How has Russia’s invasion on Ukraine affected ag inputs?
Since the war in Ukraine began, we have seen big jumps in commodity prices as both Russia and Ukraine are some of the world’s top grain and fertilizer exporters.
The latest report out of the European Union shows Ukraine’s 2022 grain production will be down 40 percent from 2021. That could kick prices up even more.
Right now, the average price of ag goods is 9.5 percent compared to last year’s fourth quarter.
The United Nations is now warning 50 million people in 45 countries are on the brink of famine.