Ukraine agreement pushes wheat prices down

Mar 23, 2023

Some of the selling pressure on wheat this week comes from Russia and Ukraine agreeing to extend the Black Sea grain corridor, said Jack Scoville, an analyst with the Price Futures Group.

“It’s a lot of the reason we’re down a dime,” he said of the price of wheat falling with the announcement of the extension of the corridor deal.

Discussion continues on the length of the deal. Russia is talking about a short-term extension while the other parties want an extension for at least 120 days, Scoville said March 20.

The agreement politically doesn’t hurt Russia’s ability to sell wheat, he said, as Russia continues to sell a big crop at low prices. Big Russian offers and cheaper Russian prices will be a feature for a while in the world market as they are a driving force for the weaker prices. This trend towards weaker prices could continue, Scoville said.

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Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.