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New Delhi, The Centre on Tuesday announced sale of an additional 20 lakh tonnes of wheat in the open market to further bring down the retail prices of wheat and wheat flour (atta) and asked flour millers to cut rates with softening in wholesale price of grain. On January 25, the Centre had announced sale of 30 lakh tonnes of wheat in the open market from its buffer stock to check rise in prices of wheat and wheat flour (atta). According to an official statement, the government has decided that state-owned Food Corporation of India (FCI) will offload an additional quantity of 20 lakh tonnes of wheat in open market under the Open Market Sale Scheme (OMSS). The stocks will be sold through e-auction to flour mills/private traders/bulk buyers/manufactures of wheat products. The proposal to sell stocks in the open market was taken by a group of ministers, sources said. "So far, 50 lakh tonnes (30+20 lakh tonnes) of wheat have been decided to be offloaded under the OMSS. The reduction in reserve price along with additional offloading of 20 lakh tonnes of wheat will collectively help in reducing market price of wheat and wheat products for consumers," the statement said. Union Food Secretary Sanjeev Chopra held a video conference meeting with Food Corporation of India (FCI) and the representatives of flour millers/associations/ federations/atta, suji product manufacturers on to review the lifting of stocks in the second round of e-auction held recently. Flour millers were advised to bring down the prices of atta and other products in line with the reduction in market prices of wheat, the statement said. After announcement of the OMSS policy, the food ministry said that prices of wheat and atta have come down but still inflation figure for January 2023 was at 3 months high of 6.52 per cent. As per the government data, the average prices of wheat across major cities stood at Rs 33.15 per kilogram on Monday, while the average prices of atta (wheat flour) stood at Rs 37.63 per kg. Last month, the government announced plans to sell 30 lakh tonnes of wheat in the open market from its buffer stock under the OMSS. Out of the 30 lakh tonnes, the FCI is selling 25 lakh tonnes to bulk consumers like flour millers through e-auction and 2 lakh tonnes to states/Union Territories. Three lakh tonnes of wheat are being provided to institutions and state-PSUs at a concession for converting wheat into wheat flour. In the two rounds of e-auctions for bulk consumers, nearly 13 lakh tonnes wheat have been sold. FCI will offer 11.72 lakh tonnes of wheat during the third e-auction to be held on February 22. Last week, the ministry reduced reserve price of fair and average (FAQ) quality wheat to Rs 2,150 per quintal, while for Under Relaxed Specifications (URS) wheat to Rs 2,125 per quintal. These new reserve prices are applicable from the third sale of wheat through e-auction. Moreover, the rate of wheat has been reduced to Rs 21.50 per kg for sale to NCCF/NAFED/ Kendriya Bhandar/state government cooperatives/federations as well as community kitchen /charitable/NGO etc. for converting wheat into atta and then selling to consumers at Rs 27.50 per kg. To control price, the Centre had banned wheat exports in May last year. India's wheat production fell to 107.74 million tonnes in the 2021-22 crop year (July-June) from 109.59 million tonnes in the previous year due to heat waves in a few growing states. The procurement fell sharply to 19 million tonnes this year from around 43 million tonnes last year. Wheat production is estimated to rise at 112.18 million tonnes in the current 2022-23 crop year on higher acreage and better yield. However, the rise in temperature during this month in key producing states has again become a concern for the farm scientist and policy makers. On Monday, the government formed a committee to monitor the situation arising out of any unusual rise in temperature and its impact on the wheat crop and issue necessary advisories to the farming community to save the crop. The move comes as some parts of the country have started witnessing above-normal temperatures. In the first week of February, the maximum temperature in major wheat growing areas, barring Madhya Pradesh, remained higher than the average of the last seven years, as per the National Crop Forecast Centre (NCFC).

Centre to sell 20 lakh tonnes of wheat in open market from buffer stock to cool prices of atta

