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Articles of Interest- Friday, July 26, 2019

Articles of Interest- Friday, July 26, 2019

OSU’s Kim Anderson Talks About the Impact the Uncertainty in the Corn Market is Causing in the Wheat Market

Oklahoma Ag Report – 07/25/2019

Anderson says corn market uncertainty is affecting wheat prices, but in a positive way. Wheat is currently priced near $4.20/bu. while corn is closer to $4.30/bu. Feed mills and feedlots are now reportedly using wheat instead of corn, which Anderson says is helping raise the price of wheat. Uncertainty is also prevalent the soybean market as well. USDA estimates there are 80 million acres planted of soybeans, while the market had expected significantly more than that. However, the USDA is conducting a survey this month to re-estimate the soybean and corn planted acres, the results of which will be released August 12th. Anderson says uncertainty in the markets will likely continue until the survey is released.

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EU Wheat Prices Edge Higher as Global Crop Outlook Cut

Reuters – 07/25/2019

European wheat futures in Paris edged higher on Thursday, boosted by a diminishing crop outlook in top exporter Russia, although gains were limited by talk that harvests in France and Germany could be larger than expected. Benchmark December milling wheat on Paris-based Euronext, settled 0.4% higher at 180.75 euros a tonne. “The market is in a wait-and-see mood as the harvest in Western Europe is coming in, with talk growing of larger crops than expected. At the same time opposite news is coming from the Black Sea,” one trader said. The International Grains Council (IGC) cut its forecast for world wheat production in the 2019/2020 season by 6 million tonnes to a still record 763 million tonnes.

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Russian Wheat Optimism Is Fading as Heat Shrinks Bumper Crop

Hellenic Shipping News – 07/25/2019

Wheat farmers in Russia, the world’s top shipper, have started the new season a lot less optimistic than they were just a few months ago. Heat and dryness have curbed the crop’s potential, prompting analysts to keep downgrading their outlook for the harvest and exports. As well as hurting yields, the weather has improved crop quality to the point where it’s harder to sell, and the nation’s exports are off to a slower start. While Russia is still set to collect its second-biggest crop and nobody expects it to lose its title as the No. 1 exporter, it’s facing more competition from rival shippers, particularly in the Black Sea. For example, more favorable weather in Ukraine has put the nation on course for a record wheat crop, and a good harvest in Romania is helping take market share from Russia.

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Boris Johnson Vows to Ditch EU Rules on GM Crops

Science Business – 07/25/2019

Boris Johnson pledged to abandon European environmental rules that have curtailed development of genetically modified (GM) crop plants and farm animals in the UK, in his first speech as prime minister on Wednesday. “Let’s liberate the UK’s extraordinary bioscience sector from anti-genetic modification rules. Let’s develop the blight-resistant crops that will feed the world,” Johnson said. Johnson also reiterated a pledge to build a rival satellite navigation system to the EU’s Galileo network and promised to change tax rules to benefit investments in capital and research.

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Good and Bad News for Wheat Crops in Rising CO2

Technology Networks – 07/25/2019

Levels of atmospheric carbon dioxide (CO2) are rising, which experts predict could produce more droughts and hotter temperatures. Although these weather changes would negatively impact many plants’ growth, the increased CO2 availability might actually be advantageous because plants use the greenhouse gas to make food by photosynthesis. Now, researchers reporting in ACS’ Journal of Agricultural and Food Chemistry say that a much higher CO2 level could increase wheat yield but slightly reduce its nutritional quality.

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Harsh Winter, Soggy Spring Blamed for Weak Winter Wheat Crops in Ottawa County

Reuters – 07/24/2019

“I lost one field due to the wet weather, the spring, and the other field I harvested,” Libben said. “Anything that’s out there growing has had a tough time.” On top of handling his own crops Libben also checks on other fields in his role with the Ottawa Soil and Water Conservation District. “This wheat field behind us is averaging about 30 percent less yield than it normally would,” Libben said of a field off State Route 19 just north of Oak Harbor.

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Source: U.S. Wheat Associates