World grain production will reach an all-time high of 2.23 billion tonnes, with record-setting wheat and corn harvests, said the International Grains Council on Thursday. The global inventory of all grains will rise for the first time in four years.
After looking at the latest USDA price projections for corn, wheat, and soybeans, and taking into account price patterns for the crops, five university economists say the Price Loss Coverage subsidy is a better choice for growers than the Agricultural Risk Coverage subsidy for corn and wheat grown this year.
Japan's Ministry of Agriculture purchased $18 million worth of U.S. wheat last week, days after announcing it would not interrupt imports because of the discovery of GMO wheat in a fallow field in Washington State. The Japan Agricultural Times reported the ministry said on July 17 that it had adopted a new inspection method so there was no need to suspend purchases.
The GMO wheat discovered growing wild in a Washington State field this spring actually sprouted from two different strains developed by Monsanto, the USDA announced over the weekend. Genetically engineered wheat is not approved for cultivation anywhere in the world, yet "volunteer" herbicide-resistant plants have been confirmed four times in the U.S. Northwest more than a decade after field trials ended.
The USDA has never approved cultivation of genetically engineered wheat, yet for the fourth time since April 2013 a wheat strain resistant to the weedkiller glyphosate was found growing wild in the northwestern United States. The discovery could disrupt wheat exports and it raises questions about USDA's ability to police agricultural biotechnology.
Farmers growing the three major U.S. crops — corn, soybeans and wheat — can expect a sizable decline in the average sales price for this year's harvest instead of the mild upturn that was forecast in late February, said the USDA. In its first projection of the fall harvest, the USDA said season-average prices for the three crops would be 8 to 10 percent lower than anticipated at its Outlook Forum.
Led by “much weaker” vegetable oil, dairy, and grain prices, the UN Food and Agriculture Organization’s index of global food prices fell to its lowest level since May 2016. The price of vegetable oil dropped to a 12-year low.
Rising levels of the greenhouse gas carbon dioxide in the atmosphere will reduce the amount of nutrients in staple crops such as rice and wheat, say researchers at Harvard's public health school. As a consequence, more than 1 billion women and children would lose a large amount of their dietary iron intake and be at larger risk of anemia and other diseases.
Due to bad weather, Russia's wheat crop will be one-fifth smaller than last year. But Russia will remain the No. 1 wheat exporter in the world while the EU pushes the United States into third place, according to a USDA forecast released Tuesday. In its monthly WASDE report, the USDA said farm-gate prices for this year's U.S. corn, wheat and soybean crops would be the highest since the commodity slump began early this decade.