Financial Times writer Steff Chávez reported yesterday that, “The war in Ukraine is altering Shay Richter’s plans for his Montana family farm.”
Keith Good
ERS: “U.S. Wheat Prices Surging,” Markets Are in Flux – – FT Notes Ukraine Spring Planting Fears
Last week, in its March Wheat Outlook report, the USDA’s Economic Research Service (ERS) stated that, “Wheat prices are surging globally in the wake of the conflict between Russia and Ukraine.”
Food Prices Climb 7.9%, Biggest Jump Since 1981
Gabriel T. Rubin reported on the front page of Friday’s Wall Street Journal that, “Rising energy, food and services prices pushed already elevated U.S. inflation to a 7.9% annual rate last month—another four-decade high—with oil and commodity market disruptions from the Ukraine crisis expected to add more cost pressures.”
Ukraine Planting: “Farmers Are Pushing Forward Wherever Possible”
Bloomberg News reported today that, “Ukraine President Volodymyr Zelenskiy is urging farmers to sow as many fields as possible to protect the food supply. But several of the nation’s largest agribusinesses say some plantings just won’t happen if Russia continues its war in Europe’s breadbasket.”
Wheat Falls in “Most Volatile Market in at Least a Decade”
Reuters writer Mark Weinraub reported yesterday that, “U.S. wheat futures fell on Thursday, with the most-active Chicago Board of Trade soft red winter wheat contract plunging 9.5% as traders said the rally sparked by Russia’s invasion of Ukraine had made the grain too expensive for potential buyers.”
USDA Lowers Wheat, Corn Export Estimates for Ukraine; Fertilizer, Food Security Worries Escalate
Bloomberg writer Megan Durisin reported yesterday that, “The U.S. Department of Agriculture lowered its estimate for Ukraine and wheat and corn exports due to the attack by Russia.”
Wheat Price Swings Wildly, as Food Inflation and Hunger Concerns Mount Due to Russia’s Invasion of Ukraine
David L. Stern, Ellen Francis, Ellen Nakashima and Joanna Slater reported on the front page of today’s Washington Post that, “The desperate effort to secure safe passage for civilians trapped in Ukrainian cities under attack by Russian forces remained deeply precarious on Tuesday: A single evacuation route opened, allowing thousands to escape safely, while Ukraine accused Russia of shelling another proposed corridor.”
Chicago Wheat Sets Record High, as Markets Sort Out Supply Concerns
Nabih Bulos, Laura King, and Henry Chu reported on the front page of today’s Los Angeles Times that, “A dozen days into a devastating war and a burgeoning refugee crisis, Russian forces on Monday launched withering new attacks on civilian areas and strategic centers in Ukraine, seeking to cripple the country’s defenses and establish supremacy over its vital Black Sea coast.”
Ukrainian Farmers Ask: “Plant or Not to Plant,” Even if Fighting Stops, Yields Could Suffer as Input Worries Loom
David L. Stern, Joby Warrick, Kareem Fahim, Dan Lamothe and Missy Ryan reported on the front page of today’s Washington Post that, “Russian forces pounded key airfields in central Ukraine and launched a fresh assault on the besieged port city of Mariupol on Sunday, Russian and Ukrainian officials said, as Moscow pressed ahead with its invasion in defiance of new Western economic threats and fierce resistance from Ukraine’s outgunned defenders.”
Global Food Prices Hit Record in February, Russian Invasion Intensifies Supply Risks, as Food Protectionism Stirs
Michael Schwirtz, Andrew E. Kramer and Michael Levenson reported on the front page of Sunday’s New York Times that, “President Vladimir V. Putin warned on Saturday that crippling economic sanctions imposed by the West were “akin to a declaration of war,” as the Russian military pummeled civilian targets and continued shelling near the first protected routes intended to allow besieged Ukrainians to flee, apparently violating a cease-fire that had been agreed to only hours earlier.”
