Agricultural Economy

Financial Times writers Myles McCormick and Derek Brower reported yesterday that, “Russia’s invasion of Ukraine is threatening food shortages in import-dependent nations, but it is also increasing costs for growers based in big agricultural exporters.”

Bloomberg writer Aine Quinn reported today that, “Global food prices stayed near a record as Russia’s invasion of Ukraine disrupted trade, fueling hunger and worsening a cost-of-living crisis.”

On Wednesday, the Federal Reserve Board released its May 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.

Donnelle Eller reported on the front page of today’s Des Moines Register that, “This year’s planting season is about as unusual as Blake Reynolds can recall: Snow, rain and cold meant he started planting corn and soybeans this year in mid-May, about when he finished planting his crop last year. And the year before.”

On Thursday, the Federal Reserve Banks of Chicago and Kansas City released updates regarding farm income, farmland values and agricultural credit conditions from the first quarter of 2022.

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices continued to be slightly higher again the third week of April 2022, according to sellers surveyed by DTN.”

DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices tracked by DTN for the second week of April 2022 show all eight major fertilizers had higher prices than the previous month. This has been the trend in recent weeks.”

On Wednesday, the Federal Reserve Board released its April 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.

Bloomberg writers Megan Durisin and Sybilla Gross reported yesterday that, “Chicago corn futures are hovering close to a decade high reached earlier Tuesday as the war in Ukraine curtails grain sales and weather hampers crops elsewhere.”

Bloomberg’s Tarso Veloso Ribeiro reported yesterday that, “Corn futures in Chicago exceeded $8 a bushel for the first time in almost a decade, approaching a record high as war threatens global supplies, boosting demand for U.S. grain.” 

DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices continue to march higher and higher, according to locations tracked by DTN for the first week of April 2022. All fertilizers were higher once again compared to last month.”

Reuters writer Gus Trompiz reported today that, “World food prices jumped to a new record high in March as the war in Ukraine caused turmoil in markets for staples grains and edible oils, the U.N. food agency said on Friday.”

Financial Times opinion columnist Rana Foroohar indicated yesterday that, “We know that the war in Ukraine has led to sharp increases in prices for both food and fuel.”

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.”

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.

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.

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.”

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.”

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.”

On Wednesday, the U.S. Department of Agriculture released its 10-year projections for the food and agricultural sector.