China Cuts 2019 Minimum Purchase Price for Wheat for Second Year
Reuters – 11/16/2018
China’s National Development and Reform Commission (NDRC) said on Friday it had set the minimum purchasing price for wheat in 2019 at 112 yuan ($16.14) per 50 kg, or 2,240 yuan a tonne. The price is down from this year’s 2,300 yuan per tonne and the second year in a row that the government has reduced its price support for wheat growers. Beijing made the price adjustment to help whittle down the nation’s huge grain stocks, and to push farmers to grow more high quality crops, the NDRC, the country’s state economic planner, said in a separate statement published on its website on Friday.
Kim Anderson Says Foreign Markets’ Interest in Grain Will Eventually Impact the Price of U.S. Wheat
Oklahoma Farm Report – 11/15/2018
When it comes to wheat, most of the news that is coming from the industry is focused outside of the US. The spotlight for several weeks has been trained on Russian production, which according to Oklahoma State University Extension Grain Market Economist Dr. Kim Anderson, has peaked out and is expected to be adjusted down by as much as three percent from its reported total production. Exact numbers though are still yet to be determined, working within a range of 2.6 to 3.1 billion bushels.
Argentina’s Grain Exports Challenge Australia’s Competitiveness
Grain Central – 11/16/2018
Ukrainian Argentina’s wheat exports are set to double over the next decade, potentially challenging Austrailia’s competitiveness in key markets, according to a new report from the Austrailian Export Grains Innovation Centre (AEGIC). AEGIC chief economist Professor Ross Kingwell said Argentina was aready a world powerhouse of grain exports with wheat poised to take a greater role. “Argentina accounts for 15 percent of the global grain trade, exporting 86 million tonnes,” he said.
Trudeau says Canada to Work With China on Eventual Free Trade Deal Despite NAFTA Clause
Reuters – 11/14/2018
Canada and China will continue to work together towards an “eventual” free trade deal, Canadian Prime Minister Justin Trudeau said on Thursday. This is despite the country being a signatory to the North American Free Trade Agreement (NAFTA), which specifies that if one of its partners enters a free trade deal with a “non-market” country such as China, the others can quit in six months and form their own bilateral trade pact.
USDA Says Nearly $840 million in Aid Paid to Farmers to Date
Reuters – 11/15/2018
U.S. Department of Agriculture has paid out nearly $840 million to farmers to date as part of a promised $12 billion aid program rolled out by President Donald Trump last July to offset losses from the imposition of tariffs on American exports.A total of $837.8 million to date has been paid out with the top five commodities being soybeans, wheat, corn, dairy and hogs, USDA told Reuters. The five states that received the highest amount of aid were Illinois, Iowa, Kansas, Indiana and Minnesota.
Funding Request to Improve Soft White Wheat in Saltine Crackers
Capital Press – 11/15/2018
Jayne Bock may be just 10 days into her new job as technical director at the Portland-based Wheat Marketing Center, but she is already looking to build upon research to strengthen markets for Northwest growers. Specifically, Bock has proposed to continue studying characteristics of saltine crackers made with soft white wheat — a signature variety grown across the Pacific Northwest with low protein content that makes it perfect for products such as pastries, cookies and cakes.
Source: U.S. Wheat Associates