by George Jared (gjared@talkbusiness.net)

Russia’s invasion of Ukraine has impacted many economic sectors on a global scale and agriculture will be directly affected on several fronts. Grain markets have become more volatile and high fertilizer and fuel prices are going even higher.

Russia and Ukraine account for about 29% of global wheat trade and Russia is the world’s top wheat exporter. Ukraine accounts for about 16% of global corn exports. Scott Stiles, agricultural economist for the University of Arkansas System Division of Agriculture, said the situation will offer both opportunities and hardships for growers in Arkansas and elsewhere.

Oil prices traded at more than $122 per barrel on Monday (March 7) after it spiked for a short time to $130 per barrel. Gas prices inched towards all-time highs across the U.S. at $4 per gallon. Diesel prices are even higher and several analysts predict oil could rise to $200 a barrel before the conflict is over.

https://talkbusiness.net/2022/03/grain-fertilizer-fuel-prices-impacted-by-russian-war-in-ukraine/