Ukraine
U.S. President Joe Biden and Chinese President Xi Jinping spoke on a video call on Friday about Russia’s invasion of Ukraine and Chinese media said Xi underlined that such conflicts are in no-one’s interests.
Even with Russia removed from the global fertilizer market, it still doesn’t create worst-case scenario. StoneX Group says China could make the situation worse, as China and Russia account for 40% of global phosphate.
Ukraine has only recently become a corn and soy export competitor, but was the breadbasket of Europe for centuries. Ukraine has about two-thirds of the richest soils in continental Europe.
March 11 (Reuters) - Global farm commodities trader Cargill Inc (CARG.UL) said on Friday it was scaling back its business activities in Russia and has stopped investments in the country.
(Reuters) - The Russian invasion of Ukraine threatens millions of tiny spring-time sprouts that should emerge from stalks of dormant winter wheat in the coming weeks.
Volatility is here to stay in the grain markets — but so could higher prices.
UPDATE: WASHINGTON (AP) - Biden: US ban on Russian oil a ‘powerful blow’ to ‘Putin’s war,’ warns Americans ‘defending freedom is going to cost.’
We could be headed for a volatile year – or more – in both ag commodities and energy. Here are just a few reasons for strong prices.
Oil prices soared to their highest since 2008 due to delays of Iranian nuclear talks and the potential return of Iranian crude to global markets, which are already suffering from Russian supply disruptions.
Crude oil hit a 13-year high and wheat topped $13. With front-month soybeans soaring past $17, and corn nearing the $8 mark, the crisis in Ukraine means food and fuel inflation fears are also heating up.