<ul class="summary-list"><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> soared by as much as 5.2% on Monday against a backdrop of poor harvest forecasts and an India-Egypt trade deal.</li><li>Chicago wheat futures were last up 5.1% to $10.93 per bushel from their previous close of $10.45. </li></ul><keyword id="14129772" type="UNKNOWN" weightage="60" keywordseo="wheat-prices" source="Orion">Wheat prices</keyword> jumped by the most in almost a month on Monday, after India and Egypt considered a deal to swap grain for fertilizer and as the US government predicted a poor harvest that could put global supply under even more pressure.Chicago wheat futures rose by as much as <a href="https://uk.investing.com/commodities/us-wheat-news">5.4% to $10.95</a> per bushel, up from $10.45 at Friday's close. It was last trading up 5% at $10.92 by 09:40 a.m. ET. The <a href="https://www.ers.usda.gov/webdocs/outlooks/103927/whs-22e.pdf?v=4520.8">United States Department of Agriculture</a> (USDA) recently forecast wheat would reach $10.75 per bushel due to tight supply. The price of wheat has risen by 40% so far this year, down to a number of factors. The first is Russia's invasion of Ukraine in late February. Both are major producers of wheat and the conflict has disrupted both <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> of existing grain supplies as well as the planting of next year's harvest, meaning any shortfalls won't be limited to this year.Another is adverse weather conditions, which is making for dismal harvests in the United States, as well as India, where heatwaves have devastated crops. According to the USDA, US <keyword id="13948540" type="UNKNOWN" weightage="60" keywordseo="wheat-production" source="Orion">wheat production</keyword> is forecast to fall to 1.729 billion bushels this year, down 4% from the 5-year average of 1.806 billion bushels. "For 2022/23, slightly larger production is projected compared to the previous year but this would still be the second lowest in the last 20 years based on pervasive drought in major hard red winter growing areas," the USDA said in its May 2022 outlook. A tightened global wheat supply was only exacerbated by <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-soar-over-4-india-bans-exports-commodities-2022-5">India's banning of grain exports</a> to protect its own food security after a heatwave dramatically impacted domestic crop production. Russia's invasion of Ukraine also caused a <a href="https://www.businessinsider.com/millions-tons-grain-blocked-ukraines-ports-2022-5?r=US&amp;IR=T">blockage of nearly 4.5 million tons</a> of wheat at Ukraine ports adding to a grain shortage and surge in its prices.Soaring wheat prices also come on the back of a potential <a href="https://markets.businessinsider.com/news/commodities/india-egypt-talks-wheat-fertilizer-goods-swap-russia-food-shortage-2022-6">wheat-for-fertilizer trade deal</a> to ease mounting food supply shortages between India and Egypt. Under the terms of a potential agreement, India would export wheat to Egypt and would get fertilizer and other products in return, Egyptian Supply Minister Aly El-Moselhy told <a href="https://www.bloomberg.com/news/articles/2022-06-03/egypt-says-it-s-in-talks-with-india-on-a-wheat-for-goods-deal?srnd=markets-vp" target="_blank" rel="nofollow noopener">Bloomberg</a>.The trade deal would see 500,000 tons of wheat shipped to Egypt from India, which typically does not export much production, despite being one of the world's biggest growers. Other commodities from <a href="https://markets.businessinsider.com/news/commodities/food-export-bans-inflation-wheat-oil-palm-beef-2022-5#maize-7">beef to palm oil</a> have faced inflationary pressures as a result of export bans triggered by poor harvests and disruption from Russia's war in Ukraine. Industry experts told Insider to brace for a potential impact in the corn market.

Wheat soars more than 5% as a poor US harvest and India's grain-for-fertilizer swap deal threaten global supply

The <keyword id="1893580" type="General" weightage="20" keywordseo="allana-group" source="Orion">Allana Group</keyword>, India's largest exporter of processed food products and agro commodities has been nominated as one of India's largest exporters of wheat. Catering to the greater need of the essential commodity, the Group ensured seamless facilitation of grains and has exported a total of 1,03,877 tonnes for the period of 2 years from 2019-2021. The group witnessed an exponential rise of 1812.30 per cent in their export, transporting over 1,48,000 tonnes in the period of 2021-22. The feat was lauded by the Agricultural and Processed Food Products Export Development Authority (APEDA). In these unprecedented times, the war crisis in Ukraine has led to the unique opportunity to fulfil a massive gap of grain export in the market. The <keyword id="1634518" type="General" weightage="20" keywordseo="allana" source="Orion">Allana</keyword> Group has aggressively functioned to connect India with the global supply chain and has aided in restocking the essential food grains across the world. The Middle East and Gulf countries saw the highest number of wheat exports from the country. Speaking on the commendable feat, Fauzan Alavi, Director, Allana Group said, "The Allana Group has built a great relationship with the Customers in the MENA region. Our expertise in sourcing the highest quality grain and state-of- the-art infrastructure has helped us to achieve this historic feat and bag Gold in the prestigious APEDA Export Awards. We are further targeting a 300-400 million USD export revenue that will not only aid small scale farmers to garner better prices for their crop but also the Central Government in terms of income and reduction in forced procurement of certain commodities." Allana's holistic efforts witnessed the Group winning Gold in Buffalo meat exports and Bronze in Fruit pulp and Frozen Foods exports for the YEAR 2019-20 as well as Gold in Buffalo meat and Cereals and Cereals Preparation exports and Bronze in Fruit Pulp exports for the YEAR 2020-21. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ruchi-soya-icici-bank-zee-entertainment-and-other-hot-stocks-to-watch-out-for-on-march-24/slidelist/90410086.cms">Ruchi Soya, ICICI Bank, Zee Entertainment and other hot stocks to watch out for on March 24</a> <a href="https://www.businessinsider.in/policy/economy/news/the-russia-ukraine-conflict-could-shake-up-the-global-balance-of-power-in-3-big-ways-economist-intelligence-unit-says/articleshow/90406629.cms" data-type="tilCustomLink">The Russia-Ukraine conflict could shake up the global balance of power in 3 big ways, Economist Intelligence Unit says</a> <a href="https://www.businessinsider.in/science/health/news/omicron-subvariant-infections-on-rise-in-us-accounts-for-over-34-of-the-new-covid-19-infections/articleshow/90410070.cms" data-type="tilCustomLink">Omicron subvariant infections on the rise in US, accounts for over 34% of the new COVID-19 infections</a>

