Ukraine
Wheat and corn exports out of the Black Sea region are at risk again as Ukrainian officials say Russia is taking action to block inspections of ships under the Black Sea grain initiative.
The Kremlin said the outlook for the landmark U.N.-brokered Black Sea grain deal was not great as promises to remove obstacles to Russian exports of agricultural and fertilizer exports had not been fulfilled.
As Americans, we are free to debate the budgets, the policies, the processes and purpose of our role in this conflict. I can’t, however, ignore the humanity paying the cost.
Russia badly needs to replace expended and outdated Soviet arms while China needs Russian energy. That is compelling math. This is bad news not just for the heroic people of Ukraine, but Europe and the US.
“When Ukraine fails, in terms of their ability to produce agricultural products, the world becomes less safe,” says Howard Buffett, global philanthropist and Illinois farmer.
Russia is now saying it will only extend its Black Sea grain deal if sanctions are lifted on its own agricultural products. The deal, which was brokered last year, allowed for safe passage of Ukrainian ag products.
A year after Russia invaded Ukraine farmers continue to see reduced crop production and exports. Farming has been difficult in the middle of a war, but farmers such as Nick Gordiichuk have persevered.
A year ago, Russia’s invasion of Ukraine injected uncertainty about global grain supplies into the market. Today, initial concerns have been squashed by the reality of record exports from the Black Sea Region.
For Ukrainians, the introduction of Starlink has been essential. As Russian barrages destroy cell towers and blow up landlines, satellite internet connection is not just an option, but it’s now a lifeline.
The new year brings fresh market action, but volatility continues to be the main theme to enter the new year. As farmers look ahead, analysts say there are some keys lessons to keep in mind from 2022.