Farm Policy News

Last week, the USDA’s Foreign Agricultural Service (FAS) released its 2021 U.S. Agricultural Export Yearbook, a statistical summary of U.S. agricultural commodity exports.  Today’s update includes highlights from the report, with a focus on soybeans, corn and wheat.

Reuters writer Pavel Polityuk reported yesterday that, “Ukraine’s agriculture ministry on Friday revised up its forecast for the area to be sown to 2022 spring crops, giving no reason for the new outlook.”

Bloomberg News reported yesterday that, “Seven weeks after its invasion of Ukraine, Russia is still exporting grain to some of its biggest customers, even as shipping costs soar.” 

Bloomberg writers Megan Durisin, Abdel Latif Wahba, and Salma El Wardany reported yesterday that, “Egypt, the world’s biggest wheat buyer, is accelerating efforts to ensure the supplies needed to feed its citizens as the war in Ukraine upends the global grains trade.”

Bloomberg writer Aliaksandr Kudrytski reported yesterday that, “About half of Ukraine’s land area needs to be checked for explosives left by Russian forces, highlighting the challenges farmers in the agriculture powerhouse face in planting crops at a crucial time in the season.”

Emma Bubola, Valeriya Safronova and Maria Varenikova reported in today’s New York Times that, “In the past six weeks, Russian shells have destroyed Ukrainian cities, homes, hospitals and schools. But the war has also reached deep into the fertile plains of a region known as Europe’s breadbasket, paralyzing harvests, destroying granaries and crops, and bringing potentially devastating consequences to a country that produces a large share of the world’s grain.”

In a report last week, “The Ukraine Conflict and Other Factors Contributing to High Commodity Prices and Food Insecurity,” the USDA’s Foreign Agricultural Service (FAS) indicated that, “A number of factors have converged over the last 18 months to send global agricultural commodity prices to near-record levels.”

Bloomberg writer Megan Durisin reported today that, “Harvests of some of Ukraine’s most important crops could be cut in half this year, threatening its position as a major exporter and exacerbating already tight global supplies.”

Saabira Chaudhuri reported in today’s Wall Street Journal that, “Russia’s invasion of Ukraine has sparked a global shortage of sunflower oil that has in turn pushed prices of other edible oils to record highs, hitting food makers and consumers already grappling with inflation.”

DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices tracked by DTN for the last week of March 2022 are moving significantly higher again. All fertilizers were higher with some double digits higher compared to last month.”

Bloomberg writers James Poole, Megan Durisin, and Kim Chipman reported earlier today that, “Wheat futures in Chicago extended their climb from the lowest close in a month on Friday on prospects for more sanctions on Russia in response to allegations of war crimes in Ukraine.” 

Reuters writer Pavel Polityuk reported yesterday that, “Ukrainian grain exports in March were four times less than February levels, due to the Russian invasion, the economy ministry said on Sunday.”

Reuters writer Pavel Polityuk reported yesterday that, “Ukraine’s agriculture ministry on Saturday revised up its forecast for the area to be sown to 2022 spring crops, giving no reason for the new outlook.”

Reuters writer Leah Douglas reported yesterday that, “Two senators are joining farm groups and other lawmakers in calling on the U.S. Department of Agriculture to allow farmers to plant conserved acres this spring in response to the Russian invasion of Ukraine.”

Reuters writer Pavel Polityuk reported yesterday that, “Ukrainian farmers have sown about 400,000 hectares (988,000 acres) with various spring crops by Thursday, or a tenth more than by the same date last year, despite the Russian invasion, deputy agriculture minister Taras Vysotskiy said.”

Bloomberg writers Jasmine Ng and Claudia Maedler reported today that, “Global food security faces ‘serious threats’ from a combination of soaring prices, fertilizer shortages and a potential loss of production due to the war in Ukraine, according to Syngenta Group.”

Bloomberg writers Megan Durisin and Allison Nicole Smith reported yesterday that, “Benchmark wheat and corn futures tumbled by the maximum allowed in Chicago trading as Russia signaled it may ease its attack in some parts of Ukraine, one of the world’s key sources of grain.” 

Bloomberg writer Elizabeth Elkin reported yesterday that, “Fertilizer prices continue to spike to records as Russia’s invasion of Ukraine puts a massive portion of the world’s fertilizer supply at risk, adding to concerns over soaring global food inflation.”