Wheat: “Crazed Cash Market,” Many Grain Elevators Stop Issuing Bids as Futures and Cash Prices Diverge
Financial Times writer Guy Chazan reported today that, “Russia called a temporary halt to its bombardment of the Ukrainian port of Mariupol on Saturday, enabling thousands of civilians to take advantage of the brief break in fighting to flee the besieged city.”
Wheat Soars to 14-Year High; Surge to $14 Possible, Citigroup Says
David L. Stern, Alex Horton, Loveday Morris and Cate Cadell reported on the front page of today’s Washington Post that, “Russia has sent nearly all its assembled combat power into Ukraine and on Thursday unleashed some of the most intense fighting since the invasion began, with local officials pleading for help as ground troops seized or encircled strategically important southern cities.”
Federal Reserve: Observations on the Ag Economy- February 2022
On Wednesday, the Federal Reserve Board released its February 2022 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. The report included several observations pertaining to the U.S. agricultural economy.
Russia Invasion: Likely “Biggest Grain Supply Shock in Living Memory,” Wheat Prices Continue to Surge
David L. Stern, Alex Horton, John Hudson and Kareem Fahim reported on the front page of today’s Washington Post that, “Russian forces laid siege to key urban areas across Ukraine on Wednesday, advancing on the strategic port city of Kherson and bombarding Kharkiv, the nation’s second-largest city, while facing fierce resistance and resupply challenges in other areas.”
Global Fertilizer Flows Could Face “Prolonged Disruptions,” as Grains Extend “Blistering Rally”
Financial Times writers Roman Olearchyk, Guy Chazan, Polina Ivanova and Demetri Sevastopulo reported on Tuesday that, “Russia stepped up its bombardment of Ukraine’s biggest cities, firing missiles on targets in populated areas as Vladimir Putin’s forces turned to more brutal military tactics in a bid to regain momentum on the sixth day of the invasion.”
Grain Flows Dry Up, Ukraine’s Ports Closed- Wheat Prices Soar, Food Inflation Worries Persist
Valerie Hopkins, Steven Erlanger and Michael Schwirtz reported on the front page of Tuesday’s New York Times that, “The first talks between Ukraine and Russia aimed at halting the Russian invasion were eclipsed Monday by a deadly Russian rocket assault on Kharkiv, Ukraine’s second-largest city, that raised new alarms about how far the Kremlin was willing to go to subjugate its smaller neighbor.”
Trade Flows Upended, as Shipments from Ukrainian Ports “All But Ceased”
Yaroslav Trofimov reported on the front page of Monday’s Wall Street Journal that, “Russian and Ukrainian officials prepared to meet for the first talks since Moscow began its invasion four days ago, as Ukraine’s defenders held on to the capital, Kyiv, and pushed back Russian troops in urban combat in its second-largest city, Kharkiv.”
War Stymies Black Sea Exports, Importers Seek Alternative Sources of Wheat, Corn- Food Inflation Worries Grow
Los Angeles Times writers Nabih Bulos, Jaweed Kaleem and Henry Chu reported on the front page of Sunday’s paper that, “As a tense Ukraine awaited daylight early Sunday, military forces and thousands of armed volunteers fought fiercely to protect their capital against Russian troops after a day of explosions and gunfire that shook parts of the city, leaving a missile-hit high-rise tower partially destroyed and residents crowded into subway stations for shelter.”
The 2022 Outlook for U.S. Agriculture From USDA’s Chief Economist
Speaking on Thursday at USDA’s virtual Agricultural Outlook Forum, USDA Chief Economist Seth Meyer provided a broad outlook for U.S. agriculture. Today’s update provides an overview of key aspects of Dr. Meyer’s presentation.
Russia Invades Ukraine: Supply Disruption Concerns Fuel Wheat, Fertilizer Prices
Michael Birnbaum, Mary Ilyushina, Paul Sonne and Isabelle Khurshudyan reported on the front page of Thursday’s Washington Post that, “Russia on Thursday launched an attack on cities and military installations across Ukraine, forcing thousands of civilians to flee, as Ukraine’s president called for his nation to fight in the streets and NATO leaders said Europe’s security had been fundamentally altered.”