper rates across the country, per Reuters.The National Cooperative Consumer's Federation of India <a href="https://twitter.com/Nccf_India/status/1682614049186500609?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1682614049186500609%7Ctwgr%5Efced103d5a6719e5259b9147dd7658cfe1dcd60d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.reuters.com%2Fworld%2Findia%2Fsome-subway-india-outlets-drop-tomatoes-citing-poor-quality-amid-price-surge-2023-07-22%2F">posted a video on X</a> — formerly known as Twitter — depicting the scene at one of these initiatives. In the video, many people can be seen queuing to buy tomatoes from a truck. Ironically, the current tomato shortage in India comes right after a bumper harvest that caused prices to crash, per <a href="https://www.nytimes.com/2023/07/21/world/asia/india-tomatoes-shortages-climate-change.html">The New York Times</a>.In May, some farmers even resorted to dumping tomatoes on the road because they were unable to sell them, per the <a href="https://timesofindia.indiatimes.com/city/nashik/farmers-dump-tomatoes-on-roads-as-prices-crash/articleshow/100367606.cms?from=mdr" target="_blank" rel="noopener">Times of India</a>.Burger King did not immediately respond to a request for comment from Insider.

Burger King in India says tomatoes 'need a vacation' too — they have been removed from the menu due to inflation

Monetary policy is at work. Substantial disinflation has been achieved, but the road to be travelled stretches ahead till inflation declines to the target of 4 per cent, said an article published in <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>'s latest <keyword id="6427045" type="General" weightage="80" keywordseo="bulletin" source="Orion">Bulletin</keyword>. The government has mandated the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) to ensure retail inflation based on the Consumer Price Index (CPI) remains at 4 per cent with a margin of 2 per cent on either side. Inflation during January-February 2023 exceeded the upper tolerance limit of 6 per cent after a transitory respite during November-December 2022. The central bank, which effected six back-to-back hikes in the key short-term lending rate (repo) since May 2022 to check high inflation, decided to pause early this month. The cumulative rate hike since May 2022 is 250 basis points. The retail inflation in March fell to a 15-month low of 5.66 per cent and came back to the <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword>'s comfort level of 6 per cent. The article authored by a team led by RBI Deputy Governor Michael Debabrata Patra noted that the global economic conditions are beset by heightened uncertainty as financial conditions remain volatile and financial markets are on edge. In <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, aggregate demand conditions remain resilient, supported by a rebound in contact-intensive services. Expectations of a bumper rabi harvest, the fiscal thrust on infrastructure, and the revival in corporate investment in select sectors augur well for the economy, it said. "Monetary policy is at work. Substantial disinflation has been achieved, but the road to be travelled stretches ahead till inflation is at or close to the target of 4 per cent," said the article titled 'State of the Economy' published in RBI Bulletin April 2023. In response to monetary policy actions and supply-side measures, the authors said headline CPI inflation has gradually declined from its peak of 7.8 per cent in April 2022 to 5.7 per cent in March 2023 and is projected to ease further to 5.2 per cent in the January-March quarter 2023-24. The article further said that in time, enduring price and financial stability will strengthen the foundations of the economy and provide a fillip to growth. Central banks across the world that are invested with dual mandates are at a fork in their course. The RBI has taken the road that is less travelled by, balancing and calibrating both actions and pace, the article said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty-settle-flat-in-subdued-trading-reliance-industries-earnings-eyed/articleshow/99670026.cms">Sensex, Nifty settle flat in subdued trading; Reliance Industries earnings eyed</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/best-upcoming-hybrid-electric-cars-and-suvs-in-india/articleshow/93274562.cms">Best upcoming electric and hybrid cars in India</a>

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