By Alice McFarlane

Agriculture Roundup for Tuesday November 1, 2022

Nov 1, 2022 | 9:58 AM

MELFORT, Sask. – Experts say spiking wheat prices on Monday were the result of Russia’s withdrawal from the UN-brokered Black Sea grain agreement over the weekend

Wheat futures prices jumped close to six per cent Monday morning on the news Russia would reinstate a blockade preventing wheat shipments from leaving Ukraine ports.

The move has intensified fears about global food security.

The grain agreement has allowed more than nine million tonnes of grain in 397 ships to safely leave Ukrainian ports despite the ongoing war in that country.

It also brought down global food prices about 15 per cent from their peak in March.

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But experts say it’s too early to know whether the price spike is a short-term reaction, or the start of a longer, more sustained increase in wheat prices.

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The Competition Bureau said its tribunal dismissed the regulator’s challenge of Parrish and Heimbecker’s acquisition of a grain elevator in Virden, Man. from Louis Dreyfus Co. (LDC).

In its decision, the tribunal said the regulator did not prove the acquisition would lessen competition substantially in the markets for the purchase of wheat and canola in the area around the elevator.

The bureau filed an application in December 2019 for an order requiring P&H to sell either its elevator in Moosomin, Sask. or the former LDC elevator in Virden.

It said the two elevators were close competitors along a 180-kilometre stretch of the Trans-Canada Highway.

In seeking the order, the regulator said before the acquisition the two elevators monitored each other’s wheat and canola prices and responded to competitive activity by offering farmers better prices.

The bureau said it is disappointed by the tribunal ruling and is reviewing the decision to determine the next steps.

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Montana’s BBQ and Bar has become a member of the Canadian Roundtable for Sustainable Beef (CSRB).

The restaurant announced it is sourcing at least 30 per cent of its beef from farms and ranches certified to the standards set by the CSRB.

Montana’s Marketing Director Adrianne Largo said the company is looking for ways to minimize the impact of its business on the planet.

“This includes looking for new and innovative packaging solutions that align with our guiding principles for sustainable packaging,” Largo said.

CRSB chair Ryan Beierbach said Montana’s recognizes what ranchers are doing everyday.

“As a beef producer, it is wonderful to see brands like Montana’s value what we do to take care of the land, our animals, and our communities every day, and to share our commitment to continual improvement as part of a thriving, sustainable food system,” Beierbach said.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW