- Grain market futures trading highly volatile
- Russia leading exporter of fertilizer; input prices continue to rise
- U.S. producers may have opportunity for greater corn exports
LITTLE ROCK — The Russian invasion of Ukraine is causing “gut-wrenching” volatility in grain markets and pushing already high prices for fertilizer and diesel even higher, economists with the University of Arkansas System Division of Agriculture said this week.
Much of the world, including the United States, is imposing economic sanctions against Russia, including a halt of exports to Russia and the freezing of Russian assets in banks around the world.
Together, Russia and Ukraine account for about 29 percent of global wheat trade, with Russia the world’s top wheat exporter. Ukraine accounts for about 16 percent of global corn exports.
Scott Stiles, agricultural economist for the Division of Agriculture, said the situation will offer both opportunities and hardship for growers in Arkansas and elsewhere.
On Feb. 24, the Ukrainian government suspended commercial shipping from its ports.