Agricultural Economy

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.

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.”