DTN writer Russ Quinn reported on Wednesday that, “Average retail prices for most fertilizers continued to climb the second full week of February 2022, according to sellers surveyed by DTN. For the second week in a row, prices of all but one of the major fertilizers were higher compared to last month.”
Keith Good
Keith Good is the Farm Policy News editor for the farmdoc project. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily FarmPolicy.com News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.
Russia, Ukraine Conflict Escalates, Ripple Effects Could Include Impacts on Food Prices, Production, and Fertilizer
Robyn Dixon, Paul Sonne and Ellen Nakashima reported on the front page of Tuesday’s Washington Post that, “Russian President Vladimir Putin on Monday recognized the independence of two Moscow-backed separatist regions in eastern Ukraine and ordered Russian forces onto their territory for ‘peacekeeping’ purposes, a dramatic escalation in a crisis that is threatening a full-scale war.”
Supply Chain Variables Continue to Percolate: Potash, Glyphosate, Bird Flu, and Grain/Wheat Exports
Late last week, Bloomberg writers Elizabeth Elkin, Jen Skerritt, and Tarso Veloso Ribeiro reported that, “A Belarusian potash miner that accounts for a major chunk of global supply has declared force majeure, shaking up a market that’s already contending with soaring prices.”
USDA Agricultural Projections to 2031- Focus on Corn, Soybeans
On Wednesday, the U.S. Department of Agriculture released its 10-year projections for the food and agricultural sector.
Fertilizer Prices Mostly Higher in February as U.S. Farmers Feel the “Squeeze of Inflation”
DTN writer Russ Quinn reported on Wednesday that, “Retail fertilizer prices continued to be mostly higher the first full week of February 2022, according to sellers surveyed by DTN. All but one of the major fertilizers were higher compared to last month.”
New Report: China Failed Trade Commitments; While Continuing to Focus on Domestic Ag Production
New York Times writer Ana Swanson reported today that, “The Biden administration criticized China in a new report released Wednesday morning for failing to uphold a wide range of trade commitments, including promises it had made when it joined the World Trade Organization in 2001 and others in a trade deal signed with the Trump administration in 2020.”
A Closer Look at Ukrainian Corn and Wheat Exports- Recent USDA Reports
The USDA’s Economic Research Service (ERS) indicated last week in its monthly Feed Outlook report that, “Ukraine borders Russia to the north and east, Belarus to the north, and several Eastern European countries—Poland, Romania, Hungary, Slovakia, and Moldova—to the west.”
Federal Reserve Ag Credit Surveys- 2021 Fourth Quarter, Rise in Farmland Values Accelerates
Last week, the Federal Reserve Banks of Chicago and Kansas City released updates regarding farm income, farmland values and agricultural credit conditions from the fourth quarter of 2021.
Food Prices Surge 7%, The Most Since 1981
Washington Post writers Andrew Van Dam and Rachel Siegel reported on the front page of Friday’s paper that, “Prices continued their upward march in January, rising at an annual rate of 7.5 percent, the fastest pace in 40 years, as pandemic inflation continues to defy expectations, climbing faster and lasting longer than nearly anyone would have guessed.”
U.S. Agricultural Exports Set Record in 2021
A news release on Tuesday from the USDA’s Foreign Agricultural Service stated that, “The American agricultural industry posted its highest annual export levels ever recorded in 2021, Secretary of Agriculture Tom Vilsack announced today.”
DTN: Fertilizer Prices Cool Slightly
DTN writer Todd Neeley reported on Tuesday that, “Most retail fertilizer prices tracked by DTN cooled off a bit during the first week in February, as five of the eight fertilizers reported small price drops.”
On Phase One, U.S. Patience with China “Wearing Thin,” as Purchase Commitments Fell Short
Reuters writers Andrea Shalal and David Lawder reported this week that, “U.S. officials called on Monday for ‘concrete action’ from China to make good on its commitment to purchase $200 billion in additional U.S. goods and services in 2020 and 2021 under the ‘Phase 1’ trade deal signed by former President Donald Trump.”
2022 Farm Sector Income Forecast, February
The USDA’s Economic Research Service (ERS) indicated on Friday that, “Net farm income, a broad measure of profits, is forecast to decrease by $5.4 billion (4.5 percent) from 2021 to $113.7 billion in 2022.”
Fertilizer Price Index Jumps Most Since September
Bloomberg writer Elizabeth Elkin reported on Friday that, “North American fertilizer prices rose the most in almost five months this week as a global competition for supplies means farmers could still have a ways to go before seeing relief from high nutrient costs.”
Conservation Title Kicks Off 2023 Farm Bill Debate in House Ag Subcommittee Hearing
Late last month, the Congressional Research Service (CRS) released an update titled, “Farm Bill Primer: Conservation Title.”
Global Food Prices Climb Towards Record
Bloomberg writer Megan Durisin reported on Thursday that, “Global food prices jumped toward a record last month, further adding to the surging cost of living for consumers.”
Anhydrous Reaches an All-Time High, While Belarus Potash Restrictions “May Play Into Russia’s Hands”
DTN writer Todd Neeley reported on Tuesday that, “Most retail fertilizer prices tracked by DTN continued to rise during the fourth week of January, while several of them continued to hit all-time highs.”
Russia-Ukraine Tensions Unnerving Grain Markets- Could “Spark Unrest Far From the Front Lines”
Wall Street Journal writer William Mauldin reported on the front page of Tuesday’s paper that, “A senior U.S. diplomat accused Russia of trying to destabilize Ukraine, and a Kremlin representative in turn criticized Washington for stoking fears and tensions as the two sides squared off in a fractious debate in the United Nations Security Council.”
Illinois Crop Production Costs Could Hit Record Levels This Spring- Fertilizer Prices a Driver
DTN writer Russ Quinn reported last week that, “Most retail fertilizer prices were slightly higher the third week of January 2022. But as was the case last week, one fertilizer was lower in price looking back a month.”
China Keeps Eye on Domestic Food Security
Earlier this week, Reuters writers David Stanway and Muyu Xu reported that, “China’s ambitious low-carbon goals should not come at the expense of energy and food security or the ‘normal life’ of ordinary people, President Xi Jinping said, signalling a more cautious approach to climate change as the economy slows.”