Allana Group emerges as one of India's largest exporters of wheat

<ul class="summary-list"><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> futures surged on Monday after second largest producer India banned <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> following a heatwave.</li><li>The price jumped 4.36% to $12.28 a bushel, its highest in two months.</li></ul>Wheat prices surged on Monday after <a href="https://www.businessinsider.com/india-bans-wheat-exports-says-ukraine-war-threatens-food-security-2022-5">India banned exports</a> of the crop due to a heatwave and rising domestic prices.India's Directorate General of Foreign Trade said in a notice on Friday that it would stop new shipments of wheat immediately but still allow exports to countries in need to help maintain their food security.<a href="https://markets.businessinsider.com/commodities/wheat-price">Wheat</a> prices rose 4.36% to $12.28 a bushel on Monday, having risen to as much as $12.74, its highest since mid-March. The export ban from the world's second largest wheat producer is hitting an already tight market, given the supply disruptions from the Russia-Ukraine war.Russia and Ukraine are both major wheat exporters, providing over 25% of global shipments. The war has created global shortages and sent grain prices surging. Ukraine's <keyword id="13948540" type="UNKNOWN" weightage="60" keywordseo="wheat-production" source="Orion">wheat production</keyword> could decline by 35% compared with last year, according to analyst forecasts. "The announcement comes as a major surprise to the market as the country previously indicated a push for higher exports after supply losses from Ukraine pushed up prices in the global market," strategists at ING said. "In fact, India was one of the few countries where the USDA was expecting <keyword id="13948541" type="UNKNOWN" weightage="60" keywordseo="wheat-exports" source="Orion">wheat exports</keyword> to increase and help fill the supply gap."India is not a big exporter of wheat. Together with China and Russia, it account for over 40% of total global wheat <keyword id="22637" type="UNKNOWN" weightage="60" keywordseo="production" source="Orion">production</keyword>. Yet most of India's crop is consumed domestically. Analysts had expected it to partially offset shortfalls from Ukraine.A scorching heat wave, with temperatures up to 45C, has drastically impacted domestic crop production and sent food prices jumping, adding to food security concerns, analysts said."India's export ban betrays the underlying stress that resides in the commodity space," Neil Wilson, chief <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> analyst at Markets.com, said. Poor weather conditions and the fallout from Russia's invasion of Ukraine have roiled global <keyword id="13232200" type="UNKNOWN" weightage="60" keywordseo="commodity-markets" source="Orion">commodity markets</keyword> and hit countries around the world, with production of crops like wheat set to fall."Last week, the USDA lowered its forecast for US wheat production by more than expected, while war-hit Ukraine could see its production and exports slump to the lowest since 2012/13," Saxo Bank's strategy team said. "In addition, European growers have already been struggling with warm and dry weather this early in the season."Indian officials said the ban is temporary and may be reversed. Some neighbouring countries would still get wheat exports. Read more: <a href="https://www.businessinsider.com/crypto-crash-bitcoin-tether-dollar-reserves-stablecoin-investing-cramer-roubini-2022-5" target="_blank" rel="noopener noreferrer">5 times Tether's dollar reserves have been questioned — and how the stablecoin's drop could affect the plummeting crypto market</a>

Wheat soars more than 4% to two-month highs after world's second largest producer India bans exports

