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: Winter Canola Trial in Mississippi | Can It Work for Double Cropping? | Pioneer Agronomy

Can winter canola open new opportunities for growers in the Mid-South? In this agronomy update from Noxubee County, Mississippi, Pioneer agronomist Gus Eifling shares an early look at a first-year winter canola trial and what farmers are learning from the field.

Planted in late October on 30-inch rows, the crop is now entering the bloom stage and progressing quickly. In this video, we walk through current field conditions, fertility management, and how timing could make this crop a valuable option for double-cropping soybeans or cotton.

If harvest timing lines up with early May, growers may be able to transition directly into another crop during ideal planting windows. Ongoing field trials will help determine whether canola could become a viable rotational option for the region.

Watch for:

How winter canola is performing in its first season in this Mississippi field

Why growers chose 30-inch rows for this trial

What the crop looks like as it moves from bolting into bloom

Fertility strategy, including nitrogen and sulfur applications

How canola harvest timing could enable double-cropping with soybeans or cotton

Upcoming trials comparing soybeans after canola vs. traditional planting

As more growers look for ways to maximize acres and diversify rotations, experiments like this help determine what new crops might fit into existing systems.