Agricultural Economy

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.”

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.

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.”

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.”

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.”

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.”

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.”

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.”

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.”

Earlier this week, Reuters writer Tom Polansek reported that, “A California court said it will delay enforcement of part of a law aimed at ensuring more humane treatment of farm animals, which opponents warned could lead to pork shortages and higher food prices in the most populous U.S. state.”

Jesse Newman and Jaewon Kang reported on the front page of Monday’s Wall Street Journal that, “The U.S. food system is under renewed strain as Covid-19’s Omicron variant stretches workforces from processing plants to grocery stores, leaving gaps on supermarket shelves.”

Wall Street Journal writer Jon Emont reported last week that, “From South America’s avocado, corn and coffee farms to Southeast Asia’s plantations of coconuts and oil palms, high fertilizer prices are weighing on farmers across the developing world, making it much costlier to cultivate and forcing many to cut back on production.”

DTN writer Russ Quinn reported this week that, “Retail fertilizer prices continue to be mostly higher the second week of January 2022, according to retailers surveyed by DTN.”

In an update last week from the Federal Reserve Bank of Kansas City, “Smaller Loans Limit Agricultural Lending,” Nathan Kauffman and Ty Kreitman stated that, “Smaller sized loans limited agricultural lending activity at the end of 2021.”

Late last week, Bloomberg writers Elizabeth Elkin and Allison Smith reported that, “North American farmers could be looking at less expensive crop nutrients this year, potentially easing the pressure on food costs that have pushed up consumer prices.”

On Wednesday, the Federal Reserve Board released its January 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.”

Wall Street Journal writer Gwynn Guilford reported in today’s paper that, “U.S. inflation hit its fastest pace in nearly four decades last year as pandemic-related supply and demand imbalances, along with stimulus intended to shore up the economy, pushed prices up at a 7% annual rate.”

DTN writer Russ Quinn reported on Wednesday that, “It’s a new year, but the same story of fertilizer prices moving higher.”

Bloomberg News reported on Monday that, “China’s urea plants are getting caught up in Beijing’s drive to ensure blue skies for the Winter Olympics, which includes ordering factory shutdowns to curb air pollution.”

Bloomberg writer Elizabeth Elkin reported on Friday that, “Soaring fertilizer prices that have helped drive up food inflation finally tumbled this week, but the reprieve may be short-lived.”