<ul><li>A wheat-based commodity ETF briefly ran out of shares to sell to investors following a price spike.</li><li>The Teucrium <keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> Fund received approval from the SEC to sell more shares of its ETF on Wednesday.</li><li>Wheat prices have soared as much as 70% since Russia launched its invasion of Ukraine.</li></ul>A wheat-based commodity ETF briefly ran out of shares to sell to investors as investors piled into the fund <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-today-limit-up-russia-ukraine-invasion-bread-basket-2022-3">amid a price spike in the grain.</a>The Teucrium Wheat Fund <a href="https://www.businesswire.com/news/home/20220307005629/en/Teucrium-Trading-LLC-Suspends-Creations-in-WEAT">said it was forced to suspended the creation of new shares</a> of its ETF on Monday due to soaring demand from investors. The commodity-based ETF operates as a commodity pool and had a fixed amount of 7.4 million shares it could sell to investors.Amid the brief suspension of creating new shares, the Teucrium Wheat ETF was still available to trade by investors through their brokers, though it stood the chance to trade at a premium to its underlying net asset value. The SEC ultimately granted the fund approval to create new shares on Wednesday."The Securities and Exchange Commission has accelerated a new registration statement filed by the Fund for an indefinite amount of new shares and the offer and sale of the Fund's shares have commenced," the <a href="https://www.businesswire.com/news/home/20220309005995/en/Sales-of-Shares-of-WEAT-Commences">Teucrium Wheat Fund said on Wednesday.</a>The increased investor interest in the wheat-based ETF comes <a href="https://www.businessinsider.com/ukraine-says-russia-attacking-different-directions-full-scale-invasion-2022-2?utm_medium=ingest&amp;utm_source=markets">amid Russia's invasion of Ukraine</a>, a country that is often referred to as Europe's bread basket due to its large production of the grain. Combined, Russia and Ukraine are responsible for more than 20% of the world's wheat production.The likely disruption in this year's wheat harvest led to wheat future prices soaring as much as 70% to a record $13.64 per bushel in Chicago on Tuesday. Since that peak, wheat prices have dropped 19% to $10.99 per bushel.The surge in wheat prices sets Teucrium up for a big windfall if assets in the ETF stay as elevated as they are now. The fund, which launched in 2011, has seen its assets under management spike to a record $455 million as of Wednesday, according to data from <a href="https://www.koyfin.com">Koyfin</a>. On Monday alone, the ETF saw $170 million in inflows.Prior to the breakout in wheat prices, the Teucrium Wheat ETF had assets under management of about $70 million. With an expense ratio of 1.14%, the ETF is poised to bring in as much as $5 million in annual revenue for Teucrium, which specializes in offering investors exposure to <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> via <keyword id="12068971" type="UNKNOWN" weightage="60" keywordseo="etfs" source="Orion">ETFs</keyword>.<div type="image" title="WEAT ETF AUM" height="715" width="1077" msid="90144231" hostid="261"></div>

A wheat ETF briefly ran out of shares to sell to investors as Russia's invasion of Ukraine led to spike in prices

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> and <keyword id="11954586" type="UNKNOWN" weightage="60" keywordseo="egypt" source="Orion">Egypt</keyword> are in talks for a potential wheat-for-goods deal, Bloomberg reported. </li><li>Egypt's supply minister said he met with the Indian ambassador to go over a possible deal for 500,000 tons of <keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">wheat</keyword>.</li></ul>India and Egypt are reportedly in talks to exchange wheat for fertilizer amid the growing food supply crunch.For the potential deal, India would export wheat to Egypt and would get fertilizers and other products in return, Egyptian Supply Minister Aly El-Moselhy told <a href="https://www.bloomberg.com/news/articles/2022-06-03/egypt-says-it-s-in-talks-with-india-on-a-wheat-for-goods-deal?srnd=markets-vp">Bloomberg</a>.Moselhy said he met with the Indian ambassador to Egypt on Wednesday to go over a potential swap agreement for 500,000 tons of wheat.<keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> disrupted global wheat <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> as the two countries are top grain producers. Meanwhile, India is the second-largest wheat producer in the world but <a href="https://markets.businessinsider.com/news/commodities/wheat-prices-soar-over-4-india-bans-exports-commodities-2022-5">banned wheat exports in May</a> to bolster its own food security, though it has since eased some restrictions. Egypt is one of the world's top wheat importers and faces a particularly dire situation — potential food shortages and social unrest. The country has also explored talks with the United Arab Emirates, European countries, and the US for ways to ease any potential food shortages, according to Bloomberg. Other commodity markets have been roiled by Russia's invasion of Ukraine, prompting unusual <keyword id="11931670" type="UNKNOWN" weightage="60" keywordseo="trade" source="Orion">trade</keyword> flows.For example, Indian purchases of Russian oil have soared as Moscow's traditional customers have shunned its exports. Last month, India was reportedly seeking more than a <a href="https://markets.businessinsider.com/news/commodities/russian-oil-india-sanctions-discounts-ukraine-war-putin-eu-2022-5">35% discount on Russian oil</a>, and the Wall Street Journal reported this week that Russian crude is likely ending up in the US after being <a href="https://markets.businessinsider.com/news/commodities/russian-oil-products-us-sanctions-refined-india-trade-ukraine-war-2022-6">refined and mixed in India</a>.

