{"id":7878,"date":"2022-10-21T11:10:29","date_gmt":"2022-10-21T11:10:29","guid":{"rendered":"http:\/\/commodityconversations.com\/wordpress2\/?p=7878"},"modified":"2022-10-21T11:10:29","modified_gmt":"2022-10-21T11:10:29","slug":"media-monitor-10","status":"publish","type":"post","link":"https:\/\/commodityconversations.com\/wordpress2\/2022\/10\/21\/media-monitor-10\/","title":{"rendered":"Media Monitor"},"content":{"rendered":"

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The world is waiting to see if Russia extends the Ukrainian grain export corridor beyond its 19th<\/sup> November expiry date. Russia\u2019s President has accused<\/a> Ukraine of using the programme to commit terrorist acts. A Russian official said the deal’s extension depended<\/a> on the West easing Russia’s agricultural and fertiliser exports. The UN is confident the agreement will be extended.<\/p>\n

There were market rumours that the Great Odesa ports would soon be blocked<\/a> because it takes 20-25 days for vessels to be processed and loaded. \u00a0A total of 160 ships currently await inspection in Istanbul. Only 14 vessels a day are being inspected, and Russia’s inspectors seem reluctant to speed up the process.<\/p>\n

Russia may set a grain export quota<\/a> at 25.5 mln mt next year, twice that set this year. It will not have a market impact as this year’s grain quota of 11 million mt was not fully used. The country has harvested a record grain crop this year, with wheat production already reaching 104 million mt and total grain output expected to reach 150 million mt.<\/p>\n

Despite wet weather and missile attacks, Ukraine\u2019s farmers have sown<\/a> 2.78 million ha of winter grains, or 58.4 per cent of the planned area. Farmers planted 2.44 million ha of winter wheat or 61.4 per cent of the planned area.<\/p>\n

The UK Consumer Price Index (CPI) increased<\/a> 10.1 per cent in annual terms in September. Food prices rose by 14.5 per cent, the most significant jump since April 1980.<\/p>\n

However, shoppers appear to accept<\/a> rising prices, with Nestl\u00e9 and P&G reporting better-than-expected sales.<\/p>\n

Nestl\u00e9 reported an increase<\/a> in organic sales of 8.5 per cent in the nine months to end-September, driven by higher prices. The company reported exceptionally high sales growth in its coffee<\/a> businesses. It also announced the acquisition<\/a> of Seattle\u2019s Best Coffee<\/em> brand from Starbucks for an undisclosed sum.<\/p>\n

Nestl\u00e9\u2019s CEO expects inflation to continue<\/a> into 2023, and the FT warns that shoppers may reduce spending<\/a> or switch to own-brand goods. Bloomberg agrees<\/a>, even though the CEO of Mondelez believes the problems lie elsewhere<\/a>.<\/p>\n

In an example of high prices being the best cure for high prices (by bringing in new production), Central Australia<\/a> is harvesting its first wheat crop in 45 years.<\/p>\n

India\u2019s rice farmers are struggling with the country\u2019s water crisis<\/a>, finding it hard to wean themselves off subsidies. The government \u201cseems to have given up\u201d trying to persuade farmers to grow less water-intensive crops.<\/p>\n

New Zealand\u2019s livestock farmers continue to protest<\/a> the government\u2019s \u201cburp and fart\u201d tax.<\/p>\n

In a sign of the future of shipping, a Chinese company has taken delivery of a new supertanker with four large sails<\/a> that should cut fuel consumption by nearly 10 per cent. Meanwhile, container ship operators are removing<\/a> capacity and laying up ships as they rationalise their networks in the face of falling demand.<\/p>\n

The USDA will write off<\/a> $1.3 billion in debt for about 36,000 US farmers who have fallen behind on loan payments or face foreclosure. It will fund the programme from the $3.1 billion in the Inflation Reduction Act.<\/p>\n

Global fertilizer<\/a> prices fell further as farmers cut back on their use. Brazil’s fertilizer prices are down by almost half from April\u2019s highs, although they are still above long-term averages.<\/p>\n

The Alliance for a Green Revolution in Africa (AGRA) has published<\/a> its (119-page) 2022 Africa Agriculture Status Report<\/a> that lays out the steps needed to reach zero hunger on the continent. The Africa Centre for Strategic Studies argues that conflict<\/a> remains the dominant driver of Africa\u2019s food crisis. More than 80 per cent of the record 137 million Africans facing acute food insecurity are in conflict-affected countries.<\/p>\n

Climate change poses an “existential threat” to the UK potato<\/a> industry. The sector is urgently trying to develop new varieties to cope with rising temperatures.<\/p>\n

French cereal farmers are experimenting at scale with covering crops with solar panels<\/a> to produce food and energy simultaneously.<\/p>\n

Drought is slowing the seeding<\/a> of Argentina\u2019s corn crop.<\/p>\n

Mississippi River water levels<\/a> may fall over the next two weeks, further restricting barge traffic. Around 500 mln mt of goods – mainly agricultural products – move<\/a> along the Mississippi River each year. The Mississippi River Basin produces more than 90 per cent of US agricultural exports and nearly 80 per cent of the world\u2019s grain exports.<\/p>\n

Could large-scale seaweed farming<\/a> help curb climate change?<\/p>\n

The FT asks whether the Brazilian presidential election has accelerated deforestation<\/a> in the Amazon. It also asks if the world can feed itself sustainably. The newspaper presents seven graphs<\/a> that suggest that providing food to 10 billion people doesn\u2019t have to cost us the Earth.<\/p>\n

The Guardian believes<\/a> food is already costing us the Earth. The latest (60-page) Pesticide Atlas<\/a> reports that pesticide use has increased by 80 per cent since 1990, responsible for 11,000 human fatalities and the poisoning of 385 million people yearly. It adds that their use caused a 30 per cent fall in populations of field birds and grassland butterflies.<\/p>\n

The WWF\u2019s Living Planet Report 2022 (also 60 pages) reveals<\/a> an (even more alarming) 69 per cent reduction in species populations since 1970. It warns<\/a> that \u201cwe face the double, interlinked emergencies of human-induced climate change and the loss of biodiversity, threatening the well-being of current and future generations.\u201d<\/p>\n

The UN FAO celebrated<\/a> World Food Day on 16th<\/sup> October. \u00a0You can watch<\/a> the (cool) music video here.<\/p>\n

Talking of videos, the FT has a 45-minute one<\/a> that shows \u201chow neoliberal economic thinking has broken our food supply chains.\u201d (Whatever.) It also has a shorter one<\/a> on organic regenerative farming in the UK.<\/p>\n

Many of the above links require subscriptions. Please support quality journalism.<\/p>\n

\u00a9 Commodity Conversations<\/a> \u00ae 2022<\/p>\n","protected":false},"excerpt":{"rendered":"

The world is waiting to see if Russia extends the Ukrainian grain export corridor beyond its 19th November expiry date. Russia\u2019s President has accused Ukraine of using the programme to commit terrorist acts. A Russian official said the deal’s extension depended on the West easing Russia’s agricultural and fertiliser exports. The UN is confident the … <\/p>\n

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