Wheat Prices Plunge and U.S. Agribusiness Trade Mission to Kenya
**Wheat prices plunged after Russia agreed to resume the deal allowing safe passage of Ukrainian crop exports, reversing a weekend announcement that caused chaos through agricultural markets and sent prices soaring.
According to www.agweb.com, Russia’s Defense Ministry confirmed Moscow is resuming its participation in the Black Sea grain-export deal, after written guarantees from Ukraine that the safe-passage corridor will only be used for grain exports.
**As Congress overhauls the farm program, the top question among farmers about government action is interest rate policy, which lies outside the jurisdiction of the Senate and House Ag committees.
www.agriculture.com reports, a Purdue University poll shows more than 33% of the LARGE-SCALE farmers surveyed for the monthly Ag Economy Barometer chose “interest rate policy” as the most important policy affecting their farms.
Second-most important was the crop insurance program, at 27%, followed by environmental policy, at 16%.
**USDA Deputy Secretary Jewell Bronaugh is in Nairobi, Kenya, to kick off an agribusiness trade mission.
The U.S. delegation includes representatives of 32 agribusinesses and farm organizations hoping to establish trade relationships and explore opportunities for American ag exports to East Africa.
Kenya is the economic, financial, and transportation hub for Central and East Africa.
Participants will engage directly with potential importers, receive in-depth market briefings, and do site visits.