The United Nations, Ukraine and Russia agreed to extend the Black Sea grain export deal by 120 days. While there were no changes to the deal, UN officials say they will work to remove hurdles to Russian grain and fertilizer shipments. The grain export deal eases concerns about grain shipments via the Black Sea, but global wheat crops in Argentina and the U.S. remain drought-stressed. In Washington, Republicans secured a slight majority in the House, while Democrats retained a slight upper hand in the Senate. That have implications for a host of issues, including farm bill talks next year. USDA announced details on Phase 2 of its Emergency Relief Program and the new Pandemic Assistance Revenue Program will be coming soon. We cover all of these items and much more in this week’s newsletter, which you can download here.
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