India and Egypt are working to swap wheat for fertilizer and other goods to ease potential food shortages

<ul><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> futures traded limit up for the fifth day in a row on Monday, making new record highs.</li><li>The commodity futures have surged nearly 50% since Russia invaded Ukraine, which is often called the bread basket of Europe.</li><li>Ukraine is responsible for more than 10% of global wheat production.</li></ul><a href="https://markets.businessinsider.com/commodities/wheat-price">Wheat futures</a> traded limit up for the fifth day in a row on Monday and made new record highs as <a href="https://www.businessinsider.com/kremlin-staff-didnt-expect-ukraine-invasion-sanctions-shock-report-2022-3">Russia continues its invasion of Ukraine.</a>The surge in wheat prices, with the Chicago SRW Wheat futures jumping 7% to $12.94 per bushel, comes as Ukraine's farm season will no doubt be disrupted by the ongoing attack by Russia. In futures <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, limit up or down refers to the maximum increase or decrease in price that is allowed in a single <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword> day. For wheat, the limit up is triggered when prices trade up $0.85 per bushel. Ukraine is responsible for more than 10% of global wheat production, making it the fifth largest wheat producer in the world. Meanwhile, Russia is responsible for more than 20% of global wheat production, and sanctions from western countries will complicate the country's ability to sell one of its biggest exports.Since <a href="https://www.businessinsider.com/ukraine-says-russia-attacking-different-directions-full-scale-invasion-2022-2?utm_medium=ingest&amp;utm_source=markets">Russia invaded Ukraine in late February,</a> wheat futures have soared nearly 50%, leading a broad surge in commodity prices as investors fret about more supply chain disruptions that are poised to be extended from the COVID-19 pandemic. WTI Crude Oil <a href="https://markets.businessinsider.com/news/commodities/oil-surges-130-dollars-a-barrel-russia-crude-ban-fears-2022-3">climbed as much as 10% in early Monday trades,</a> hitting $130 per barrel, representing its highest level since 2008.Meanwhile, nickel prices <a href="https://markets.businessinsider.com/news/commodities/nickel-prices-russia-ukraine-production-shortage-ev-steel-commodities-invasion-2022-3">saw their biggest single-day jump on record</a> due to worries about shortages from Russia, which is a major supplier of the commodity. Nickel prices in London surged more than 60% to $46,000 per tonne. The surge in <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> mean a persistence in rising inflation is likely, which could put even <a href="https://markets.businessinsider.com/news/stocks/stock-market-moves-explained-growth-value-rotation-rates-federal-reserve-2022-1">more pressure on the Federal Reserve to hike interest rates</a> and end its balance sheet expansion when it meets later this month.While it will take time for rising wheat prices to hit the supply chain, and barring a sudden reversal, a knock-on effect will be rising prices for key food staples like bread and pasta, further exacerbating high inflation.

Wheat prices soar to trigger trading halt for 5th straight day, surging nearly 50% since Russia invaded the bread basket of Europe

Futures contracts for <keyword id="47374" type="COMPANY" weightage="60" keywordseo="Wheat">wheat</keyword> and <keyword id="47377" type="UNKNOWN" weightage="60" keywordseo="Corn">corn</keyword> are both trading up big this afternoon since 12 PM ET when the U.S. Department of Agriculture released its monthly <a href="http://www.usda.gov/oce/commodity/wasde/latest.pdf">World Agricultural Supply and Demand Estimates report.</a>
The report is one of the most critical WASDE releases of the year, <a href="http://www.danielstrading.com/blog/2013/01/08/wasde-week/#.UPBbT6HjncY">according to commodity broker John Payne,</a> because it provides the final statistics for the 2012 crop.
Sure enough, supplies of wheat were lower than previously expected, and demand is projected to be higher than before.
Corn supplies came in slightly stronger than previously expected, but demand is also projected to increase more than previously thought.
Wheat futures are up 2.2 percent, though they are starting to give back gains:
<div class="image-container" style="width:620px"><div class="image"></div>Thinkorswim</div>
Corn is up around 2.3 percent:
<div class="image-container" style="width:620px"><div class="image"></div>Thinkorswim</div>
Below is the key passage from the report regarding wheat:
Projected U.S. wheat ending stocks for 2012/13 are lowered 38 million bushels this month. Feed and residual use is projected 35 million bushels higher as December 1 stocks, reported in the January Grain Stocks, indicate higher-than-expected disappearance during September-November. Seed use is raised 2 million bushels based on the winter wheat planted area reported in Winter Wheat Seedings. Projected exports for all wheat are unchanged; however, Hard Red Winter (HRW) wheat exports are lowered 25 million bushels and Soft Red Winter (SRW) wheat exports are raised 25 million bushels based on the pace of sales and shipments to date and the increasing competitiveness of SRW wheat in world markets. All wheat imports are also unchanged, but small adjustments raise projected HRW wheat imports 5 million bushels and reduce Hard Red Spring wheat and Durum imports by a combined 5 million bushels. The projected range for the 2012/13 season-average farm price for all wheat is lowered 10 cents at the midpoint and narrowed to $7.65 to $8.15 per bushel, based on prices reported to date.
The passage detailing the latest developments in the corn harvest reads similarly:
Projected corn use for 2012/13 is raised with higher expected feed and residual disappearance more than offsetting reduced prospects for exports. Feed and residual use is projected 300 million bushels higher based on September-November disappearance as indicated by December 1 stocks and on higher expected beef, pork, and poultry production. Corn exports are projected 200 million bushels lower reflecting the slow pace of sales and shipments to date and increasing pressure from larger supplies and exports for South America. Corn ending stocks are projected 44 million bushels lower at 602 million. The season-average farm price for corn is unchanged at $6.80 to $8.00 per bushel. While stiff competition has limited U.S. corn exports, higher domestic disappearance leaves the balance sheet historically tight and is expected to support continued strong and volatile prices well into summer, particularly in the domestic cash markets.
<a href="http://www.usda.gov/oce/commodity/wasde/latest.pdf">Click here for the full report &gt;</a>

