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Despite signs Russian President Vladimir Putin may be ready to talk with representatives from Ukraine, Cargill confirmed a ship it chartered was hit in the Black Sea on Thursday. The vessel was empty at the time.

The Russia-Ukraine crisis sent wheat prices skyrocketing 50 cents higher, with corn up 30 cents at one point Thursday. Crude oil also soared above $100 per barrel, hitting the highest level since 2014.

European stocks rose Friday after Wall Street’s late rally. Investors welcomed Western sanctions on Russia that targeted its banks without blocking global payments system, leaving its energy sector largely untouched.

USDA now predicts an $11.0 billion ag trade surplus for fiscal year (FY) 2022. That is up $500 million from its prior outlook and $2.1 billion above FY 2021.

Iowa Attorney General Tom Miller announced Iowa State University agriculture economist John Crespi will conduct an economic summary of fertilizer markets and the rapid prices increases.

AgriTalk’s Davis Michaelson hosted Vince Malanga, president of LaSalle Economics, on Tuesday, Jan. 25, to dive into the current events and potential market impacts.

Clinton Griffiths talks with market experts to dive into how these global events will impact the agricultural markets and more.

There are issues on multiple fronts, including worries about higher energy prices and the potential for “cyber attacks” in the U.S.

U.S. and world respond to Russian invasion of Ukraine

Combined corn and soybean area is forecast at 180 million acres, below the historical high of 180.6 million planted in 2021.