Russian Grain Exports Increase
Exports increase 26% from this time last year
Russian Grain Exports Increase 26% From This Time Last Year
From Jul 1 to Oct 4, exports of grain from Russia increased by 26% from the same time period last year to 15.7 MMT, according to SovEcon. Of these 15.7 MMT of grain, wheat accounted for 13.5 MMT of exports. Russia is the largest exporter of wheat in the world but pressure from export watchdog groups to reduce exports to curb inflation and a strengthening ruble have slowed their pace over the past few weeks. Black Sea wheat prices have increased again, with SovEcon quoting FOB Black Sea wheat at $229/metric tonne, up from $225, and barley at $232/metric tonne.
President Trump to Remove Ban on E15 Summertime Sales, According to Senior White House Official
At a rally today in Council Bluffs, IA, President Trump is expected to instruct the EPA to lift the ban on sales of E15 during the summer, allowing the biofuel blend to be sold year-round. The Trump Administration plans to remove the ban as a boost to Republican candidates in midterm elections in rural states, as well as to attempt to lower fuel prices. The average cost of a gallon of gasoline is $2.91, nearly 40 cents higher than this time last year.
This move will not increase the mandated level of ethanol that must be blended into gasoline, known as the blend wall, which currently stands at 10% or E10. Removing the summertime ban would allow for E15 fuel to be sold by retail gas stations at any time of the year. Annually in the US, around 400 million gallons of E15 fuel are sold, compared to a total of 142 billion gallons of gasoline sold.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of hard red spring wheat for delivery to Bangladesh during the 2018/2019 marketing year.
Rains Continue Over a Majority of Midwestern States, Delaying Harvest
As rains drag on over the Midwest, the National Weather Service has issued flood warnings in areas of Iowa and Missouri early this morning. Thunderstorms remain a possibility for regions in S Iowa, NW Missouri, and E Kansas, bringing with them a chance for flash floods and tornadoes. Several inches of rain remain in the forecast for E Nebraska, N Illinois, and much of Minnesota, Michigan, and Wisconsin.
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