Wheat And Corn Prices Are Surging After One Of The Most Critical Crop Reports Of The Year

<ul class="summary-list"><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> prices and <keyword id="12078658" type="UNKNOWN" weightage="60" keywordseo="corn" source="Orion">corn</keyword> prices have soared this year due to <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.</li><li>The conflict is adding further upwards pressure to prices that were already rising.</li></ul>Global food prices are facing a fallout from Russia's invasion of Ukraine, with corn and wheat spiking on concerns over the implications for exports from two of the world's largest exporters of the commodities.The conflict has sparked fears that production and export of the grains could be curtailed. Russia is the world's largest exporter of wheat, accounting for almost 17% of global supply, according to a report from <a href="https://think.ing.com/articles/russia-ukraine-conflict-what-it-means-for-grain-markets">ING</a> citing data from the US Department of Agriculture.Meanwhile Ukraine is a significant exporter of both wheat and corn, accounting for <a href="https://think.ing.com/articles/russia-ukraine-conflict-what-it-means-for-grain-markets">12% and 17% of global supply,</a> respectively. "Given the importance of Russia and Ukraine to grain markets, uncertainty over the supply outlook means prices will remain elevated and volatile," <a href="https://think.ing.com/articles/russia-ukraine-conflict-what-it-means-for-grain-markets">ING</a>'s head of commodities strategy Warren Patterson wrote.The conflict has fueled further upwards pressure on global food prices that were already <a href="https://blogs.worldbank.org/voices/return-global-inflation">rising</a> due to the effects of the pandemic, according to the World Bank.Wheat prices have risen by 67% so far this year, while corn prices have increased by 26%. That compares with a 21% increase in wheat prices in the whole of 2021, when corn prices appreciated by 23%."The war in Ukraine comes at a bad time for the world," a World Bank spokesperson told Insider. "Poor and vulnerable everywhere were already suffering from high inflation and rising food prices, exacerbated by higher energy costs and trade restrictions.""Shortages of these commodities and broad-based increases in prices could add to inflation pressures and food insecurity," the spokesperson added.The World Food Programme aired its concern early in the conflict, signaling that disruption to the two countries' agricultural production would drive food insecurity and hunger worldwide, according to an earlier <a href="https://www.wfp.org/news/wfp-executive-director-statement-impact-conflict-ukraine">statement</a> by its executive director.Analysts predict that rising costs of wheat and corn will likely hit US consumers too. Although it may take a while for the effects to be felt, the surge in prices could impact everything from cereal to cooking oils, as well as the price of meat since producers use grain to feed their livestock and poultry, <a href="https://www.wsj.com/articles/how-wars-costs-reach-far-shoresto-american-farms-supermarkets-retailers-11646597823" target="_blank" rel="noopener noreferrer">the </a><a href="https://www.wsj.com/articles/how-wars-costs-reach-far-shoresto-american-farms-supermarkets-retailers-11646597823" target="_blank" rel="noopener noreferrer">Wall Street Journal</a><a href="https://www.wsj.com/articles/how-wars-costs-reach-far-shoresto-american-farms-supermarkets-retailers-11646597823" target="_blank" rel="noopener noreferrer"> reported.</a>In low-income countries in the Middle East and North Africa, dwindling wheat supplies could exacerbate hunger crises in war-torn regions like Yemen and in countries reeling from economic crises like Lebanon, <a href="https://www.theguardian.com/global-development/2022/mar/07/we-need-bread-fears-in-middle-east-as-ukraine-russia-war-hits-wheat-imports" target="_blank" rel="noopener noreferrer">according to media reports.</a>The packages of sanctions imposed on Russia may prevent many firms from conducting business with the country, and potentially limiting supply of commodities such as wheat and corn. "The risk of additional sanctions against Russia appears to have made buyers reluctant to commit to Russian supply," ING's Patterson wrote."There is also likely an element of reputational risk at the moment for some buyers. In addition, banks are less willing to finance the trade in Russian commodities, which will further weigh on Russian supply making its way onto the global market," he added.Meanwhile fighting in Ukraine has closed ports and <a href="https://www.businessinsider.com/nestle-reopens-ukraine-essential-food-deliveries-continue-2022-3">left many factories and warehouses shut</a>, limiting Ukraine's ability to export its agricultural produce. In a response to soaring wheat prices, Tom Vilsack, the US secretary of agriculture, said US wheat production, which ranks second in the world after Russia, according to <a href="https://oec.world/en/profile/bilateral-product/wheat/reporter/usa?redirect=true">The Observatory of Economic Complexity</a>, would be boosted to help compensate the worldwide impact of lost exports from Ukraine, <a href="https://apnews.com/article/russia-ukraine-business-europe-inflation-us-department-of-agriculture-1d83a6e12cc48c3edc5858b0f60784e8">the AP reported.</a>

