Good morning.
In the continued back and forth of the Russia-Ukraine grain deal, things have stalled again.
Russia pulled out of the deal Saturday for an "indefinite" term, throwing uncertainty onto an already tenuous situation. But, the UN said it had collaborated with Ukraine and Turkey, one of the brokers of the original deal, on a plan to move 16 grain ships this week.
Economically, there's of course already been a domino effect: Russia's jump out of the deal caused another jump, with wheat futures climbing 6% on Monday.
Here's hoping that tensions will ease, and all that grain gets safely on the move again soon.
Stories:
- Beef Bandits
- Looming Diesel Crisis and High Freight Prices
- Funding Flowing for Ostara
|
The latest "Florida Man" headline has meat packers quaking in their Luccheses.
A Miami-based organized crime ring has been orchestrating packing plant pilfering since June 2021.
Three Floridians have been arrested in connection with 45 thefts of semi-loads of frozen beef and pork worth $9M. Charges include transporting stolen goods and money laundering.
Tantalizing target: GPS locations and cell phone records pinpointed the trio casing plants for sirloins to snatch. Plants in Nebraska, Iowa, Minnesota, South Dakota, North Dakota, and Wisconsin were all under watch.
In a multi-state collaboration, the beef bandits were identified in Nebraska and followed into Iowa. Unbeknownst to them, agents installed GPS devices on the suspicious semi trucks and followed them to ham heists in South Dakota and Minnesota.
Eventually, the meat marauders were apprehended by Florida Highway Patrol. Three semi trailers were recovered—in them, stolen merchandise worth $550,000.
No word on the condition of the missing meat. The stolen steaks are in our thoughts tonight.
|
→ More ethanol, please. E30 blended ethanol is one step closer to gas pumps, after the EPA gave permission to researchers in Nebraska to continue studying the option.
→ No (GMO) corn for you. The U.S. could be on the way to losing a huge export market, as Mexico says it doesn’t plan on changing its ban on GMO corn imports, currently set to start in 2024.
→ Growing funding. Virginia-based startup AgroSpheres raised $22M in a Series B round; it’ll use the money to expand its manufacture of environmentally friendly crop health products.
→ Nitrogen on the move. Amid natural gas chaos in Europe, U.S. exports of nitrogen reached 370K short tons in August, which is the highest export figure since The Fertilizer Institute started tracking data in 2013.
→ Data deal. A new collaboration agreement is in place between Intelinair and Leaf to help farmers and ag retailers better track their data and field performance.
→ Prescription only. Starting in June 2023, livestock will no longer have access to over-the-counter antibiotics and can only use those prescribed by a vet.
|
Looming Diesel Crisis and High Freight Prices |
Things are getting dicey for the U.S. diesel supply, and agriculture is feeling the pain.
The perfect storm: Diesel is ridiculously expensive, with the national average at $5.32 per gallon. Diesel shortages are spreading from New England and New York to the Southeast and toward Tennessee now. With the heating season upon us, some are worried about fuel rationing.
Low river levels on the Mississippi only fueled the fire, decreasing runs at a Memphis refinery by 20% (ouch!) due to barge constraints.
All-time low: Distillate inventories are behind the five-year averages and have been for most of the year. U.S. diesel supply is at its lowest seasonal level since 1945.
In simple terms: There's less than one month of fuel stockpiled in our nation. Meanwhile, diesel is at its highest demand since 2007.
Making things worse: The U.S. continues to export diesel at a quick pace, amplifying domestic demands for ag and transportation. Environmental regulations on U.S. production limit what we can produce domestically.
Which all means: Diesel could push the national average over $7.00/gallon according to market expert Phil Verleger. Parts of the nation could see rolling outages, according to Steve Gosbee, manager for Dooley Oil Inc. in Cheyenne, Wyoming.
The entire supply chain relies on diesel fuel. Freight prices will continue to rise, and so will consumer and producer expenses.
Buckle up: It could be a bumpy ride this winter.
|
SPONSORED BY CARBON BY INDIGO
|
Farm Your Way To A Carbon PayDay |
With more qualifying practices, Carbon by Indigo makes it easier for farmers to start generating carbon credits.
And the best part?
Some of these practices may be ones you've recently implemented or may be considering. And the free agronomic tools, resources, and local insights provided by Carbon by Indigo helps farmers choose the right practices for their operation, netting both soil health benefits and a new revenue stream.
Take it from Tom Cannon of Goodson Ranch in Oklahoma, who enrolled with Carbon by Indigo in 2019.
"It does take local knowledge. I think Indigo has been amazing at doing that. Some of the tools have been really good at helping people to see different practices and where they’re working."
Farm your way and get paid in cash. See your carbon farming earning potential today and get an estimate in less than a minute.
Terms, conditions and limitations apply. See program agreement for details.
|
Kelp is on its way to help feed the world’s growing population.
This "blue revolution" is growing and supplying frozen and dried seaweed to parts of Europe. The hope is to increase production of species like sugar kelp or sea lettuce—both are highly nutritious and environmentally friendly to produce.
Any guesses where seaweed farming is gaining momentum?
(Hint: It's in Europe.)
Answer at the bottom of the email.
|
Funding Flowing for Ostara |
Ostara has welcomed a new stream of funding. The Vancouver-based startup, which removes nutrients from waterways and upcycles them into an environmentally responsible fertilizer, closed a $70M Series C round last week.
Waste not: Ostara uses its proprietary tech to recover phosphorous and nitrogen from industrial, agricultural, and municipal water streams.
Those recovered nutrients then become Ostara’s Crystal Green fertilizer, which they say helps farmers reduce their applied phosphate rates per acre, lower input costs, and maximize yields.
Where the money flows: The fresh $70M will be used to open a new Ostara manufacturing facility in St. Louis, and increase production of the Crystal Green fertilizer line.
By the numbers:
- 46B: number of gallons of water treated by Ostara
- 23: number of Ostara commercial installations worldwide
- 200K tons/year: the St. Louis facility’s expected output
Soundbite: "Phosphates are critical to the production of all crops, yet we know traditional fertilizers are inefficient, increasing their impact on climate and water. Ostara’s proven, innovative technology brings new, efficient phosphate tools to the farm-gate, which enable growers to produce great crops and protect our waterways by limiting runoff." – Ham James, managing partner at new investor Carica Sustainable Investments
|
Have friends or coworkers who'd love our newsletter too? Give them your unique referral link (below) and get Magnetic gear when you hit certain referral counts.
Your link:
*Curious where you stand? You can always check your referral hub and see rewards here.
|
Sweden. Nordic Seafarm is a small company that grows seaweed along the west coast of Sweden and supplies to the Scandinavian market. According to the Seaweed for Europe coalition, the industry could create 115K new jobs by 2030.
|
|
|
Written & Edited by Kelsey Faivre, Amelia VanLandegen, Ashley Scoby, and Travis Martin
Were you forwarded this email? Sign up here.
Best jobs in agriculture → Magnetic Ag Job Board
|
ADVERTISE
Not feeling Magnetic anymore?
Break our hearts and unsubscribe here.
Magnetic Ag
P.O. Box 7292
Greenwood, IN 46142-6423
United States
|
|
|
|
