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Tidbits, EU Protests, Wheat Carryover 2/11/24


According to AgriCensus, the Russian government may decrease the unofficial “floor price” for Russian wheat to $235 per mt FOB, down from $260 offered on the most recent Egyptian tender. As of Jan. 1, Russian wheat stocks are estimated at 36.5 mil mts, up 1% from last year and a new record large.


The US House will soon vote on legislation to basically undo the Biden administration’s pause on Liquified Natural Gas (LNG) export approval permits. The vote will happen as soon as Feb 14. The legislation would strip the Department of Energy of their role in approving LNG-export permits. Biden suspended the approval process for four LNG permits last month.  


The USDA increased world wheat production by 800,000 mt to 785.7 mil mts, but increased world wheat consumption by 1.1 mil mts to 797.5. Global wheat carryover decreased 590,000 mts to 259.4 mil mts.


The USDA continues to predict 2024 will be the 5th consecutive year the world has consumed more wheat than it produces. How many more years can the world afford to do that?


The National Chicken Council predicts that ~1.5 billion wings will be consumed today during the Super Bowl festivities. That is a lot of corn and soybean meal!


The EU has been enacting rules and laws to reduce profitability of farm operations for the better part of year. Farmer protests have been spreading across Europe since last summer. All the pain is being done in the name of saving the planet from man-made climate change. The unelected bureaucrats in the EU hierarchy have complete authority for the transitioning to a green economy. To throw gasoline on the fire, the EU just approved another US$54 billion of aid to Ukraine, but cut diesel fuel subsidies for farmers to "balance the budget."


The farmers are blocking roads and rails to keep food from moving to the cities. If that does not work, the next move for farmers is to simply quit producing or selling food.


The world-wide media is keeping a lid on these events, but independent reporters are getting to work and exposing the serious situation. We are making no prediction on grain and livestock prices because of these EU events, but if the EU does not grow near normal crops in 2024, world food prices are going to get very expensive. Spring planting season is just two months away. 


Thanks to Carl for sending us this link for a video covering the situation making it clear the farmers' plan is or should be to refuse to sell their production and let the hungry masses remove the government officials. Take a look at this: 


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