Russia's invasion of major wheat exporter Ukraine threatens to push global food prices higher

<ul class="summary-list"><li><keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">Wheat</keyword> prices dropped almost 3% on Friday following media reports that <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> and <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> struck a deal on grain shipments.</li><li>The price, which hit record highs after Russia's invasion in February, is now back to pre-war levels.</li></ul>Wheat prices tumbled on Friday after Ukraine and Russia reached a deal to allow crucial grain shipments to safely leave Black Sea ports, according to media reports, potentially alleviating a brewing global <keyword id="13544066" type="UNKNOWN" weightage="60" keywordseo="food-crisis" source="Orion">food crisis</keyword>. US wheat futures dropped almost 3% to a five-month low of $786 per bushel, meaning the price has unwound almost all of its "war gains." Russia invaded Ukraine in late February, triggering a 70% surge in the price of wheat to a record high of over $1,300 in the two weeks that followed. The two countries together account for a quarter of the world's wheat exports. The <a href="https://www.bbc.co.uk/news/world-europe-62254597">BBC</a> said <keyword id="11998211" type="UNKNOWN" weightage="60" keywordseo="turkey" source="Orion">Turkey</keyword> successfully brokered a deal between the two sides.Drought across key growing regions like the United States, India, and Canada earlier in the year threatened to further squeeze availability of wheat and other <keyword id="12168891" type="UNKNOWN" weightage="60" keywordseo="grains" source="Orion">grains</keyword>, putting millions around the world at grave risk of hunger. Some countries, such as India, instituted export bans to stave off unrest at home.Food price inflation is hurting the pockets of consumers everywhere, but it is felt most acutely across the developing world, where the combination of soaring inflation and a stronger US dollar is pushing a number of countries, such as Sri Lanka, to the brink of bankruptcy. Some 20 million tonnes of grain has been held up in the Ukrainian port of Odessa, according to the BBC.Turkey has been mediating between the two sides, along with the United Nations, for the past two months to try to reach a deal to end a Russian blockade of Ukrainian ports. Moscow has said there is no blockade and any hold-up is the result of Western sanctions and mines laid at sea by Ukraine."If successful, it would further reduce the risk of a food crisis over the coming months. Ukraine, a major exporter of high-quality wheat, corn, and sunflower oil has seen its main export artery through the Black Sea blocked since March," Saxo Bank strategist Ole Hansen said of the deal in a recent note.Since the invasion, the wheat price has gradually subsided, having fallen some 42% since then. But US wheat futures are still 15% above where they were last year and, in Europe, the situation is more acute. Benchmark <a href="https://markets.businessinsider.com/commodities/wheat-price">French milling wheat futures</a> are 65% higher than this time last year, and UK feed wheat is 50% pricier.Russia and Ukraine have agreed to monitor ships to and from ports including Odessa at two separate control centers — one located in Istanbul and the other on the Black Sea, the <a href="https://www.ft.com/content/3dc86119-e22e-4254-b8ef-44f33d5e71cf">FT</a> reported on Thursday.Turkey would inspect ships to ensure no weapons were smuggled, and Russia would guarantee ships safe passage, under the terms of the deal.The BBC quoted a US State Department spokesman as saying the government welcomed the deal but would focus on ensuring Russia implemented it."We should never have been in this position in the first place. This was a deliberate decision on the part of the Russian Federation to weaponize food," said the department's spokesman, Ned Price, according to the BBC.Ukraine is a major exporter of other important foodstuffs such as barley, corn, and sunflower oil, as well as industrial <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> like fertilizer - shortages of which have only made the pressure on farming worse - iron, coal, steel and refined petroleum products.Read more: <a href="https://www.businessinsider.com/stock-market-crash-expert-warns-recession-coming-60-percent-drop-2022-7">'A lot of people are just not understanding what's going on': A 30-year market vet lays out 7 reasons why a recession is imminent — and says stocks will end the sell-off down 60%</a>

