International

Russia’s ambassador to the UN said on Friday that they had not been able to export any grain as part of the Black Sea corridor. Russia has maintained its disapproval of how the deal is structured, while Ukraine’s Ag Ministry has proposed increasing the minimum tonnage of ships approved to use the corridor, aiming to boost exports despite opposition from Russia.

Russia plans to cut its oil output by 500,000 barrels a day next month, following through on a threat to retaliate against western energy sanctions. Deputy Prime Minister Alexander Novak said in a statement on Friday “Russia believes that the mechanism of price caps on Russian oil and petroleum products is an intervention in market relations and an extension of destructive energy policies of the collective West.” The announcement resulted in oil prices surging. The move would further tighten supply after OPEC+ had already agreed to a 2 million barrel-a-day production cut last year in an effort to support prices. Although unusual for Russia to move outside of OPEC+, delegates from the group signalled they won’t take any action to fill the supply shortfall.

Buenos Aires Grain Exchange reports that for the week ending 8 Feb, corn crop ratings edged lower to 66pc fair/excellent (68pc previous week, 75pc previous year), with more moisture needed to aid crop development. Total production outlook maintained at 44.5Mt. Soybean production outlook cut by 3Mt, to 38Mt reflecting the impact of generally suboptimal conditions, which have led to anticipated yield losses despite recent rains.

New chief ag trade negotiator for the US Trade Representative, Doug McKalip, told Reuters he has given Mexico until 14 Feb to respond to a US request to explain the science behind its planned bans on GMO corn and glyphosate herbicide. He noted Mexico’s response will help the trade agency decide next steps in its quest to resolve a long running dispute over Mexico’s biotechnology policies.

Australia