Wheat prices drop to pre-war levels after Ukraine and Russia strike deal to unblock shipments

New Delhi [India], April 25 (ANI): Constrained supplies of milk and wheat, coupled with a volatile international crude oil market with OPEC+ countries deciding to cut crude oil production from May 2023 are factors that may, going forward, influence the inflation outlook in India, Ministry of Finance's Monthly Economic Review report put out on Tuesday noted. Milk inflation in India has remained elevated for several months due to a growing supply-demand mismatch. Milk production has been impacted by a Lumpy Skin Disease (LSD) infecting millions of cattle in late 2022, its prices also rose because of high fodder and transportation costs. To meet the growing demand and considering the fact that the supply of milk in the ensuing summer season being a lean season may be less, the Ministry of Fisheries, Animal Husbandry and Dairying earlier this month said there were demands from several dairy cooperatives for the import of conserved dairy commodities - milk fat and powder. The ministry also added since the process of import takes time, the necessary back-end processes for need-based imports are being put in place to timely manage the situation in case of any eventuality. For wheat, there were reports from various key growing states that unseasonal rains have flattened standing crops in some regions. Wheat, a rabi crop was in an advanced maturing stage and was expected to hit mandis in a fortnight or so. "Although the second advance estimate has projected a record foodgrain production, the crop damage caused by unseasonal rains and hailstorms in some parts of the country since mid-March may constrain wheat production, besides perishable items such as fruits and vegetables," the Ministry of Finance's monthly report said. A survey conducted by Agri Watch, an Indian market information and analysis firm specialising in agricultural commodities, has estimated India's wheat production of 102.89 million tonnes in the 2022-23 crop season, reduced from 104.24 million tons (estimated in March 2023) due to unseasonal rains and hail storm faced by key wheat producing states towards the end of March. The estimates were based on the survey conducted in two phases across nine states- Bihar, Gujarat, Haryana, Madhya Pradesh, Maharashtra, Rajasthan, Punjab, Uttar Pradesh, and West Bengal. Notably, last year, too, the wheat crop was affected, not due to rains but heatwaves. That came on top of the conflict in Ukraine. Global <keyword id="3854307" type="General" weightage="20" keywordseo="wheat-prices" source="Orion">wheat prices</keyword> have shown substantial volatility in the past year as both the countries -- Ukraine and Russia -- are two major suppliers of wheat. Multiple rounds of heat waves in several wheat-growing regions in India before the rabi harvest last year affected crops. Wheat pods in the mature stage typically shrink if overexposed to heat. To manage the overall food security of the country as well as meet the needs of the neighbouring and other vulnerable countries amid the double whammy, India then amended the export policy of wheat by putting its export under the "prohibited" category, which is still in force. RBI has been engaged in necessary policy actions to counter inflationary pressures and support growth. The Reserve Bank of India, in its first monetary policy review meeting in 2023-24, decided to keep the key benchmark interest rate -- the repo rate -- unchanged at 6.5 per cent, to assess the effects of the policy rate tightening done so far on various macroeconomic parameters. Barring the recent pause, RBI has so far raised the repo rate, the rate at which it lends to banks, by 250 basis points cumulatively since May 2022 in the fight against inflation. In the US, the interest rate is currently at 4.75 to 5.00 per cent, which was near zero during the initial days of the pandemic. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline and vice versa. The RBI sees retail inflation declining to 5.2 per cent in the full year of 2023-24, lower than the 5.5 per cent attained in 2021-22 -- which was mostly free of the impact of the Russia-Ukraine conflict. In India, headline consumer price index-based (CPI) inflation (or retail inflation) has gradually declined from its peak of 7.8 per cent in April 2022 to 5.7 per cent in March 2023. (ANI)

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Russia's invasion of major wheat exporter Ukraine threatens to push global food prices higher

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Wheat prices drop to pre-war levels after Ukraine and Russia strike deal to unblock shipments

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